ThomsonReuters

OCTOBER 31, 2024

These shifts have introduced uncertainties and challenges for tax professionals, necessitating swift adaptation to maintain compliance and efficacy. The expiration of provisions under the Tax Cuts and Jobs Act (TCJA) adds another layer of complexity, with many of its reforms set to expire at the end of 2025.

Tax 52

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Withum

JUNE 12, 2024

S Corporation shareholders and partners in a partnership could see their effective federal income tax rate increase by 30% by the end of December 31, 2025, due to the expiration of certain tax laws. A dramatic increase to the effective tax rate may catch many pass-through entity businesses by surprise.

income tax 127

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Accounting Today

AUGUST 29, 2023

New Zealand will introduce legislation this week that enables a digital services tax on large multinational companies, though the levy won't be imposed until 2025.

Tax 98

Tax corporation tax 98

Accounting Today

DECEMBER 19, 2024

The optional standard mileage rate for automobiles driven for business will increase 3 cents next year.

corporation tax 126

corporation tax Tax 126

SkagitCountyTaxServices

FEBRUARY 27, 2025

Sole proprietorships can find it harder to secure financing, especially with banks tightening lending standards in 2025. The IRS is keeping a close eye on this in 2025, so underpaying yourself to maximize distributions can backfire. C Corporation: Thinking bigventure capital, large-scale expansion? Need to take out a loan?

tax return 73

tax return Tax corporation tax Healthcare 73

CPA Practice

MAY 24, 2024

The American Institute of CPAs (AICPA) submitted comments to the Internal Revenue Service (IRS) containing 189 recommendations regarding the 2024-2025 Guidance Priority Plan.

cpas 64

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CPA Practice

NOVEMBER 19, 2024

The Main Street Alliance and Small Business Majority have launched the Small Business Tax Fairness Coalition (SBTF), a national initiative to advocate for a U.S. tax code that prioritizes the needs of America’s entrepreneurs. According to recent data, only 5% of all small businesses are organized as C-corporations.

Maine 52

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Accounting Today

AUGUST 30, 2023

The Financial Accounting Standards Board voted to require companies to tell the public more about the taxes they pay, starting as early as 2025.

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ThomsonReuters

NOVEMBER 1, 2024

Highlights: TR and Oracle’s partnership offers seamless integration for global indirect tax and e-invoicing compliance. Real-time e-invoice reporting is crucial for closing VAT gaps, with mandates impacting 80% of companies by 2025.

Tax 52

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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. Note if you file the T4 slips online, no summary is required.

Tax 88

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ThomsonReuters

NOVEMBER 25, 2024

In 2025, the European Union’s Corporate Sustainability Reporting Directive (CSRD) goes into effect—legislation that includes a long list of compulsory disclosure requirements related to corporate governance and sustainability.

Government 99

Government Non-Profits Legal California 99

Going Concern

OCTOBER 18, 2024

Why ‘Trust’ in Data is Even More Important in an Era of Global Taxes [ PwC ] We are in a time of unprecedented change in the global tax and compliance landscape — exemplified by the OECD’s Pillar Two. million in false deductions, causing a tax loss of about $2.3 Tomasello sold approximately $8.5

audit 104

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Cherry Bekaert

MAY 3, 2024

blocker corporations for U.S. individual taxpayers and partnerships began following the Tax Cuts and Jobs Act of 2017, when the corporate income tax rate was reduced from 35% to 21%. This made the corporate tax rate significantly less than the maximum individual tax rate of 37%. tax return.

Tax 104

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CPA Practice

SEPTEMBER 11, 2024

Businesses operating in, or connected to, the European Union (EU) will be able to comply with the obligations of the EU’s Corporate Sustainability Reporting Directive (CSRD), starting in January 2025 and expanding in scope and reach in subsequent years.

corporation tax 83

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CPA Practice

SEPTEMBER 3, 2024

The report by the National Federation of Independent Business found that despite the 2018 Tax Cuts and Jobs Act, which reduced the corporate tax rate from 35% to 21%, a quarter of small business owners still view federal taxes a “critical” problem.

Massachusetts 105

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TaxConnex

NOVEMBER 10, 2022

I was trained in income tax and expected to have a career in public accounting, but I only lasted a few years in a couple of different large CPA firms. I then went to the BellSouth Corporation tax department and had various roles. What do you hope is in store for the future here at TaxConnex?

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Accounting Today

OCTOBER 9, 2024

In less than 30 days, Americans will elect the politicians who will set policy for the next two years in Congress and four years at the White House.

Tax 72

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ThomsonReuters

AUGUST 2, 2023

As the Organization for Economic Co-Operation and Development’s (OECD) ground-breaking Base Erosion Profit Shifting (BEPS) framework for taxing the digital economy is being implemented, countries around the globe are beginning to roll out the second of the OECD’s two BEPS pillars—Pillar 2.0. Discussions are ongoing.

corporation tax 98

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CTP

JANUARY 22, 2025

With LLCs, this will depend on the tax treatmentif they are taxed as a sole proprietorship and just doing a profit and loss statement, for instance, that sole proprietor may need an employable spouse or relative to work for the business to set up an HRA. S corporations are the least ideal entity type for an HRA.

