Withum

JANUARY 16, 2024

Framework Highlights Highlights of the framework include: Research and Experimental (R&E) Expenditures Capitalization (Section 174): The framework would allow for immediate R&E expensing incurred in tax years beginning after December 31, 2021.Instead, Potential ERC claims should be submitted as soon as possible.

Tax 118

Tax Tennessee New Jersey Massachusetts 118

Withum

NOVEMBER 29, 2023

Entities created before January 1, 2024 have until January 1, 2025, to file the report. Entities created on or after January 1, 2024 and before January 1, 2025 have 90 days after creation or registration to file a report (note the 90-day period replaces a 30-day period and was finalized on November 29, 2023).

Legal 115

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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.

business tax 52

business tax Tax income tax payroll tax 52

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.  Prior to Bloomberg Tax & Accounting, Ryan was a CPA at KPMG’s Washington D.C.

income tax 111

income tax Tax financial statements corporation tax 111

Withum

AUGUST 11, 2022

Credit Extended to 2025 for Certain Qualified Facilities. In order to receive a PTC, renewable energy must be produced and sold to an unrelated person by the taxpayer from qualified energy resources at a qualified facility during a 10-year period beginning on the date the facility was placed in service. Contact Us. Let’s Chat.

Construction 84

Construction Tax Manufacturing Transportation 84

Withum

SEPTEMBER 2, 2022

The federal tax incentive for qualified energy property was extended through the IRA for most projects that begin construction before January 1, 2025 (2035 for geothermal energy used for healing and cooling a structure). For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

Tax 69

Tax Construction Government tax services 69

Withum

MAY 4, 2022

A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax. As a final note, the New York City PTET is on top of, but does not replace the New York City Unincorporated Business Tax (“UBT”) imposed on partnerships or General Corporation Tax (“GCT”) imposed on S corporations.

New York 112

New York income tax New Jersey Tax 112

Withum

JULY 17, 2024

Comply by August 15, 2025. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. These types of plans can be critical in recruiting and rewarding employees. Deadline to Comply 25-39 Employees. Comply by November 15, 2024. 40+ Employees.

New Jersey 59

New Jersey Non-Profits payroll tax services 59

Cherry Bekaert

MAY 3, 2024

This income includes passive income like dividends, interest, rents and royalties, and certain types of portable income from related party sales or services. CFC income that is classified as GILTI is taxed in the U.S. through 2025 and as high as 16.406% thereafter. at a rate as low as 10.5%

Tax 104

Tax income tax Non-Profits corporation tax 104

Withum

NOVEMBER 29, 2023

Entities created in 2024 have until January 1, 2025, to file the report. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. 5 & FAQ J.1. When is reporting required? Reporting starts January 1, 2024, and nothing can be filed before that date.

Legal 91

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Withum

SEPTEMBER 15, 2023

Businesses and accounting firms will monitor the progression of the bill closely, however, 2023 estimated tax payments should still include the capitalization of 174 R&E. Let’s Chat The post Do You Need Help With 174? appeared first on Withum.

tax return 69

tax return payroll tax income tax Tax 69

Withum

MARCH 27, 2024

highlighted that millions of small businesses are anxiously awaiting the passage of the act as many of those same small businesses will cease to exist if the legislation is postponed. The immediate deduction of research expenditures is imperative for the growth of business. Supporting immediate research expensing to foster U.S.

Finance 59

Finance Manufacturing income tax Idaho 59

Withum

JANUARY 25, 2023

Therefore, the TCJA includes various sunset provisions or set expiration dates for many of the individual income tax legislation benefits. If R&E capitalization does create taxable income, additional tax planning should be reviewed to lower taxable income, which could necessitate an R&D credit study.

Tax 81

Tax income tax Real Estate Start-ups 81

Withum

OCTOBER 11, 2023

The Act delays the IRC §174 R&E capitalization requirement until the taxable year starting after December 31, 2025. And even though the Act would only extend §174 immediate expensing through 2025, it gives companies a longer runway to plan accordingly. policy would never penalize businesses conducting R&E in the U.S.,

income tax 80

income tax Tax accounting standards accounting and finance 80

Withum

DECEMBER 23, 2023

But everyone agrees that the more time that passes in 2024, the less likely a federal tax extender bill will be adopted. Some Congressional leaders may support punting federal tax issues into 2025 but waiting three years for relief will have a dramatic negative impact on these businesses, their communities, and the economy.

Pharmaceutical 52

Pharmaceutical accounting and finance Tax Government 52

Withum

JULY 26, 2023

The projected costs for extending research and experimental immediate expensing, bonus depreciation, and broadening the interest expense elimination base through the 2025 tax year is projected to be $47.4 On the Democratic side, there is still a strong desire to expand the child tax credit.

