July 2024 Tax Update Insights

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Inside This Article

Welcome to the July Monthly Tax Update 2024! Dive into the latest changes and crucial updates in taxation with insights from our experts, Jason Dinesen and Nicholas Preusch. Staying informed is vital for tax professionals like you to provide top-notch service and maintain compliance. Keep reading to uncover key highlights and actionable insights from this month's tax update.

Experts Jason Dinesen and Nicholas Preusch provide a comprehensive overview of the significant tax changes for July 2024. This update is essential for U.S.-based tax professionals who need to stay ahead of the curve. Whether you’re preparing tax returns, advising clients, or managing compliance, this update offers valuable information to help you navigate the ever-evolving tax landscape.

July 2024 Updates

Recent Legislative Changes Impacting Small Businesses

One of the major updates this month is the introduction of new legislation affecting small businesses. These new rules aim to simplify reporting requirements and provide tax relief for qualifying entities. For example, the threshold for mandatory electronic filing has been lowered, impacting how small businesses submit their tax returns.

Updates to Key Tax Credits and Deductions for 2024

Changes to several key tax credits and deductions have been implemented. Notably, adjustments have been made to the Child Tax Credit and Earned Income Tax Credit. These changes are designed to provide additional support to families and low-income earners, but they also come with new eligibility criteria that tax professionals need to be aware of.

IRS Enforcement Actions and Compliance Initiatives

The IRS has announced increased enforcement actions focusing on high-income earners and large corporations. New compliance initiatives are being rolled out to ensure that tax obligations are met accurately and timely. This means more audits and stricter scrutiny of tax filings, making it essential for tax professionals to ensure their clients are fully compliant.

Revised Tax Filing Procedures for Estates and Trusts

Changes in tax filing procedures for estates and trusts are also significant this month. The IRS has revised certain forms and instructions, which will impact how these entities report income and deductions. Staying up-to-date with these changes is crucial to avoid errors and penalties.

Significant State Tax Developments in July 2024

At the state level, several states have enacted new tax laws. These changes include adjustments to state income tax rates and modifications to sales tax regulations. Understanding these local updates is vital for providing accurate advice to clients with multi-state tax obligations.

Key Takeaways

Here are the most important insights from this month’s tax update:

Legislative Changes: Simplified reporting for small businesses and new electronic filing thresholds.

Tax Credits and Deductions: Adjustments to the Child Tax Credit and Earned Income Tax Credit.

IRS Enforcement: Increased focus on high-income earners and large corporations.

Filing Procedures: Revised forms and instructions for estates and trusts.

State Tax Developments: New state income tax rates and sales tax regulations.

Conclusion

Staying informed about the latest tax updates is crucial for all tax professionals. The July Monthly Tax Update 2024 provides essential information to help you navigate new legislation, understand changes to credits and deductions, and ensure compliance with IRS and state regulations. By staying updated, you can provide the best possible service to your clients and maintain your professional edge.

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FAQs

What are the new electronic filing thresholds for small businesses?

The new thresholds lower the mandatory electronic filing requirements, impacting how small businesses submit their tax returns.

How have the Child Tax Credit and Earned Income Tax Credit changed?

Both credits have seen adjustments in eligibility criteria and amounts to provide more support to families and low-income earners.

What are the new compliance initiatives by the IRS?

The IRS is increasing enforcement actions, focusing on high-income earners and large corporations, with more audits and stricter scrutiny.

What changes have been made to the filing procedures for estates and trusts?

The IRS has revised certain forms and instructions, affecting how estates and trusts report income and deductions.

How are state tax developments affecting tax professionals?

New state income tax rates and sales tax regulations require tax professionals to stay informed to provide accurate multi-state tax advice.

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Jason Dinesen

President, Dinesen Tax & Accounting, P.C.

Jason Dinesen (LPA, EA) is an entrepreneur, tax expert, and CPE Presenter. Dinesen brings over 15 years of experience helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries. Dinesen is a regular CPE Presenter at MYCPE ONE. He has coached more than 200k+ accounting, taxes, and HR professionals on various topics of accounting, individual taxation, corporate taxation, and professional ethics. Jason has developed a strong following within the professional community for tax-related subjects. Dinesen is known for sharp tax interpretations, and he quickly brings his analysis of the latest tax updates and IRS guidance to the professional community.