Tax 52

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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.  He is responsible for Bloomberg Tax & Accounting’s corporate tax products, including Fixed Assets. Prior to Bloomberg Tax & Accounting, Ryan was a CPA at KPMG’s Washington D.C.

income tax 111

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Withum

APRIL 28, 2022

For taxable years beginning 2022, the top corporate tax rate is 7.5%; For taxable years beginning 2023, the top corporate tax rate is 7.25%; . The Department of Revenue has alerted taxpayers that it is following the federal extension for the 2020 individual income tax return and payments. April 3, 2020.

Nebraska 52

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CPA Practice

JULY 26, 2024

The influential committee, with jurisdiction over tax policy, trade, health care, Social Security and safety net programs for the poor, is getting set for a major revamp of tax laws in 2025. And progressive advocates are already pushing for Menendez’s replacement on Finance to be sufficiently dedicated to the cause.

Finance 98

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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

ThomsonReuters

FEBRUARY 9, 2024

Under this act, if a corporation’s CEO or highest-paid employee’s compensation exceeds 50 times the median worker’s pay, the corporate tax rate would be increased by a penalty determined by the legislation.

Tax 110

Tax tax return Technology income tax 110

Menzies

AUGUST 21, 2024

Further information has now been made available in respect of the abolition of the Furnished Holiday Lettings (FHL) tax regime that will take effect from April 2025. The measure will remove the tax advantages that landlords who offer short–term holiday lets have over those who provide standard residential properties.

Tax 52

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Menzies

SEPTEMBER 2, 2022

This was due to end in April 2021 and will now come to an end in April 2025. The government has extended the availability of 100% first year allowances on the acquisition of cars, zero-emissions goods vehicles and equipment.

Tax 52

Tax chartered accountant corporation tax Transportation 52

Menzies

SEPTEMBER 19, 2024

We expect that there will be a further increase to NLW announced for 1 April 2025, but we would like to see either a reduction in employer’s NI rates, an increase to the Employers Allowance or greater incentives and targets on apprenticeships for the sector, which should aim to develop perceptions of the industry as somewhere to build a career.

Hospitality 59

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CPA Practice

JUNE 13, 2024

Proactive Planning in Uncertainty Like the increased estate and gift tax exemption limits noted above, many other favorable tax changes are also set to expire under the TCJA at the end of 2025. While the future of the TCJA provisions remains uncertain, proactive and strategic estate planning can help. Daniel F.

Real Estate 124

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ThomsonReuters

MARCH 9, 2023

• Many of the tax benefits related to the COVID-19 pandemic have expired or reverted to their pre-pandemic levels. Expanded health insurance subsidies are extended through 2025. Both the child tax credit and the child and dependent care credit revert to pre-pandemic levels. What’s new? •

Tax 59

Tax accounted accountant Account 59

Shay CPA

OCTOBER 21, 2024

Specifically, if you can get certified as a qualified emerging tech company (QETC), you and your investors can claim some meaningful credits to lower your tax liability. Plus, your company will qualify for a lower corporate tax rate on your New York State taxes. So, does your startup count as a QETC? Let’s dig in.

New York 52

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Menzies

JUNE 26, 2024

With business rates relief set to end in March 2025, the sector is hoping for a review and reform which will help ease the burden of business rates on a more permanent basis. Labour have indicated they will publish a “roadmap to business tax” if they are successful so there is no guarantee that the rate will remain unchanged for long.

Hospitality 52

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Menzies

JUNE 26, 2024

With business rates relief set to end in March 2025, the sector is hoping for a review and reform which will help ease the burden of business rates on a more permanent basis. Labour have indicated they will publish a “roadmap to business tax” if they are successful so there is no guarantee that the rate will remain unchanged for long.

Hospitality 52

Hospitality Maine corporation tax chartered accountant 52

Withum

OCTOBER 18, 2023

The House Ways and Means Committee has introduced a year-end tax bill that would preserve 100% bonus depreciation until the end of 2025. The Qualified Business Income (“QBI”) Deduction Sunsets The QBI is a 20% “off the top” deduction on the income of qualifying businesses and lowers the effective tax rate on this income.

Tax 59

Tax tax planning tax preparation income tax 59

Accounting Today

JANUARY 30, 2024

With the Qualified Business Income tax deduction of 20% set to expire in 2025 (unless it's extended), clients who are starting a business may wonder how their choice of entity will impact their QBI deduction and ultimately their bottom line.

income tax 63

income tax Tax corporation tax 63

CPA Practice

NOVEMBER 9, 2023

New features and enhancements in SurePrep TaxCaddy, Cloud Audit Suite, and ONESOURCE support the automation of tax workflows, driving efficiency and saving time for professionals in firms and corporate tax departments. With generative AI technology, we will increase confidence and speed in product classification in global trade.

Technology 52

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CPA Practice

OCTOBER 9, 2023

ONESOURCE E-invoicing brings together the best in global tax compliance and e-invoicing into a single solution. Today, more than 80 countries have mandated e-invoicing or continuous transaction control requirements, and this figure could potentially surge by 2025 as governments prioritize tax reform and real-time reporting.

corporation tax 52

corporation tax Legal Tax Government 52

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%.

Tax 52

Tax income tax tax return corporation tax 52