2026, business tax and tax services

California Suspends NOLs and Limits Credit Utilization

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, 2024, and before Jan.

California

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Federal Income Taxes Are Set To Skyrocket

Withum

JUNE 12, 2024

The bonus depreciation rate decreased to 80% in 2023 and will continue to decrease by 20% each year until it is zero for property placed in service after December 31, 2026. Tax Provisions to Sunset After 2025 QBI Deduction Beginning in 2026, the 20% 199A QBIT deduction will no longer be available. million taxpayers.

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Tax Framework Released: Tax Relief for American Families and Workers Act of 2024

Withum

JANUARY 16, 2024

Extension of 100 Percent Bonus Depreciation: Bonus depreciation was reduced to 80% for qualified property placed into service after December 31, 2022, and to 60% for qualified property placed into service after December 31, 2023.

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AP Automation: The Competitive Advantage Your Business Needs

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IRS Provides Relief to Taxpayers Impacted by Hurricane Helene

Withum

OCTOBER 3, 2024

Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Are you interested in making qualified disaster relief payments to your employees? Don’t hesitate to reach out to Withum to help during this difficult time.

South Carolina

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New York Set to Adopt Federal Centralized Partnership Audit Regime

Withum

FEBRUARY 13, 2025

New York plans to align with the federal centralized partnership audit regime as part of Governor Kathy Hochuls fiscal year 2026 budget. Our team closely monitors and analyzes proposed tax legislation, providing individuals and businesses with timely insights to help navigate the evolving tax landscape.

New York

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Aprio Releases 2024 End-of-Year Tax Update

CPA Practice

OCTOBER 30, 2024

“While the upcoming tax year brings uncertainty for businesses and individuals alike, Aprio’s tax advisors are poised to act should any major tax laws change that could impact clients,” said John Rose , Director of National Tax Services at Aprio.

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Additional IRS Guidance Surrounding 174 R&E Capitalization Requirements

Withum

OCTOBER 11, 2023

Planning and advocating Congressional leaders for IRC §174 immediate expensing should continue to be a top priority for all businesses conducting R&E. Even more of the TCJA provisions expire in 2026, including the elimination of the pass-through (199A) deduction and an increase in the top individual income tax rates to 39.6%.

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House Ways and Means Committee Introduces Potential Tax Extender Bill

Withum

JULY 26, 2023

Instead, the Act would allow taxpayers to currently deduct research and experimental expenditures that are paid or incurred in tax years beginning after December 31, 2021, and before January 1, 2026. Taxpayer can elect to apply the broadened base to the 2022 taxable year or apply the broadened base to tax years starting in 2023.

Tax

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Oh BOI, Withum Updates on Beneficial Ownership Reporting

Withum

FEBRUARY 20, 2025

Stay up-to-date with the latest BOI reporting requirements and how recent legal changes may affect your business. Subscribe to our Business Tax insights for timely updates delivered directly to your inbox. House of Representatives voted unanimously to push the CTA reporting deadline to January 1, 2026.

Texas

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Proposition M: Changes to San Francisco Gross Receipts Tax

Withum

FEBRUARY 20, 2025

Businesses should confirm their NAICS code to determine the correct classification. The following chart shows examples of the general codes covered by each category and the tax rates for 2025-2026 for each. The Homelessness Gross Receipts Tax (HGRT), an additional tax for larger businesses, will now apply to more Companies.

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It’s Official! Tax Season Starts Jan 27, 2025 — Here’s What You Need To Know

Nancy McClelland, LLC

JANUARY 11, 2025

Keep in mind that estimated quarterly tax payments for business owners (including sole proprietors) are due January 15 (4Q 2024), April 15 (1Q 2025), June 16 (2Q 2025), September 15, 2025 (3Q 2025) and January 15, 2026 (4Q 2025). The IRS has a tool to look up information for your area. Check out IRS.gov/TCE for more information.

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Democrats’ Bill Would Allow Auto Dealers to Claim Clean Vehicle Tax Credits Starting in 2024

Withum

AUGUST 17, 2022

Placed in Service Date Critical Minerals Requirement Battery Components Before January 1, 2024 40% 50% During 2024 50% 60% During 2025 60% 60% During 2026 70% 70% During 2027 80% 80% During 2028 80% 90% After 2028 80% 100% Critical Mineral and Batter Component Requirements Based on Service Date. Contact Us. Let’s Chat.

Tax

Tax income tax Manufacturing tax return

Democrats’ Bill Would Allow Auto Dealers To Claim Clean Vehicle Tax Credits

Withum

AUGUST 17, 2022

Placed in Service Date Critical Minerals Requirement Battery Components Before January 1, 2024 40% 50% During 2024 50% 60% During 2025 60% 60% During 2026 70% 70% During 2027 80% 80% During 2028 80% 90% After 2028 80% 100% Critical Mineral and Batter Component Requirements Based on Service Date. Contact Us. Let’s Chat.

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Tax Relief for California Wildfire Victims

Withum

FEBRUARY 6, 2025

Tax Filing and Payment Relief The IRS announced on January 10, 2025, that individuals and businesses in southern California that were affected by the wildfires will now have until October 15, 2025, to file various individual and business tax returns and to make tax payments.

California

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Individuals and Pass-Through Entity Owners Leery Over Harris Tax Policy

Withum

OCTOBER 17, 2024

Using the inflation-adjusted pre-TCJA tax rates, a married filing joint couple with taxable income of $110,000 in the 2024 taxable year will pay federal income taxes of approximately $12,928. Inflation-adjusted pre-TCJA tax rates for individual taxpayers- Withum But it could be worse, depending on the upcoming legislation.

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Federal Tax Reform Timing Is Still Uncertain

Withum

JANUARY 30, 2025

Congress will be able to pass a budget reconciliation bill twice during the 2025 calendar year, one to adopt the FY 2025 budget and another to adopt the FY 2026 budget. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

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California Suspends NOLs and Limits Credit Utilization

Federal Income Taxes Are Set To Skyrocket

Webinars

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Tax Framework Released: Tax Relief for American Families and Workers Act of 2024

Webinars

IRS Provides Relief to Taxpayers Impacted by Hurricane Helene

New York Set to Adopt Federal Centralized Partnership Audit Regime

Aprio Releases 2024 End-of-Year Tax Update

Additional IRS Guidance Surrounding 174 R&E Capitalization Requirements

House Ways and Means Committee Introduces Potential Tax Extender Bill

Oh BOI, Withum Updates on Beneficial Ownership Reporting

Proposition M: Changes to San Francisco Gross Receipts Tax

It’s Official! Tax Season Starts Jan 27, 2025 — Here’s What You Need To Know

Democrats’ Bill Would Allow Auto Dealers to Claim Clean Vehicle Tax Credits Starting in 2024

Democrats’ Bill Would Allow Auto Dealers To Claim Clean Vehicle Tax Credits

Tax Relief for California Wildfire Victims

Individuals and Pass-Through Entity Owners Leery Over Harris Tax Policy

Federal Tax Reform Timing Is Still Uncertain

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