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

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

ThomsonReuters

MARCH 9, 2023

In this post, we will highlight 3 of our top resources included in our Tax Season Toolkit : Year-End Tax Planning for individuals and businesses, How APIs can help transform your practice, and a Case Study detailing how GoSystem Tax RS and GoFileRoom helped a firm. What’s new? •

Tax 59

Tax accountant Account accounted 59

CPA Practice

JUNE 13, 2024

This strategy balances the benefits of current tax law with the need for financial flexibility and security. Core Estate Tax Planning Techniques Regardless of estate value, there are numerous techniques and account structures available to help your clients minimize estate tax consequences—here’s a summary of the most common ones.

Real Estate 124

Real Estate Tax income tax Illinois 124

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). FTC coverage begins at A-8900 Corporate alternative (book) minimum tax.

Kansas 64

Kansas Kentucky income tax Missouri 64

DMCL

JANUARY 6, 2025

We are delighted to announce the promotion of five exceptional professionals to the position of Partner at DMCL, effective January 1, 2025. After earning his CPA designation in 2017, he specialized in tax planning and advisory services, further honing his expertise by completing the CPA In-Depth Tax Course.

Entertainment 52

Entertainment CPA Non-Profits tax planning 52

Cherry Bekaert

OCTOBER 3, 2024

The looming expiration of the 2017 Tax Cuts and Jobs Act (TCJA) enacted during the Trump administration has become an important issue in the presidential campaign. Scheduled to sunset in 2025, the TCJA implemented significant changes to the tax code, including the reduction of personal income taxes and a simplified tax filing process.

Tax 105

Tax income tax tax preparation corporation tax 105

CPA Practice

NOVEMBER 13, 2024

By Kemberley Washington Bankrate.com (TNS) Taxes may not be the first thing on your mind following the presidential election, but there’s no doubt that tax policy will play a key role in the year ahead, given that the 2017 Tax Cuts and Jobs Act (TCJA) is set to expire at the end of 2025. ©2024 Bankrate.com.

tax planning 59

tax planning Tax corporation tax income tax 59

ThomsonReuters

OCTOBER 31, 2024

Jump to ↓ The current tax landscape Democratic and Republican Party tax plans Strategic planning amidst tax uncertainty In today’s dynamic political and economic environment, understanding the intricacies of tax policy has become more crucial than ever. election promises further potential shifts.

Tax 52

Tax corporation tax tax planning Manufacturing 52

Withum

DECEMBER 17, 2024

Tax Cuts and Jobs Act (TCJA) Extensions One of the first items on the agenda is likely to be the extension of the TCJA provisions, many of which are set to expire at the end of 2025. Reduced Taxation Corporate Tax Changes One of the hallmark policies of the first Trump administration was the reduction in corporate tax rates.

Tax 52

Tax corporation tax tax planning income tax 52

CPA Practice

JUNE 20, 2023

The current child tax credit, which expires after 2025, is available at the full amount for married couples filing jointly who earn up to $400,000, and for individuals who earn up to $200,000; above those thresholds, it phases out at a rate of 5 cents for each dollar. Ways and Means Chairman Jason Smith, R-Mo., ©2023 CQ-Roll Call Inc.,

Tax 52

Tax Connecticut Ohio income tax 52

Cherry Bekaert

OCTOBER 23, 2024

. · 60% tariff on imports from China · No details on tariffs released · Maintain Section 301 tariffs on China · Expand Section 232 tariffs on steel and aluminum for certain imports from Mexico Corporate Tax Rate · Lower from 21% to 15% for companies with U.S. Several provisions of the TCJA are set to expire at the end of 2025.

corporation tax 111

corporation tax Manufacturing Tax income tax 111

CPA Practice

MAY 9, 2024

That puts a massive price tag on what is likely to be a top issue in Washington next year as lawmakers grapple with the future of Trump’s tax cuts, which are slated to expire at the end of 2025. Extending the personal income tax cuts will cost $3.8 Last year, CBO estimated renewing the sunsetting tax cuts would cost $3.5

Tax 98

Tax Washington income tax corporation tax 98

CPA Practice

JUNE 28, 2024

In fact, because many such individuals pay into Social Security via payroll taxes but cannot receive benefits, illegal immigrants bolster rather than drain the finances of the program. Trump on Biden tax plan “He’s the only one I know he wants to raise your taxes by four times,” Trump said of Biden. “He

Tax 52

Tax income tax payroll tax corporation tax 52

LyfeAccounting

OCTOBER 29, 2020

?. President Trump vs Biden Tax Plan. With the US presidential election is right around the corner, and since we’re an accounting firm that loves taxes, it’s only right that we make a post discussing President Trump’s Tax Plan vs Former Vice President Joe Biden. Individual Tax Rates. Child Tax Credits.

tax planning 52

tax planning Tax corporation tax Real Estate 52

Dent Moses

JANUARY 14, 2025

Budget reconciliation requires Republicans to agree on a budget resolution, specifying spending, taxes, and deficits, which congressional committees must follow when drafting legislation. Keeping the $750,000 mortgage interest deduction limit and the $2,000 Child Tax Credit ($1,700 refundable). worldwide income taxation.

tax planning 52

tax planning Tax corporation tax Manufacturing 52

CPA Practice

SEPTEMBER 5, 2024

Her proposals have included calls for expanded tax credits for parents and $25,000 down-payment assistance for first-time home buyers. Harris has vowed to pay for all of her spending plans with higher taxes on businesses and wealthy households. tax policy toward a consumption model.

Tax 98

Tax corporation tax income tax New York 98

Cherry Bekaert

SEPTEMBER 11, 2024

The 2017 Tax Cuts and Jobs Act (TCJA) enacted during the Trump administration has numerous provisions set to expire in 2025, making it a hot-button topic both presidential candidates are highlighting in their proposed economic and tax plans. Imposing a baseline tariff on U.S. imports Imposing a 60% tariff on U.S.

Tax 143

Tax income tax tax planning corporation tax 143

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