Anders CPA

SEPTEMBER 16, 2024

As we prepare to thrive in 2025, here’s what my clients and I look at: Taxes: In an asset-heavy industry, staying on top of taxes is make-or-break. Proper tax planning involves not just meeting estimated payments but also strategically managing depreciation schedules and asset valuations.

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LSLCPAs

JULY 22, 2024

As we approach the end of 2025 (which will be here before we know it!), significant changes to the estate tax law are on the horizon, which could greatly affect your tax planning strategies. Currently, the estate tax exemption stands at approximately $14 million, but on January 1st, 2026, it is scheduled to be slashed.

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Anders CPA

APRIL 23, 2024

The Tax Cuts and Jobs Act (TCJA) of 2017 was a major tax reform law that overhauled the US tax code, affecting both businesses and individuals. Most of the tax changes made by the TCJA are set to sunset or revert to their previous state at the end of 2025. million to $11.2 million to $11.2

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Withum

JANUARY 2, 2024

Pennsylvania Senate Bill 815, signed into law on December 14, 2023, amended the Pennsylvania tax code to recognize irrevocable grantor trusts for tax years beginning after January 1, 2025. This change may bring new tax planning opportunities, and your Withum tax advisor is available to explain how these changes impact you.

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Cherry Bekaert

NOVEMBER 28, 2023

There are several key tax considerations and tactical approaches for businesses to address while closing out 2023 and moving into 2024. From leveraging tax incentives to optimizing deductions, this guide offers insights into tax planning to help businesses make informed decisions and set a solid foundation for the upcoming year.

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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. Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2022 that are phased out over varying levels of adjusted gross income (AGI). million in 2023).

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MyIRSRelief

SEPTEMBER 1, 2020

With more than 30 million small businesses in the US, effective tax planning is essential to maximizing profits and minimizing taxes, keeping more of what is earned, and lowering your taxes for the future. Plus, the deduction will expire in 2025. In this regard, many service companies may not qualify under the law.

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CPA Practice

NOVEMBER 14, 2024

By Jake Sheridan Chicago Tribune (TNS) The Chicago City Council emphatically voted down Mayor Brandon Johnson’s plan to hike property taxes by $300 million Thursday, creating a yawning hole in the city’s 2025 budget that must now be closed.

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ThomsonReuters

NOVEMBER 21, 2023

Jump to: Set engagements and expectations for next year Address economic pressures that are top of mind Advise on tax planning topics As the year comes to a close, most accounting firms are guiding clients through the complexities of year-end tax planning. Tax Cuts and Jobs Act (TCJA).

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Dent Moses

MARCH 21, 2024

billion in taxes The critical point is that unless Congress takes further action, the exemption provisions of the Tax Cuts and Jobs Act of 2017 are set to “sunset” on December 31, 2025. To navigate these changing tax dynamics, taxpayers should consult their estate planning professionals.

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Anders CPA

DECEMBER 8, 2022

The end of the year is an opportunity to get your affairs in order for the year ahead, and when it comes to tax planning, the sooner you begin preparations the better. As 2023 approaches, there are actions that can be taken now to offset or minimize your tax burden. Qualified Business Income (QBI) Optimization. CONTACT ANDERS.

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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.

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CPA Practice

OCTOBER 30, 2024

Aprio , a top 25 business advisory and accounting firm, has released its 2024 End of Year Tax Update , highlighting 2024 tax updates and factors that will significantly impact tax planning for 2025 and beyond. With that, the expiration for filing new ERC claims for 2021 expires on April 15, 2025.

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Withum

NOVEMBER 29, 2022

This luxury is set to phase out starting January 1, 2023, until it is fully eliminated in 2027 as follows: Period Bonus Depreciation Percentage 9/27/2017 – 12/31/2022 100% 2023 80% 2024 60% 2025 40% 2026 20% 2027 0%. Qualifying property is loosely defined as property with a depreciable life of 20 years or less. Contact Us.

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Withum

OCTOBER 17, 2024

Should I implement my succession plan? Key Tax Provisions Set to Expire in 2025 Let us focus on what we do know with absolute certainty today about taxes. Bonus depreciation has been declining by 20% each year and will be zero for property placed in service in 2027 (60% in 2024 and 40% in 2025).

Tax 52

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CPA Practice

DECEMBER 14, 2023

“It requires enhanced disclosures primarily related to existing rate reconciliation and income taxes paid information to help investors better assess how a company’s operations and related tax risks and tax planning and operational opportunities affect the company’s tax rate and prospects for future cash flows.”

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CTP

SEPTEMBER 16, 2022

TCJA (in effect for tax years 2018-2025) limited the amount of debt covered to $750,000 (or $375,000 for married couples filing separately). If the TCJA tax laws are not extended, in 2026 the limitation will go back up to $1 million. As you now see, tax planning is not just for the wealthy.

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CTP

SEPTEMBER 16, 2022

TCJA (in effect for tax years 2018-2025) limited the amount of debt covered to $750,000 (or $375,000 for married couples filing separately). If the TCJA tax laws are not extended, in 2026 the limitation will go back up to $1 million. As you now see, tax planning is not just for the wealthy.

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Accounting Today

NOVEMBER 6, 2024

With 2025 nearly here, year-end tax strategies including gifting, charitable donations, estate planning, retirement plans and more are on the table.

