Withum

DECEMBER 4, 2024

Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2024 that are phased out over varying levels of adjusted gross income (AGI). net investment income (NII) tax will apply depending on your modified adjusted gross income (MAGI) and NII for the year.

tax planning 52

tax planning Tax income tax tax return 52

Withum

OCTOBER 3, 2024

The IRS issued a news release providing tax relief for taxpayers affected by Hurricane Helene. Key Hurricane Helene Tax Relief Information Who qualifies for this relief? Key Hurricane Helene Tax Relief Information Who qualifies for this relief? Provide the FEMA Disaster Number of the area where your tax preparer is located.

South Carolina 130

South Carolina North Carolina tax preparation income tax 130

Cherry Bekaert

MAY 28, 2024

Contributors: Tony Konkol, Manager, State & Local Tax North Carolina Senate Bill No. 508 (Session Law 2024-1) was signed into law on May 15, 2024 and provides an extended July 1, 2024 due date for partnerships to make a tax year 2022 pass-through entity tax (PTET) election. per $1,000 of its tax base. House Bill No.

North Carolina 104

North Carolina Tax income tax tax return 104

Withum

JULY 10, 2024

The bills’ passage resulted in suspending the net operating loss deduction for businesses with greater than $1 million in income and limiting business tax credit utilization, along with other changes. SB 167 suspends the net operating loss (NOL) deduction for tax years beginning on or after Jan. 1, 2025, and prior to Jan 1, 2026.

California 125

California income tax Tax business tax 125

Menzies

SEPTEMBER 20, 2024

With a recent change in Government promising to fill the tax gap, the Prime Minister has warned the budget will be “painful”. Capital Gains Tax It is widely expected that we will see an increase to capital gains tax rates, particularly on residential property. See our Autumn Budget 2024 Predictions and Wish List below.

tax services 59

tax services Tax income tax Agriculture 59

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. What Is Global Tax Minimization? international tax rules. income tax.

Tax 104

Tax income tax Non-Profits corporation tax 104

Cherry Bekaert

FEBRUARY 12, 2024

On December 14, 2023, the Financial Accounting Standards Board (FASB) issued final guidance concerning income tax disclosures, labeled Accounting Standards Update No. For businesses surpassing specified quantitative thresholds, further disaggregation by taxing jurisdictions may be required. 2023-09 (ASU 2023-09).

income tax 105

income tax Tax accounting standards financial statements 105

Withum

DECEMBER 24, 2024

There are separate filing deadlines for entities created in 2024 (90 days after formation) and in 2025 (30 days after formation). Contact Us Please reach out to Withums Tax Services Team if you have any questions about your BOI reporting obligation.

Texas 52

Texas tax services Government Tax 52

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

CPA Practice

DECEMBER 2, 2024

AICPA Recognizes Tax Experts with Arthur J. Dixon Memorial Award and Jonathan Horn Distinguished Service Award The American Institute of CPAs (AICPA) recently recognized two prominent Tax Division members during the 2024 AICPA Fall Tax Division Meeting. He also served on the AICPA’s Tax Executive Committee.

CPA 52

CPA cpas accounting and finance Education 52

Withum

AUGUST 11, 2022

announced they had reached an agreement on a reconciliation bill that includes a significant adjustment to Section 45, the renewable electricity production tax credit (PTC). Credit Extended to 2025 for Certain Qualified Facilities. Joe Manchin (D-W.V.), 017593 cents) for ten years. Potential To Increase the Credit 500%.

Construction 84

Construction Tax Manufacturing Transportation 84

Withum

OCTOBER 9, 2023

On October 4, 2023, Massachusetts enacted tax legislation (H.4104), 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.

Massachusetts 72

Massachusetts Sales Tax tax return 72

Withum

NOVEMBER 17, 2022

2022 Tax Brackets and Rates. 2022 Long-Term Capital Gains Tax Bracket. Year-End Tax Strategies for Individuals. Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. DEDUCTION AMOUNT: $19,400. Taxable Income Over.

tax planning 98

tax planning Tax Construction income tax 98

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

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

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 What Should Individuals and Businesses Do Now?

income tax 118

income tax tax services Tax Sales 118

Cherry Bekaert

FEBRUARY 12, 2024

The Financial Accounting Standards Board (FASB) released final guidance regarding income tax disclosures on December 14, 2023. 2023-09 (ASU 2023-09) applies to all entities subject to income taxes and is intended to enhance the transparency and usefulness of income tax disclosures. Accounting Standards Update No.

