Withum

JUNE 12, 2024

S Corporation shareholders and partners in a partnership could see their effective federal income tax rate increase by 30% by the end of December 31, 2025, due to the expiration of certain tax laws. A dramatic increase to the effective tax rate may catch many pass-through entity businesses by surprise.

income tax 127

income tax Tax corporation tax Non-Profits 127

Withum

FEBRUARY 1, 2024

The refundable child tax credit would continue to increase by $100 per year through Dec. The bill would also expand low-income housing credit and financing, disaster tax relief, and U.S.-Taiwan Taiwan tax provisions. This article was originally published by Lynn Mucenski Keck in Forbes on February 1, 2024.

Tax 124

Tax Finance tax services business tax 124

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. The recent passage of S.B.

North Carolina 104

North Carolina Tax income tax tax return 104

Withum

JANUARY 24, 2023

The penalty can be reduced to 10% for IRA owners who take the RMD within a specified time period and submit a corrected tax return. Catch-up Contributions Starting January 1, 2025, taxpayers 60 – 63 years old will be able to make catch-up contributions of up to $10,000 per year, indexed for inflation. appeared first on Withum.

Start-ups 26

Start-ups tax return Tax Education 26

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

Withum

JANUARY 16, 2024

Framework Highlights Highlights of the framework include: Research and Experimental (R&E) Expenditures Capitalization (Section 174): The framework would allow for immediate R&E expensing incurred in tax years beginning after December 31, 2021.Instead, Potential ERC claims should be submitted as soon as possible.

Tax 118

Tax Tennessee New Jersey Massachusetts 118

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. million in 2025). The current lifetime exemption is $13.61 million per person (and increasing to $13.99

tax planning 52

tax planning Tax income tax tax return 52

CPA Practice

AUGUST 14, 2024

Top 100 accounting firm Baker Newman Noyes (BNN) will adopt a new leadership structure in 2025 following the retirement of Managing Principal Dayton Benway at the end of this year. He is a principal and has served as director of tax services since January 2024. Starting on Jan. Smith began his career at BNN in 1998.

New Hampshire 52

New Hampshire Real Estate Massachusetts accounting and finance 52

Withum

FEBRUARY 21, 2024

For reporting entities created or registered in 2023 or earlier, the initial report is due by January 1, 2025. For reporting entities created or registered in 2025 or later, the initial report is due 30 days after the entity’s creation or registration.

income tax 125

income tax tax return accounting and finance Tax 125

Withum

NOVEMBER 29, 2023

Entities created before January 1, 2024 have until January 1, 2025, to file the report. Entities created on or after January 1, 2024 and before January 1, 2025 have 90 days after creation or registration to file a report (note the 90-day period replaces a 30-day period and was finalized on November 29, 2023).

Legal 115

Legal Non-Profits income tax Government 115

CPA Practice

DECEMBER 2, 2024

He is a Senior Director in the Tax Quality and Risk Management group in RSM’s National Office of Risk Management in Chicago. Sansone previously led RSM’s S Corporation Federal Specialty Tax Services Group as a member of the firm’s Washington National Tax office.

CPA 52

CPA cpas accounting and finance Education 52

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. Contact Us Please reach out to Withum’s Tax Services Team if you have any questions about your BOI reporting obligation.

income tax 118

income tax tax services Tax Sales 118

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.

income tax 105

income tax Tax accounting standards financial statements 105

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. Contact Us The Massachusetts bill includes other tax changes as well, which may impact businesses and individuals.

Massachusetts 72

Massachusetts Sales Tax tax return 72

CPA Practice

AUGUST 29, 2024

CohnReznick plans to begin office construction in September for a January 2025 move-in – just ahead of the firm’s annual busy season. We look forward to becoming a vital part of the Frisco community as we continue to provide comprehensive advisory, assurance, and tax services to businesses throughout the greater Dallas metro area.”

Texas 64

Texas Construction audit Tax 64

CPA Practice

MARCH 8, 2023

Companies can currently write off 100% of qualified equipment costs in the year it placed its service. This percentage is scheduled to drop to 80% in 2023, 60% in 2024, 40% in 2025, until its wholly phased out in 2027.  Prior to Bloomberg Tax & Accounting, Ryan was a CPA at KPMG’s Washington D.C.

income tax 111

income tax Tax financial statements corporation tax 111

Withum

SEPTEMBER 2, 2022

The federal tax incentive for qualified energy property was extended through the IRA for most projects that begin construction before January 1, 2025 (2035 for geothermal energy used for healing and cooling a structure). For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

Tax 69

Tax Construction Government tax services 69

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 post EY’s VP of Tax Says AI is Saving Professionals Up to 14 Hours a Week appeared first on Going Concern.

Tax 64

Tax Technology tax return Gaming 64

Withum

MAY 4, 2022

With proper planning and implementation, PTET elections can be a valuable state tax planning strategy. State and Local Tax Services. If you like to discuss how New York’s FY 2023 budget bill or pass-through entity taxes may impact you, contact Withum’s State and Local Tax Group for a deeper discussion. Contact Us.

