Withum

JULY 10, 2024

To the extent that any NOL is denied as a result of the suspension, carryforward periods are extended three years for losses incurred in tax years prior to Jan. 1, 2024, two years for losses incurred in tax years beginning on or after Jan. 1, 2025, and one year for losses incurred in tax years beginning on or after Jan.

California 125

California income tax Tax business tax 125

Cherry Bekaert

MAY 28, 2024

508 clarifies the computation of the upcoming C-Corporation 2025 franchise tax base cap. Starting January 1, 2025, the franchise tax for C-Corporations will be $1.50 per $1,000 of its tax base. However, the maximum for the first $1,000,000 of a corporation’s tax base is $500. Additionally, S.B.

North Carolina 104

North Carolina Tax income tax tax return 104

Menzies

SEPTEMBER 20, 2024

We are hopeful that any drastic changes will have a transition period before they come in and are then introduced from 5 th April 2025. If this area is targeted, we may see the introduction of a top rate for gains above a certain threshold or even an alignment with income tax rates.

tax services 59

tax services Tax income tax Agriculture 59

Cherry Bekaert

MAY 3, 2024

What Is Global Tax Minimization? Global tax minimization is the process that companies follow to fully comply with the tax law in each country in which they operate in such a manner that their worldwide income tax liability is reduced to the lowest possible amount. income tax return. income tax.

Tax 104

Tax income tax Non-Profits corporation tax 104

Withum

MAY 4, 2022

The budget bill, which was signed into law on April 9, 2022, also accelerates individual income tax rate reductions, adds new or modifies some existing tax credits, among other provision changes. A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax.

New York 112

New York income tax New Jersey Tax 112

Withum

AUGUST 21, 2024

Entities created in 2024 have until 90 days after formation to file their initial report, and entities created in 2025 and beyond will have until 30 days after formation to file their initial report. Federal income tax or information return reporting more than $5 million in U.S.-source

income tax 118

income tax tax services Tax Sales 118

Withum

FEBRUARY 21, 2024

A large operating company is any entity with (a) more than 20 full-time US employees, (b) an operating presence at a physical office within the US, and (c) more than $5,000,000 of US-sourced gross receipts reported on its prior year federal income tax return (IRS Forms 1120, 1120-S or 1065 only).

income tax 125

income tax tax return accounting and finance Tax 125

Withum

NOVEMBER 29, 2023

Federal income tax or information return reporting more than $5 million in U.S.-source Entities created before January 1, 2024 have until January 1, 2025, to file the report. Entities created on or after January 1, 2025 have 30 days after creation or registration to file a report.

Legal 115

Legal Non-Profits income tax Government 115

CPA Practice

MARCH 8, 2023

Corporate Alternative Minimum Tax is Back Congress originally introduced the corporate AMT in 1986 to prevent large companies from using tax exemptions to avoid paying income taxes, despite high earnings. Companies can currently write off 100% of qualified equipment costs in the year it placed its service.

income tax 111

income tax Tax financial statements corporation tax 111

Withum

FEBRUARY 16, 2023

Most state income tax systems fall into two categories: progressive tax and flat tax. Massachusetts touts a “flat tax” system. Everyone pays the same percentage of their income. Not exactly the best example of a “flat tax” system, right? More information can be found in TIR 23.1.

Massachusetts 75

Massachusetts income tax Tax tax return 75

CPA Practice

SEPTEMBER 12, 2024

He succeeds Vic Alexander, who will transition to an of-counsel role beginning November 1, 2025, after 43 years with the firm, including 31 years as chief manager. Alexander will continue his litigation work through Kraft Analytics, an affiliate of KraftCPAs that focuses on valuation, forensics, and transaction advisory services.

Kansas 104

Kansas Pennsylvania audit accounting and finance 104

Withum

JANUARY 25, 2023

The inability of Congress to include key tax extenders in the Consolidated Appropriations Act of 2023, signed into law on December 29, 2022, will increase the federal income tax bill for the majority of U.S. Coming into the new year, business owners likely breathed a sigh of relief that no major tax legislation was passed.

Tax 81

Tax income tax Real Estate Start-ups 81

Withum

NOVEMBER 29, 2023

Federal income tax or information return reporting more than $5 million in U.S.-source 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.

Legal 91

Legal Non-Profits income tax Government 91

Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Postpone income until 2023 and accelerate deductions into 2022. Geography, such as distressed zones, enterprise zones, or tax-increment finance districts. Contact Us.

tax planning 98

tax planning Tax Construction income tax 98

xendoo

JANUARY 16, 2023

The term refers to when the IRS taxes the same income twice—once at the corporation level and again on an individual shareholder’s personal income tax. The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate.

business tax 52

business tax Tax income tax payroll tax 52

Withum

SEPTEMBER 15, 2023

Many companies are experiencing unfavorable cash tax payments when filing their 2022 federal income tax returns this fall, as federal law no longer allows an immediate deduction for Section 174 Research and Experimental (“R&E”) expenses incurred for taxable years beginning after 2021. appeared first on Withum.

tax return 69

tax return payroll tax income tax Tax 69

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. To learn more about the Build It In America Act, click here.

income tax 80

income tax Tax accounting standards accounting and finance 80

Withum

JULY 26, 2023

The Build It In America Act (HR 3938) addresses business taxpayer concerns regarding rising interest expense rates and deduction limitations on research and experimental expenditures, which could lead to drastically increased cash federal income tax payments.

