Going Concern

JANUARY 3, 2025

Psst, take our 2025 Predictions for the Accounting Profession survey. He says 2024 was all about proving what AI brings to the tableand expects 2025 will shift more into scaling it. The new platform of roughly 12,000 professionals will include a united Trans-Atlantic advisory and tax practice, as well as independent audit practices.

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Cherry Bekaert

FEBRUARY 12, 2024

The effective date of this reporting standard varies, with public business entities needing compliance for annual periods commencing after December 15, 2024, while other entities have until annual periods starting after December 15, 2025. Early adoption is permissible for unaudited annual financial statements.

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CPA Practice

MARCH 8, 2023

The new corporate AMT applies a 15 percent tax to a company’s  adjusted financial statement income  (AFSI). AFSI is a company’s net income or loss reported on its applicable financial statements (AFS), such as a Form 10-K filed with the SEC, including tax and accounting adjustments.

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Withum

DECEMBER 4, 2024

The corporate tax rate is currently a flat 21% rate. There is also a 15% corporate alternative minimum tax (CAMT) based on book income for companies with average annual adjusted financial statement income exceeding $1 billion. Section 179 expensing, unlike bonus depreciation, can give rise to state income tax benefits.

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Cherry Bekaert

FEBRUARY 12, 2024

For entities other than public business entities, the guidance is effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance.

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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. For-profit businesses can elect for this credit to be refundable over a five-year period, even when no federal tax liability exists (i.e.,

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CPA Practice

SEPTEMBER 17, 2024

Since joining the firm in 2021, Brianna has excelled in accounting, auditing, compliance, financial statement preparation, tax return preparation, and special projects. She is working towards her master’s in accounting. Sawyer, Senior Brianna Sawyer has been promoted to Senior.

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