New York 112

New York income tax New Jersey Tax 112

Withum

JULY 17, 2024

Comply by August 15, 2025. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. These types of plans can be critical in recruiting and rewarding employees. Deadline to Comply 25-39 Employees. Comply by November 15, 2024. 40+ Employees.

New Jersey 59

New Jersey Non-Profits payroll tax services 59

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

Cherry Bekaert

MAY 3, 2024

This income includes passive income like dividends, interest, rents and royalties, and certain types of portable income from related party sales or services. CFC income that is classified as GILTI is taxed in the U.S. through 2025 and as high as 16.406% thereafter. at a rate as low as 10.5%

Tax 104

Tax income tax Non-Profits corporation tax 104

CPA Practice

SEPTEMBER 5, 2024

CohnReznick plans to begin office construction in September for a January 2025 move-in – just ahead of the firm’s annual busy season. We look forward to becoming a vital part of the Frisco community as we continue to provide comprehensive advisory, assurance, and tax services to businesses throughout the greater Dallas metro area.”

Texas 52

Texas Construction audit Tax 52

CPA Practice

JULY 10, 2024

By Andrew Long, The Dallas Morning News (TNS) Ryan, a Dallas-based company that describes itself as the largest business-specific tax services and software firm in the world, announced Tuesday that it is acquiring the property tax wing of Canadian commercial real estate services and software company Altus Group Limited.

Real Estate 52

Real Estate Tax tax services Government 52

Withum

NOVEMBER 29, 2023

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. When is reporting required? Reporting starts January 1, 2024, and nothing can be filed before that date.

Legal 91

Legal Non-Profits income tax Government 91

Withum

FEBRUARY 16, 2023

The federal exclusion is available for student loans forgiven on or after January 1, 2021, and ending on or before December 31, 2025. Author: Sudha Vishwanath , CPA | svishwanath@withum.com Contact Us If you have any questions, please contact a member of Withum’s Tax Services Team.

Massachusetts 75

Massachusetts income tax Tax tax return 75

Withum

SEPTEMBER 15, 2023

Businesses and accounting firms will monitor the progression of the bill closely, however, 2023 estimated tax payments should still include the capitalization of 174 R&E. Let’s Chat The post Do You Need Help With 174? appeared first on Withum.

tax return 69

tax return payroll tax income tax Tax 69

Going Concern

SEPTEMBER 27, 2024

Four sanctioned firms failed to make certain required communications with audit committees, as required by AS 1301, Communications with Audit Committees, and/or Rule 3524, Audit Committee Pre-approval of Certain Tax Services. The firms are the following: Accell Audit & Compliance, P.A.

audit 105

audit auditor accounting and finance accounting firms 105

PYMNTS

SEPTEMBER 18, 2019

According to researchers, FinTech startups threaten to take a $280 billion piece of banks’ payment revenue pie by 2025 with their competing services — worth 15 percent, reports noted. New research from Accenture pointed to this trend and its particularly large impact on the payments sector.

Technology 57

Technology tax services Tax Account 57

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

CPA Practice

JUNE 27, 2024

Baker Tilly Names Lynette Stolarzyk Managing Partner of Tax Services Leading advisory CPA firm Baker Tilly US, LLP (Baker Tilly) recently announced the appointment of Lynette Stolarzyk J.D., as the managing partner of tax services.

Healthcare 52

Healthcare Pennsylvania West Virginia Maryland 52

Cherry Bekaert

FEBRUARY 12, 2024

For entities other than public business entities, the guidance is effective for annual periods beginning after December 15, 2025. Your Guide Forward Cherry Bekaert’s tax services advisors are here to help answer any questions regarding the new FASB income tax disclosure guidance.

income tax 97

income tax Tax accounting standards financial statements 97

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

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

MARCH 27, 2024

Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. The chair of the Senate Finance Committee, Senator Ron Wyden (D-Ore.), a co-writer of the act with Representative Jason Smith (R-Mo.), Let’s Chat The post Can The Senate Finance Committee Save U.S.

Finance 59

Finance Manufacturing income tax Idaho 59

Withum

DECEMBER 23, 2023

But everyone agrees that the more time that passes in 2024, the less likely a federal tax extender bill will be adopted. Some Congressional leaders may support punting federal tax issues into 2025 but waiting three years for relief will have a dramatic negative impact on these businesses, their communities, and the economy.

Pharmaceutical 52

Pharmaceutical accounting and finance Tax Government 52

xendoo

JANUARY 16, 2023

A total of 23 individual and business tax TCJA provisions are set to expire on December 31, 2025. A tax professional can help you understand these changes and their impact on your business. Inflation Reduction Act (IRA) The Inflation Reduction Act (IRA) also influences how much you could pay in taxes.

business tax 52

business tax Tax income tax payroll tax 52