Tax 52

Tax income tax Manufacturing accounting and finance 52

Withum

MARCH 27, 2024

Peter Huntsman HUN +1.1%, Chief Executive Officer of Huntsman Corporation, reiterated the need for stability in federal income tax legislation by highlighting China’s manipulation of the pricing of ethylene carbonate, a much-needed chemical for EV batteries. The chair of the Senate Finance Committee, Senator Ron Wyden (D-Ore.),

Finance 59

Finance Manufacturing income tax Idaho 59

xendoo

FEBRUARY 13, 2023

The corporation uses Form 1120 to report income and claim credits and deductions each year. A pass-through entity doesn’t file taxes as a separate entity. Instead, the income “passes through” to the owner of the business who pays personal income taxes on their share of the business.

Tax 59

Tax income tax Non-Profits Legal 59

Withum

DECEMBER 23, 2023

Under the new requirement, companies that assist in federal research are now having to pay federal income tax on any federal research grants received. But everyone agrees that the more time that passes in 2024, the less likely a federal tax extender bill will be adopted. appeared first on Withum.

Pharmaceutical 52

Pharmaceutical accounting and finance Tax Government 52

Withum

AUGUST 17, 2022

Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Alternatively, auto dealers can decrease their federal income tax payments based on the transferred credits. Transfer of Clean Vehicle Credit to a Dealer. Contact Us.

Tax 124

Tax income tax Manufacturing tax return 124

Withum

AUGUST 17, 2022

Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Alternatively, auto dealers can decrease their federal income tax payments based on the transferred credits. Transfer of Clean Vehicle Credit to a Dealer. Contact Us.

Tax 52

Tax income tax Manufacturing tax return 52

Withum

FEBRUARY 26, 2025

An analysis of the state individual income tax rate trends shows more states moving away from graduated tax rates to flat rate. Currently, 29 states have graduated individual tax rates, and 9 states have no individual income tax. The remaining 12 states have adopted a flat individual tax rate.

income tax 80

income tax North Carolina Idaho Indiana 80

Withum

JANUARY 13, 2025

The fires, which began on January 7, 2025, have led to the destruction of homes, businesses, and infrastructure, prompting widespread evacuations and emergency responses. In response to this devastation, the Internal Revenue Service (IRS) announced tax relief for affected individuals and businesses on January 10, 2025.

tax return 122

tax return California payroll income tax 122

Accounting Insight

MARCH 27, 2025

Making Tax Digital for Income Tax (MTD IT) will be implemented from April 2026. How do I find out more about outsourcing MTD IT services? Initor Globals outsourced bookkeeping, accounting and tax services are suitable for MTD IT client engagements. Register for your free ticket here.

income tax 52

income tax Tax bookkeeping tax return 52

Withum

DECEMBER 4, 2024

Any asset with a class life of less than 15-years can still be depreciated using MACRS and take advantage of bonus depreciation (60% in 2024 and 40% in 2025). The expensing deduction is not prorated for the time that the asset is in service during the year. years) to a shorter depreciable tax life (e.g.,

Tax 105

Tax income tax Construction Non-Profits 105

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. Past issues with fraud have been too pervasive. Check out IRS.gov/TCE for more information.

Tax 52

Tax tax return Education income tax 52

MyIRSRelief

DECEMBER 10, 2021

When it comes to matters regarding taxes and tax breaks, it’s important to know where you stand. The demand for professional tax services as of late is greater than ever before and if you’re a taxpayer yourself, you’ll instantly understand exactly why that is. Taxes for the storage, use, or consumption of items.

Tax 100

Tax income tax tax planning Sports 100

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. On January 8, 2025, President Biden declared the California wildfires a major disaster as of January 7, 2025.

California 117

California Tax tax return payroll 117

Withum

JANUARY 30, 2025

Federal tax reform will include the extension of tax provisions provided under the Tax Cuts and Jobs Act that are set to expire on Dec. If federal tax reform cannot be passed, the vast majority of individual and private businesses federal income taxes will significantly increase.

Tax 85

Tax Florida Texas income tax 85

Withum

AUGUST 21, 2024

While Vice President Harris unveiled her economic plans last Friday for the first time, many questions remain unanswered as to her proposal regarding the Tax Cuts and Jobs Acting (“TCJA”) expiring provisions and how private and family businesses will be impacted by a Democratic Presidency.

tax planning 131

tax planning Tax income tax corporation tax 131

Withum

OCTOBER 25, 2024

The Trump tax policy proposal makes many of the Tax Cuts and Jobs Act sunsetting provisions permanent, including the following: TCJA Expiring Provisions As of 12/31/2025 Trump Proposal Increase the top marginal individual income tax rate to 39.6% and adjust the individual income tax brackets.

Tax 122

Tax income tax corporation tax business tax 122