Tax 52

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Cherry Bekaert

JANUARY 18, 2024

The Tax Cuts and Jobs Act (TCJA) was enacted in 2017, and part of this bill amended the lifetime exclusion amount for estate and gift tax planning. Together, a married couple could leave $26 million of asset value to their family or other beneficiaries, free of federal estate tax.

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CPA Practice

OCTOBER 5, 2023

A tax puzzle emerges with, sometimes, very favorable, or very unfavorable, results. The fourth quarter is for tax planning, not tax reporting. I realize that I’m in the minority in thinking that tax planning is fun. So, as we evaluate our client planning for year-end, we are thinking about 2025 premiums.

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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.

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Anders CPA

NOVEMBER 13, 2023

However, until the rescheduling has been formalized, we still advise making your estimated quarterly tax payments throughout the year, even though it will likely result in overpayments and a refund in 2025. That means they’ll be able to skip the January 15th coupon and expect to receive a significant refund in April 2025.

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ThomsonReuters

JANUARY 16, 2024

There are new tax laws and changes that could affect your business’s year-end tax planning, including the SECURE 2.0 Act, which made some major changes to employee and employer retirement plans that take effect in 2023. Tax Planning and Advisory Guide—Health Care Reform—premium tax credit expansion) The SECURE 2.0

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Cherry Bekaert

FEBRUARY 19, 2024

Additionally, the sunsetting of the 2017 Tax Cuts and Jobs Act (TCJA) in 2025 caused concern for the family and the future of their business, as it could lead to changes in the gift and estate tax exclusion.

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ThomsonReuters

MARCH 5, 2024

tax system, including provisions affecting both individuals and businesses. Among these were several payroll-related provisions that are set to expire at the end of 2025, presenting challenges and opportunities for employers and employees alike. Director of Federal Tax Quality Control at Aprio, began.

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ThomsonReuters

MARCH 7, 2024

Starting from tax years beginning after December 31, 2022, the 100% bonus depreciation deduction will gradually decrease by 20% each year until it reaches a complete phase-out by the end of the 2026 calendar year. This means that deductible amounts will be reduced to 80% in 2023, 60% in 2024, 40% in 2025, 20% in 2026, and finally 0% in 2027.

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Cherry Bekaert

JUNE 18, 2024

On December 31, 2025, the current federal lifetime estate and gift tax exemption amount is scheduled to revert to pre-2018 limits, effectively reducing the tax benefit by 50% 1. Though taxpayers currently enjoy historically high exemption amounts, the sunset will cause the exemption to decrease by roughly 50% after 2025.

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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? •

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Nancy McClelland, LLC

JANUARY 10, 2023

The course description from CPA Academy: §199A is a key tax deduction available to pass-through entities through tax year 2025. Reasonable compensation determinations have a substantial impact on a taxpayer’s potential §199A deduction and are an important part of tax planning. Learning Objectives.

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SkagitCountyTaxServices

OCTOBER 31, 2024

Meaning: If you’ve had business expansion ideas that you need to take out a loan for, the new year would be a better time to act on those plans as lower interest rates on loans are likely in 2025 (make sure to consult your financial advisor on loan terms and other important factors).

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Menzies

JUNE 5, 2024

For example, Groups with a year end of 31 December 2024 will need to register with HMRC by 30 June 2025. Conclude on whether disclosure should be made in the Group financial statements documenting the approach to Pillar 2 Most importantly, consider whether your existing tax strategy is practical and effective. WHAT IS PILLAR 2?

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Withum

SEPTEMBER 6, 2024

The landscape of estate and tax planning has undergone a substantial transformation due to the Tax Cuts and Jobs Act of 2017 (TCJA), which effectively doubled the federal estate exemption to over $11 million (indexed for inflation to $13,610,000 in 2024) and is not scheduled to sunset until the end of the 2025 tax year.

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Cherry Bekaert

MAY 3, 2024

Therefore, a well-thought-out global tax management strategy will be imperative to the success of your global business activities. With proper tax planning a company is able to reduce its worldwide effective tax rate as it expands overseas. CFC income that is classified as GILTI is taxed in the U.S.

Tax 104

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CPA Practice

JUNE 16, 2023

By Martin Schamis, CFP, Kiplinger Consumer News Service (TNS) The Tax Cuts and Jobs Act (TCJA) of 2017 is currently scheduled to sunset at the end of 2025, meaning significant changes are on the horizon for taxpayers. 31, 2025—at which point they will revert to pre-TCJA levels. million to $11.2 31, 2021.

Tax 119

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CTP

MARCH 2, 2022

A tax expert can help you a) minimize estate taxes and b) generate sufficient liquidity to satisfy estate expenses. In 2021, the federal estate tax does not apply to individual estates worth less than $11.7 million [1] , but after 2025, this exception is expected to reverse to $5 million for an individual. [2]

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Cherry Bekaert

JUNE 25, 2024

On the other hand, the annual aggregate amount of major R&D Tax Credits available was reduced to $16 million, down from $24 million. Additionally, effective for tax years beginning on and after January 1, 2023, but before January 1, 2025, a step-rate structure applies to the Major R&D Tax Credit.

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