LeighAnn Hudkins Costley

A new report from the Congressional Budget Office (CBO) predicts that, after the upcoming expirations of the Tax Cuts and Jobs Act (TCJA), income tax revenue will jump 11 percent in 2026 and another 10 percent in 2027 before returning to normal growth between 3 percent and 4 percent annually. While the higher revenue from individual taxpayers may help the country’s fiscal situation, it would come at an economic cost. Read more: https://hubs.ly/Q02F3TqR0

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A new report from the Congressional Budget Office (CBO) predicts that, after the upcoming expirations of the Tax Cuts and Jobs Act (TCJA), income tax revenue will jump 11 percent in 2026 and another 10 percent in 2027 before returning to normal growth between 3 percent and 4 percent annually. While the higher revenue from individual taxpayers may help the country’s fiscal situation, it would come at an economic cost. Read more: https://hubs.ly/Q02FQPw60

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A new report from the Congressional Budget Office (CBO) predicts that, after the upcoming expirations of the Tax Cuts and Jobs Act (TCJA), income tax revenue will jump 11 percent in 2026 and another 10 percent in 2027 before returning to normal growth between 3 percent and 4 percent annually. While the higher revenue from individual taxpayers may help the country’s fiscal situation, it would come at an economic cost. Read more: https://hubs.ly/Q02JVf7K0

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Deloitte Multistate Tax specialist Joe Garrett weighs in on Tennessee’s $1.55 billion franchise tax refunds in the latest @bloombergtax article. Learn more: 

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It is important for you to understand who you’re choosing and what important questions to ask when hiring an individual or firm to prepare your tax return. Understanding Tax Return Preparer Credentials and Qualifications can help you learn more about the different types of tax professionals. For more guidance on making this important choice, see Need someone to prepare your tax return? ➜ Pub 5924: Tips to Help Small Businesses Choose a Tax Preparer ➜ #NationalSmallBusinessWeek reminder: There are simple steps you can follow to make sure you’re getting good, professional help with your business taxes. Check out #IRS tips for choosing a #TaxPro: www.irs.gov/smallbizweek ➜ #SmallBiz owner: Paying someone to prepare your business tax returns? The #IRS reminds you this #NationalSmallBusinessWeek to carefully choose who you trust with your most sensitive tax and financial information. www.irs.gov/smallbizweek

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The upcoming November election will be pivotal for tax planning, with both the presidency and control of Congress at stake. Major tax provisions, including those from the Tax Cuts and Jobs Act, hang in the balance. https://loom.ly/bCFUGrg #taxplanning #taxpolicy #TCJA #election2024

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The decision concerning whom you wish to become your IRA beneficiary of your traditional IRA is critically important. This decision affects so many factors. Read more about naming your beneficiary here 👇 #Fiducial #Blog #Taxes #taxHelp #Beneficiary #IRA #SmallBusiness #ForBusiness

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The decision concerning whom you wish to become your IRA beneficiary of your traditional IRA is critically important. This decision affects so many factors. Read more about naming your beneficiary here 👇 #Fiducial #Blog #Taxes #taxHelp #Beneficiary #IRA #SmallBusiness #ForBusiness

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In April 2024, the Governmental Accounting Standards Board (GASB) finalized upgrades to Statement No. 34, which shapes the financial reporting model for state and local governments. This update, encapsulated in Statement No. 103, Financial Reporting Model Improvements, enhances provisions in existing standards to increase transparency and utility in financial reports. A decade in development, these changes address feedback from stakeholders, aiming to provide more useful information and solve issues faced by governments and auditors. #GASB #GovernmentAccounting #FinancialReporting

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The Department of the Treasury and the Internal Revenue Service have issued new guidance to tackle the misuse of partnership rules aimed at artificially inflating the basis of assets without real economic impact. This update targets specific partnership transactions that the IRS identifies as generating undue tax benefits. Stay informed and ensure your practices align with the latest regulations! #TaxCompliance #IRSUpdate #TreasuryGuidance

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Join CRI's Government and Public Sector advisory team for this live CPE-eligible session focusing on recent developments in state and local governmental accounting and auditing, including: • The Governmental Accounting Standard Board's (GASB) new Statement 102 on risk disclosures • The latest and most notable topics related to Single Audits • The Financial Data Transparent Act (FDTA) and its implications for governments • The accomplishments of the GASB at 40 and what's in store for 2024 Learning Objectives • Understand the new GASB requirements for disclosing risks in notes to financial statements • Recognize changes to the Single Audit and the resulting key challenges • Discern the provisions of the FDTA and how they may affect governments • Learn about the new standards and proposals the GASB has planned for this year Live webinar attendees are eligible for 2 CPE credit hours. For registration information, visit https://cricpa.com/events. #GASB #GovernmentalAccounting #CRIwebinar

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Join us on October 15th for the third webinar in our Quarterly Perspectives on Tax Law Series: Intergenerational Transfer, Sale, or Split-Up of a Family Business – Tax Planning and Considerations. Featuring insights from speakers Lori Bokenfohr and Matthew Wilkins, this session will cover: • Strategies for optimizing business succession outcomes • The impact of recent changes to capital gains tax rates and Alternative Minimum Tax (AMT) • Tax planning for intergenerational transfers, sales, or division of assets • Updates to the General Anti-Avoidance Rule (GAAR) and mandatory disclosure rules Register Now: https://ow.ly/yKEk50TJYqT #TaxLaw #FamilyBusiness #BusinessPlanning #IntergenerationalTransfer #TaxPlanning #LegalWebinar #Fasken #QuarterlyTaxSeries

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When the membership dynamics of an LLC change, it's not just the business structure that shifts—there are crucial tax implications too. Whether it’s the transition from a multi-member to a single-member LLC, or restructuring member interests and liabilities, understanding the IRS rules and filings involved is essential. https://wix.to/7XOEVll Whether you're a current LLC member, thinking of changing your business structure, or just love keeping on top of business insights, this article is for you. Dive in to stay informed and prepared! #LLC #BusinessStructure #TaxImplications #IRS #Entrepreneurship #BusinessLaw

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Deloitte Multistate Tax specialist weighs in on Tennessee’s $1.55 billion franchise tax refunds in the latest @bloombergtax article. Learn more:

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Deloitte Multistate Tax specialist weighs in on Tennessee’s $1.55 billion franchise tax refunds in the latest @bloombergtax article. Learn more: 

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