ThomsonReuters

NOVEMBER 4, 2024

← Blog home As corporate tax departments embrace digital transformation, utilizing a tax engine to automate and simplify tax calculations and reporting is becoming a core part of their strategy. Addressing these issues from the start of your tax engine integration project is crucial for success.

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Withum

JUNE 12, 2024

Taxable income could also increase due to the sunsetting Tax Cuts and Jobs Act provisions, including the capitalization of research and experimental expenditures, bonus depreciation dropping to 60% in 2024 and to 40% in 2025, and the application of a more restrictive interest expense limitation calculation.

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CPA Practice

MARCH 8, 2023

This percentage is scheduled to drop to 80% in 2023, 60% in 2024, 40% in 2025, until its wholly phased out in 2027.  As an example, consider a company that wants to claim the renewable electricity production tax credit (PTC) before it expires at the end of 2024. Metro office in the Business Tax Services practice.

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CPA Practice

JUNE 1, 2023

Before early 2024, tax teams must learn how to balance the additional requirements of the Base Erosion and Profit Shifting (BEPS) 2.0 Pillar Two will impose new data reporting requirements and additional global tax compliance challenges for multinational business with turnover greater than 750M EUR. By David Woodworth.

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Accounting Insight

FEBRUARY 1, 2024

A large business tax enquiry / corporate tax enquiry is carried out by HMRC’s ‘Large Business’ directorate and ‘Wealthy & Mid-sized Business Compliance’ directorate. This calls for increased resources being required at the business’ end (i.e. more people and time resources and so costs too).

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ThomsonReuters

MARCH 9, 2023

Congress passed the Inflation Reduction Act of 2022 which extends, through 2024, the credit for electricity produced from certain renewable resources; the energy credit; and other energy-related credits (with various extension dates) The Act also introduces two new corporate taxes and various new clean energy-related tax credits.

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Inform Accounting

MARCH 15, 2023

What was hoped was that the chancellor was going to stop the planned corporation tax rise from 19% to 25% for businesses earning between £50k and £250k in profits. Sadly, this tax rise and all its complications still take effect. These will prove very punitive if you run multiple businesses. Reduce your overheads?

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Inform Accounting

NOVEMBER 18, 2022

The leaked and previously announced tax increases are still going ahead…. Corporation tax from April 1 2023 to increase to 25% for companies with profits over £250,000. Companies with profits under £50,000 will be taxed at 19%. Companies with profits between £50,000 and £250,000 will be taxed between 19% and 25%.

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ThomsonReuters

FEBRUARY 8, 2024

LLC members are considered self-employed individuals, and self-employed individuals do not have FICA taxes (e.g., Instead, self-employed people pay FICA taxes directly to the IRS—which is known as the self-employment tax. In 2024, the self-employment tax is 15.3%, which includes 12.4% for Social Security and 2.9%

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Ronika Khanna CPA,CA

JUNE 7, 2024

Year end Tax Slips Federal You must prepare a summary of the salaries paid for the year via a T4 slips for which the due date is February 28th of the year following the salary payment E.g. February 28, 2025 for the year ended December 31, 2024. Does your small business qualify for the quick method of reporting GST-HST & QST ?

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CPA Practice

MARCH 15, 2024

By Phillip Molnar, The San Diego Union-Tribune (TNS) President Joe Biden introduced several plans recently at the State of the Union address targeting big businesses and the wealthiest Americans. He said the moves would reverse many large tax breaks enacted by the Trump administration. ©2024 The San Diego Union-Tribune.

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Menzies

JUNE 26, 2024

With the UK General Election taking place in just a matter of weeks on 4 July 2024 and the leading parties having released their manifestos, we have summarised below some of the main policy promises that would impact the Hospitality & Leisure sector. Menzies LLP - A leading chartered accountancy firm.

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Menzies

JUNE 26, 2024

With the UK General Election taking place in just a matter of weeks on 4 July 2024 and the leading parties having released their manifestos, we have summarised below some of the main policy promises that would impact the Hospitality & Leisure sector. Menzies LLP - A leading chartered accountancy firm.

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CPA Practice

JULY 12, 2024

Without this relief, the 2017 tax cuts would have almost entirely benefited Wall Street corporations. The small business deduction was designed to help Main Street continue to compete. The law’s corporate tax cuts are permanent, while the relief for small businesses is temporary. But there’s a problem.

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CPA Practice

JANUARY 12, 2024

By Caitlin Reilly, CQ-Roll Call (TNS) A bipartisan, bicameral $70 billion tax agreement taking shape on the Hill is drawing mixed reviews, pointing to potential challenges ahead for Senate Finance Chair Ron Wyden and Ways and Means Chairman Jason Smith. dismissed it as a giveaway to corporate donors. ©2024 CQ-Roll Call Inc.,

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Withum

OCTOBER 25, 2024

In addition, the Trump tax proposal decreases the corporate tax rate from 21% to 20%and provides an additional decrease to 15% for manufacturing companies in the United States. trillion, while the Harris Tax Policy proposals are estimated to increase the deficit between $0 and $8.1 percent for the top quintile.

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CPA Practice

JUNE 14, 2024

By Nancy Cook and Justin Sink, Bloomberg News (TNS) Donald Trump promised to lower the corporate tax rate to 20%, further reducing the income levy on the largest U.S. The current corporate tax rate is 21%, but even a small reduction represents a tax cut worth billions of dollars each year for profitable U.S.

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CPA Practice

MAY 9, 2024

trillion cost of the original Trump tax cuts — a more expansive bill which also included permanent reductions in corporate taxes. The anticipated cost of extending the tax cuts could move lawmakers to seek ways to offset the deficit impact through spending cuts or by scaling back the size of the rate reductions.

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CPA Practice

FEBRUARY 5, 2024

The bill restores corporate tax breaks created by the tax law Republicans passed in 2017 that have expired or are set to expire soon. They include tax credits for research and development, as well as capital projects like building factories or manufacturing equipment. c)2024 The Spokesman-Review (Spokane, Wash.).

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ThomsonReuters

SEPTEMBER 13, 2024

The Act shifted millions of Americans to the standard deduction and reduced both individual and corporate tax rates, to name just a few of the reforms. And while most eyes are fixed on the outcome of the 2024 U.S. Now, many of the provisions enacted by the TCJA are set to expire at the end of 2025.

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Withum

NOVEMBER 6, 2024

While President Trump won the 2024 Presidential election, and the Republican party has also won the majority in the Senate, control of the House of Representatives is still too close to call. If Republicans gain control of Congress and the Presidency, they will move quickly regarding federal tax reform. trillion through 2035.

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CPA Practice

AUGUST 2, 2024

The bill would revive a trio of business tax breaks, including the full upfront deduction of research and development expenses, and expand the child tax credit to make it more generous to low-income families. In a statement, Sanders, a self-described democratic socialist, said the tax bill was too tilted towards business breaks.

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Cherry Bekaert

SEPTEMBER 11, 2024

While there are some similarities between the respective Republican and Democratic proposals, such as eliminating income tax on tip income and expanding the child tax credit, former President Donald Trump and Vice President Kamala Harris predictably differ on key elements of their respective tax plans.

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Withum

AUGUST 21, 2024

President Trump Vice President Harris* Expiring Individual Income Tax Cuts from the TCJA Make them permanent, including the maximum individual federal income tax bracket remaining at 37% Continue for individuals making $400,000 or less, and raising individual federal income tax rates to 39.6%

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