Tax 52

Tax income tax Manufacturing accounting and finance 52

xendoo

FEBRUARY 13, 2023

You can drastically reduce your tax bill by taking advantage of all your business tax credits and deductions. Taxable income is the amount of income that the IRS uses to calculate how much you owe in taxes each year. It includes earned income from your business or wages from a job. What is taxable income?

Tax 59

Tax income tax Non-Profits Legal 59

CPA Practice

SEPTEMBER 17, 2024

LGA Welcomes Matt Foley, CPA, MST, as Tax Partner LGA recently welcomed Matt Foley, CPA, MST, as a Tax Partner. Matt brings a wealth of experience in corporate, flow-through, and personal taxation to our business tax practice. Burian currently serves as the Chicago Office Managing Partner.

Construction 52

Construction Illinois audit Real Estate 52

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. Let’s Chat.

Tax 124

Tax income tax Manufacturing tax return 124

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. Let’s Chat.

Tax 52

Tax income tax Manufacturing tax return 52

Withum

FEBRUARY 20, 2025

Stay up-to-date with the latest BOI reporting requirements and how recent legal changes may affect your business. Subscribe to our Business Tax insights for timely updates delivered directly to your inbox. On February 18, 2025, a federal judge in Texas voluntarily lifted its nationwide preliminary injunction while the U.S.

Texas 116

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Withum

FEBRUARY 20, 2025

The deadline for submitting the San Francisco Gross Receipts Tax return is quickly approaching on February 28, 2025. Before calculating the first quarterly payments for 2025, consider the changes enacted by voters in 2024 as part of Proposition M. The small business exemption threshold increased from $2.25

Tax 90

Tax tax return payroll CPA 90

Withum

DECEMBER 4, 2024

Real property trades or businesses can elect out of the provision, but they must use ADS to depreciate nonresidential real property, residential rental property, and qualified improvement property (and ADS generally has longer recovery periods than MACRS). 179D Expensing: The energy-efficient commercial buildings deduction under Sec.

Tax 105

Tax income tax Construction Non-Profits 105

CPA Practice

OCTOBER 30, 2024

Aprio , a top 25 business advisory and accounting firm, has released its 2024 End of Year Tax Update , highlighting 2024 tax updates and factors that will significantly impact tax planning for 2025 and beyond. With that, the expiration for filing new ERC claims for 2021 expires on April 15, 2025.

Tax 59

Tax business tax tax planning tax services 59

Nancy McClelland, LLC

JANUARY 11, 2025

Road sign announcing that tax season is ahead Big news! The IRS announced yesterday that tax season for 2024 returns will officially begin on January 27, 2025. Filing an extension will take you to September, 16, 2025. Check out IRS.gov/TCE for more information. MilTax — Members of the U.S.

Tax 52

Tax tax return Education income tax 52

Withum

FEBRUARY 27, 2025

The House took the first step toward federal tax reform by approving a budget resolution on February 25, 2025, that would require $2 trillion in overall spending cuts over the next decade. trillion in tax cuts as an extension of President Trumps 2017 tax cuts is set to expire this year.

Tax 120

Tax Washington business tax tax services 120

Withum

NOVEMBER 6, 2024

Chairman Smith and Tax Subcommittee Chairman Mike Kelly announced in April 2024 the formation of ten Committee Tax Teams , comprised of Ways and Means Republican members, to study key tax provisions from the TCJA that are set to expire in 2025. Will Budget Reconciliation Be the Vehicle For Tax Reform?

Tax 130

Tax income tax corporation tax Finance 130

Withum

FEBRUARY 6, 2025

The California wildfires that broke out on January 7, 2025, have caused tremendous devastation to individuals and businesses alike. The fires have destroyed more than 12,000 homes and businesses and more than 180,000 people were under evacuation orders during the worst of it.

California 117

California Tax tax return payroll 117

Withum

JANUARY 30, 2025

Following the January inauguration, a flurry of executive orders, and Senate confirmations rolling in, the timing of when federal tax reform will take place still appears to be undecided amongst the Republican party. Pushing tax reform to the fall of 2025 could result in further complications.

Tax 85

Tax Florida Texas income tax 85

Withum

AUGUST 21, 2024

President Harris’s proposals are based on past campaigns and her support of the FY 2025 Biden Budget. However, it will be important to monitor Vice President Harris’s campaign as a more detailed federal tax reform policy should be released over the next weeks.

tax planning 131

tax planning Tax income tax corporation tax 131

Withum

OCTOBER 25, 2024

A recent study conducted by the Tax Foundation found that the Trump tax policy will provide a larger relative benefit to higher-income taxpayers, while his major proposed offset of higher import tariffs has a larger impact on lower—and middle-income taxpayers. and adjust the individual income tax brackets.

Tax 122

Tax income tax corporation tax business tax 122