CPA Practice

MARCH 8, 2023

Unless the IRS specifies otherwise, it remains an applicable corporation.  The new corporate AMT applies a 15 percent tax to a company’s  adjusted financial statement income  (AFSI). This percentage is scheduled to drop to 80% in 2023, 60% in 2024, 40% in 2025, until its wholly phased out in 2027. 

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income tax Tax financial statements corporation tax 111

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

corporation tax Tax financial statements Government 98

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? •

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Tax Account accountant accounted 59

Withum

NOVEMBER 17, 2022

Contact a member of Withum’s Tax Services Team to start planning as year-end approaches. Year-End Tax Planning for Businesses. The corporate tax rate is currently a flat 21% rate. Limits on Deduction of Business Interest.

tax planning 98

tax planning Tax Construction income tax 98

ThomsonReuters

OCTOBER 19, 2022

The Inflation Reduction Act of 2022 imposes a new 15% corporate alternative (book) minimum tax on the adjusted financial statement income of applicable corporations (those with 3-year average financial statement income of at least $1 billion).

Kansas 64

Kansas Kentucky income tax Missouri 64

Shay CPA

APRIL 2, 2025

As the April 15, 2025, deadline for filing corporate tax returns approaches, many businesses, especially early-stage technology companies, may find themselves in need of additional time to gather necessary financial records and finalize their tax filings. What Is a Corporate Tax Extension?

corporation tax 52

corporation tax Tax CPA tax return 52

Shay CPA

JANUARY 2, 2025

While April 2025 might feel like its a long way off right now, it can approach quickly. Heres a peek at whats new in the corporate and personal tax world for 2025. Thats because this rule only applies to companies with an adjusted financial statement income (AFSI) that averages out above $1 billion.

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Tax CPA corporation tax financial statements 52