Withum

OCTOBER 9, 2023

As such, effective January 1, 2025, corporations will use a single sales factor, and based on current statute, partnerships would also be required to utilize the single sales factor formula. Also, the legislation closed a loophole for individuals subject to the millionaire’s tax, which imposed a 4% surtax for income over $1M.

Massachusetts 72

Massachusetts Sales Tax tax return 72

Cherry Bekaert

MAY 3, 2024

tax purposes (the classification may be different for foreign tax purposes) Expanding primarily into treaty countries or non-treaty countries, or both Keeping its cash offshore (e.g., income tax return. corporations that are expanding into high-tax countries. tax return. tax liability.

Tax 104

Tax income tax Non-Profits corporation tax 104

Going Concern

JUNE 21, 2024

Here she is in an ad interview with Microsoft’s WorkLab : Q: You’ve been driving AI transformation at EY, and you have been watching it reshape the broader world of tax services. The ability to process vast amounts of data more quickly and more accurately is a game changer for tax return compliance and reconciliation.

Tax 64

Tax Technology tax return Gaming 64

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

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

FEBRUARY 16, 2023

Not exactly the best example of a “flat tax” system, right? But before we worry about the 2023 tax changes, let’s look at some of the major changes impacting your 2022 Massachusetts income tax return. However, the Massachusetts deduction does not have a sunset date. More information can be found in TIR 23.1.

Massachusetts 75

Massachusetts income tax Tax tax return 75

Cherry Bekaert

OCTOBER 28, 2024

IRS Disaster Relief The Internal Revenue Service (IRS) offers comprehensive tax relief to those affected by Hurricane Helene and Hurricane Milton across several states. Key measures include: Tax Deadline Extensions : Taxpayers in affected areas have been granted extensions for filing and payment deadlines, now postponed to May 1, 2025.

South Carolina 52

South Carolina North Carolina Tax Alabama 52

Withum

DECEMBER 4, 2024

Employers must withhold the additional Medicare tax from wages in excess of $200,000, regardless of filing status or other income. Thus, you can minimize the additional Medicare tax by deferring income to 2025. If the beneficiary is in a lower tax bracket than the trust, this would result in overall tax savings.

tax planning 52

tax planning Tax income tax tax return 52

Withum

OCTOBER 11, 2023

Even though the Notice only provides a short window to adjust a 2022 tax return, it could be worth the time and effort if the cash tax savings are significant. The Act delays the IRC §174 R&E capitalization requirement until the taxable year starting after December 31, 2025. but it’s clear that anything is possible.

income tax 80

income tax Tax accounting standards accounting and finance 80

Withum

NOVEMBER 17, 2022

Geography, such as distressed zones, enterprise zones, or tax-increment finance districts. 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. Energy credits. Not-for-profits.

tax planning 98

tax planning Tax Construction income tax 98

xendoo

JANUARY 16, 2023

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. Shareholders still must file their personal income tax returns and report the corporate dividends and capital gains they get as part of their taxable income.

business tax 52

business tax Tax income tax payroll tax 52

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. Nathan, who joined the firm in 2022, has shown outstanding proficiency in accounting, compliance, tax return preparation, business valuations, and special projects.

Construction 52

Construction Illinois audit Real Estate 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. Who can use SALT credits and deductions?

Tax 100

Tax income tax tax planning Sports 100

Withum

JULY 26, 2023

Any adjustment needed for a 2022 federal income tax return already filed which included the capitalization of research and experimental expenditures can either be amended or, at the taxpayer’s election, be treated as an automatic change in the method of accounting in the 2023 taxable year.

Tax 52

Tax income tax Manufacturing accounting and finance 52

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

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. Go to IRS.gov/VITA or call 800-906-9887. Want to volunteer ? MilTax — Members of the U.S.

Tax 52

Tax tax return income tax Education 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. Most dealers will need to rely on the prior year’s tax return filings to ensure the credit is allowable and therefore can be properly claimed by the dealership.

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. Most dealers will need to rely on the prior year’s tax return filings to ensure the credit is allowable and therefore can be properly claimed by the dealership.

Tax 52

Tax income tax Manufacturing tax return 52

Withum

JANUARY 13, 2025

On December 12, 2024, President Biden signed the Federal Disaster Tax Relief Act of 2023 (H.R. 5863), a significant piece of legislation aimed at providing much-needed tax relief to individuals and businesses affected by federal disasters. Authors: Yeonhee Oh | yeonhee.oh@withum.com

Ohio 64

Ohio tax return Tax California 64