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Five benefits of the biggest trend CPAs will see in 2024

As we approach the holiday season, I would like to extend my warmest greetings and best wishes for a joyous and prosperous new year. As the year closes, we all tend to find ourselves focused on resolutions, should we make them, and if so, in what areas. For those of us in the professional services arena, such resolutions usually include, how may the year 2024 be improved, both for our people and our clients

biden tax proposal

The Biden tax proposals that could hit baby boomer, family businesses

President Joe Biden’s 2024 budget proposals contain several proposals that could hit small businesses right where it hurts — their wallets. Proposals in the budget include boosting the top capital gains rate for income over $1 million, eliminating the so-called “step-up in basis” loophole, expanding who has to pay investment income tax and at what rate, and bumping up the corporate tax rate.

tax season 2023

Better IRS Data Will Help, Not Hurt, the American Taxpayer

In its recently released Strategic Plan for Fiscal Years 2022-2026, the IRS described how it will leverage technology and data analytics as a key component for achieving its goals within four strategic areas: service, enforcement, people, and transformation. In the plan, the IRS listed “improving data management and analytics” as one of its six focus areas for improving taxpayer experience and transforming the agency.