xendoo

JANUARY 16, 2023

Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate.

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Withum

FEBRUARY 1, 2024

7024, Tax Relief for American Families and Workers Act of 2024 , by a wide bipartisan vote of 357 to 70 yesterday evening. The bill would also expand low-income housing credit and financing, disaster tax relief, and U.S.-Taiwan Taiwan tax provisions. The House of Representatives passed Rep.

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Withum

JANUARY 31, 2024

Affected taxpayers qualifying for this tax relief include individuals and householders who reside or have a business in Providence County. Affected taxpayers qualifying for this tax relief include individuals and householders who reside or have a business in Providence County.

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Withum

NOVEMBER 21, 2024

The IRS released new Form 15620 to simplify and standardize elections under section 83(b) on November 7, 2024. If you have questions about the new section 83(b) election form, please reach out to your Withum tax advisor. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

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CPA Practice

JANUARY 18, 2024

[Your credentials] with [#] years of experience helping individuals and small businesses with tax filings and compliance. Saving [your niche] money one tax write-off at a time! Accepting new tax preparation clients for the 2024 filing season. What type of services do you offer? Say Goodbye to Tax Stress!

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Withum

SEPTEMBER 1, 2023

The tax relief postpones various tax filing and payment deadlines that occur from August 27, 2023, through February 15, 2024 – the postponement period. Affected individuals and businesses therefore will have until February 15, 2024 to file tax returns and to pay any taxes that were originally due during the postponement period.

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Withum

MARCH 7, 2024

The VDP allow taxpayers to keep 20% of the ERC claimed, tax free, as well as the interest received, but taxpayers must apply to the program by March 22, 2024, and agree to extend the statute of limitations. There is a lot going on with the ERC these days and practitioners are busy defending clients under IRS audit.

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Withum

AUGUST 16, 2024

The IRS announced on August 15, 2024, the establishment of a second voluntary disclosure program (VDP) relating to erroneous ERC claims. See Announcement 2024-30. The IRS released the original VDP in December 2023, which expired on March 22, 2024. See Announcement 2024-3. The participant must sign a closing agreement.

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inDinero Tax Tips

OCTOBER 22, 2024

Table of Contents LLCs Are “Pass-Through” Entities LLC Taxes in Nevada Nevada Commerce Tax Frequently Asked Questions Conclusion The Entrepreneur’s Guide to Tax Saving Strategies Fill out the form to download your guide to find out how you can pay less in taxes Click Here LLCs Are “Pass-Through” Entities LLCs aren’t taxed directly.

Nevada 59

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Withum

JULY 31, 2024

First, Congress proposed legislation in January 2024 that would have prevented the filing of new ERC claims after January 31, 2024. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. So, what has happened since last September?

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Withum

JULY 17, 2024

For instance, employers can adopt a SEP or SIMPLE that may generate a tax credit of up to $5,000 per year for 3 years. Comply by November 15, 2024. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Deadline to Comply 25-39 Employees. 40+ Employees.

New Jersey 59

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Withum

NOVEMBER 29, 2023

Beginning January 1, 2024, the Corporate Transparency Act requires certain businesses to submit an online report to the Financial Crimes Enforcement Network (FinCEN), an arm of the U.S. The report will require affected businesses to provide personal information about their legal entities, beneficial owners, and company applicants.

Legal 115

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Withum

MARCH 27, 2024

Even though the House of Representatives passed the Tax Relief for American Families and Workers Act of 2024 , including the reinstitution of immediate expensing for domestic research expenditures, in a staggering bipartisan vote of 357 to 70, it still remains unclear if the Senate can pass this crucial legislation.

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Withum

NOVEMBER 29, 2023

Beginning January 1, 2024, the Corporate Transparency Act requires certain businesses to submit an online report to the Financial Crimes Enforcement Network (FinCEN), an arm of the U.S. The report will require affected businesses to provide personal information about their legal entities, beneficial owners, and company applicants.

Legal 91

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CPA Practice

MARCH 8, 2023

Companies can currently write off 100% of qualified equipment costs in the year it placed its service. This percentage is scheduled to drop to 80% in 2023, 60% in 2024, 40% in 2025, until its wholly phased out in 2027.  To qualify for the PTC, a company must have a tax liability and cannot have a loss.

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Withum

JANUARY 8, 2024

Based on the interim definition, governmental contract research facilities were required to capitalize their contract R&E expenditures, generate taxable income, and make required federal cash tax payments. This article was originally published by Lynn Mucenski Keck in Forbes on January 2, 2024.

