News

Legislation to simplify Montana’s tax laws went into effect on 1/1/24. It significantly alters Montana’s individual income tax system by making changes to filing statuses, tax brackets, and the calculation of Montana taxable income. The DoR has created a hub on their webpage with information about the new law, including resources and commonly asked questions.

With the Form PTE original due date around the corner, the department has compiled a list of common errors to avoid when filing the form. These errors are items that have been identified by the preparer community and by the department while processing returns.

The Nevada Society of CPAs administers peer review for the state of Montana. A firm that provides attest services to a client is required to undergo peer review. It is important you are aware of the Montana requirements.

Resources on Beneficial Ownership Information (BOI)

There are two new provisions affecting C corporations for tax periods after December 31, 2022.

With tax filing time right around the corner, you may be wondering if your Montana income tax rebate or property tax rebate you received in 2023 are taxable on your 2023 tax return.

The 68th Montana Legislature passed Senate Bill 303, increasing the late filing penalties for Form W-2 and Form 1099 reporting Montana mineral royalties. These penalties go into effect for forms due in 2024.

As Beneficial Ownership Information (BOI) reporting becomes more pressing for CPAs, their clients and small businesses, here’s a brief outline of some recent activities and AICPA resources that will be available soon.

MAR Notice No. 42-1074 – pertaining to Livestock Reporting Deadline Revisions to Implement House Bill 66 (2023)

The bipartisan group is charged with developing recommendations for 2025 Legislature.

The advent of cyber commerce has initiated a transformative era in the world of accounting. This digital revolution, marked by the emergence of e-commerce platforms, cryptocurrencies, and blockchain technologies, has not only expanded the accounting landscape but also introduced novel challenges and opportunities for accounting professionals.

When we think of accounting, images of tax forms, calculators, and number crunching often come to mind. However, this perception barely scratches the surface of what accounting truly entails.

New podcast, plus risk alert and town hall recordings

Four existing Montana income tax credits were updated during the 68th Montana Legislature.

The department has updated its wage withholding tax tables (Employer and Information Agent Guide) as well as the employee’s withholding and exemption certificate (Form MW-4) after major changes to Montana’s income tax system, including lower income tax rates.

The very essence of AI is the removal of unnecessary busy work. The more of this you can do in your firm, the more you will be able to optimize productivity.

The Internal Revenue Service is giving people until 2026 to comply with a new requirement for Roth catch-up contributions.

For many years, Congress has passed income tax laws designed to mitigate the so-called “marriage penalty.” The marriage penalty occurs when a married couple with similar incomes incurs a higher tax liability by filing taxes jointly than if they would by filing as two single taxpayers. Examples of such provisions by Congress to attempt to alleviate this burden include lower income tax brackets, increased alternative minimum tax (AMT) exemption amounts, and most notably a higher standard deduction for married taxpayers filing jointly.

As health care costs and life expectancy rates rise, CPAs should ensure their clients are preparing for the potential need for long-term care.

Twenty percent of respondents said their firm or company has warned employees against the unauthorized use of generative AI at work.