income tax 97

income tax Tax accounting standards financial statements 97

CPA Practice

MARCH 8, 2023

While designed to limit inflation, the IRA has also impacted various areas of taxation beyond IRS funding, such as bonus depreciation and the corporate alternative minimum tax (AMT). Understanding Then, the company paid whichever resulted in the highest tax bill. Corporate The IRA either created or reinstated green energy tax credits.

income tax 111

income tax Tax financial statements corporation tax 111

Going Concern

JUNE 21, 2024

That’s (up to) how many hours a week EY’s global VP of tax Marna Ricker says she’s seeing their people save with AI tools. 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.

Tax 64

Tax Technology tax return Gaming 64

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

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

MAY 4, 2022

New York’s fiscal year 2023 budget bill that was enacted into law significantly expands the benefits of the state’s pass-through entity tax (“PTET”) for many businesses. The New York PTET allows partnership (including LLCs) and S corporation entities to make an annual election to pay an entity-level tax. PTET Income Tax Addback.

New York 112

New York income tax New Jersey Tax 112

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

CPA Practice

SEPTEMBER 12, 2024

Avantax Welcomes $60M Advisor Ali Kazemi and His Northern California-based Sentinel Financial Group Avantax, a Dallas-based leader in tax-intelligent financial planning and wealth managemen, recently welcomed Ali Kazemi, a seasoned financial services industry veteran with 30 years of experience.

Kansas 104

Kansas Pennsylvania audit accounting and finance 104

CPA Practice

AUGUST 29, 2024

CohnReznick LLP, one of the largest advisory, assurance, and tax firms in the United States, is relocating its Dallas, Texas office operations to The Star in Frisco, Texas. CohnReznick plans to begin office construction in September for a January 2025 move-in – just ahead of the firm’s annual busy season.

Texas 64

Texas Construction audit Tax 64

Cherry Bekaert

OCTOBER 28, 2024

Understanding the available tax relief options is crucial. IRS Disaster Relief The Internal Revenue Service (IRS) offers comprehensive tax relief to those affected by Hurricane Helene and Hurricane Milton across several states. Tennessee : Tax relief measures are detailed on the Tennessee Department of Revenue website.

South Carolina 52

South Carolina North Carolina Tax Alabama 52

xendoo

JANUARY 16, 2023

Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate.

business tax 52

business tax Tax income tax payroll tax 52

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

Withum

JULY 17, 2024

For instance, employers can adopt a SEP or SIMPLE that may generate a tax credit of up to $5,000 per year for 3 years. Comply by August 15, 2025. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Deadline to Comply 25-39 Employees. 40+ Employees.

New Jersey 59

New Jersey Non-Profits payroll tax services 59

xendoo

FEBRUARY 13, 2023

If you’re wondering how to pay less in taxes, you’re not alone. Everyone—from individuals to business owners—wants to know how to lower their taxes. Tax laws are complicated and they can change each year. Our tax accountants know all the tax breaks for business owners and how to leverage them.

Tax 59

Tax income tax Non-Profits Legal 59

Withum

FEBRUARY 16, 2023

Most state income tax systems fall into two categories: progressive tax and flat tax. Massachusetts touts a “flat tax” system. It is equitable, doesn’t punish high-income earners, and everyone is left with the same percentage of after-tax earnings to spend, right? Everyone pays the same percentage of their income.

Massachusetts 75

Massachusetts income tax Tax tax return 75

CPA Practice

SEPTEMBER 5, 2024

CohnReznick LLP, one of the largest advisory, assurance, and tax firms in the United States, is relocating its Dallas, Texas office operations to The Star in Frisco, Texas. CohnReznick plans to begin office construction in September for a January 2025 move-in – just ahead of the firm’s annual busy season.

Texas 52

Texas Construction audit Tax 52

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. When is reporting required?

Legal 91

Legal Non-Profits income tax Government 91

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. trillion over ten years.

Tax 52

Tax income tax Manufacturing accounting and finance 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 Internal Revenue Service (“IRS”) released Notice 2023-63 , on September 8, 2023, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year.While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal.

income tax 80

income tax Tax accounting standards accounting and finance 80