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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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inDinero Tax Tips

MAY 13, 2024

The 2023 maximum was $160,200 The 2024 maximum is $168,600 Medicare Tax The Medicare tax rate is a flat 1.45% of all wages. Once an individual exceeds a certain income threshold, additional Medicare tax applies. For 2024, withhold an additional 0.9% For 2024, withhold an additional 0.9%

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inDinero Tax Tips

MAY 13, 2024

The 2023 maximum was $160,200 The 2024 maximum is $168,600 Medicare Tax The Medicare tax rate is a flat 1.45% of all wages. Once an individual exceeds a certain income threshold, additional Medicare tax applies. For 2024, withhold an additional 0.9% For 2024, withhold an additional 0.9%

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Withum

DECEMBER 23, 2023

Congressional leaders went home this week for winter recess so there is no way for a tax extender bill to be passed in 2023, but there remains a glimmer of hope for action in early 2024. But everyone agrees that the more time that passes in 2024, the less likely a federal tax extender bill will be adopted.

Pharmaceutical 52

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Withum

OCTOBER 12, 2022

Corporations and tax professionals will need detailed regulations to properly assess whether CAMT applies and how to calculate CAMT correctly. The first tax year for which the new CAMT tax is due is the calendar year beginning January 1, 2023, for which returns will be due in 2024. Contact Us. Let’s Chat.

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xendoo

JANUARY 26, 2023

The Internal Revenue Service (IRS) can send you a bill for penalties and additional fees. However, we understand that tax filing requirements and rules change each year. It’s hard to keep up without your own accountant or business tax services. Types of Penalties How Long Can You Go Without Filing Business Taxes?

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Withum

JANUARY 24, 2023

The penalty can be reduced to 10% for IRA owners who take the RMD within a specified time period and submit a corrected tax return. Employer-sponsored Roth retirement plans (Roth 401(k) plans) will be exempt from the RMD requirements starting January 1, 2024. Contact Us If you have questions about the SECURE Act 2.0

Start-ups 26

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Going Concern

NOVEMBER 10, 2023

Tight Job Market in Finance/Accounting, Professionals Settle In After Years of High Turnover: Addison Group [ Staffing Industry Analysis ] Employers looking at hiring finance/accounting professional face a tight job market, according to the 2024 Workforce Planning Guide released by Addison Group.

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Withum

MARCH 12, 2024

This article was originally published by Daniel Mayo in Forbes on March 4, 2024. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Let’s Chat The post Cannabis Tax Frenzy appeared first on Withum.

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Withum

JULY 26, 2023

An updated CBO budget from 2024 to 2033 reflects the deficit nearly doubling over the next decade, reaching $2.7 On the Democratic side, there is still a strong desire to expand the child tax credit. Senate Finance Committee Chair Ron Wyden (D-OR) said business tax provisions must be paired with provisions helpful to children.

Tax 52

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Withum

AUGUST 11, 2022

Taxpayers are generally still provided the election to treat 100% of the credit as a federal tax payment under Section 6417, however, in certain situations the amount of deemed federal tax payment could be reduced to 90% for taxable years after 2024. Potential To Increase the Credit 500%. Contact Us. Let’s Chat.

Construction 84

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Withum

AUGUST 17, 2022

Placed in Service Date Critical Minerals Requirement Battery Components Before January 1, 2024 40% 50% During 2024 50% 60% During 2025 60% 60% During 2026 70% 70% During 2027 80% 80% During 2028 80% 90% After 2028 80% 100% Critical Mineral and Batter Component Requirements Based on Service Date. Contact Us.

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Withum

AUGUST 17, 2022

Placed in Service Date Critical Minerals Requirement Battery Components Before January 1, 2024 40% 50% During 2024 50% 60% During 2025 60% 60% During 2026 70% 70% During 2027 80% 80% During 2028 80% 90% After 2028 80% 100% Critical Mineral and Batter Component Requirements Based on Service Date. Contact Us.

Tax 52

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Withum

SEPTEMBER 23, 2022

For construction that beings before January 1, 2024, apprenticeship hours must equal 12.5% For more information on this topic, please contact a member of Withum’s Business Tax Services Team. In addition, qualified apprentices must be utilized when constructing the alternative fuel vehicle refueling property.

Construction 52

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Withum

FEBRUARY 8, 2023

When this new tax was first proposed by the President in March 2022, it was projected to raise about $360 billion over a 10-year period. These proposals will be submitted to Congress as part of the President’s fiscal year 2024 budget, and a detailed explanation of them is expected to be released on March 9, 2023.

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Withum

OCTOBER 25, 2024

The Penn Wharton Budget Model projects the impact of the Trump tax policy provisions highlighted above to be $4,6 trillion over a ten-year period, while the Committee for a Responsible Federal Budget estimates that the same provisions could add $6,550 trillion to the budget deficit over ten years. percent for the top quintile.

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Withum

OCTOBER 17, 2024

With the Presidential election less than one month away, private and family-owned businesses are in limbo when dealing with 2024 year-end tax planning. However, the individual income tax policies that could increase pass-through owners’ federal income tax by over 30% are still uncertain.

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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.

Tax 130

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Withum

AUGUST 21, 2024

We discuss the recent shakeup in the Democratic presidential race, the outlook for the Senate and House elections, and the implications for tax policies affecting private and family-owned businesses. Let’s Chat The post New Developments of the Harris Tax Plan appeared first on Withum.

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