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. million taxpayers.

income tax 127

income tax Tax corporation tax Non-Profits 127

Withum

JULY 10, 2024

To the extent that any NOL is denied as a result of the suspension, carryforward periods are extended three years for losses incurred in tax years prior to Jan. 1, 2024, two years for losses incurred in tax years beginning on or after Jan. 1, 2025, and one year for losses incurred in tax years beginning on or after Jan.

California 125

California income tax Tax business tax 125

Withum

OCTOBER 3, 2024

2023 Federal Form 1120 (C Corporations) April 15, 2023 October 15, 2024 May 1, 2025 2023 C Corporation Tax Payments April 15, 2023 June 15, 2023 September 15, 2023 December 15, 2023 N/A The IRS noted payments related to 2023 returns are not eligible for the extra time because they were due last spring before the hurricane occurred.

South Carolina 130

South Carolina North Carolina tax preparation income tax 130

Cherry Bekaert

NOVEMBER 14, 2023

Contributor: Chelsea Payne , Senior Manager, Tax Services As the end of the year approaches, strategic planning remains crucial for taxpayers looking to optimize their financial positions and set the stage for a strong start in the upcoming fiscal year. Each state has different eligibility requirements and PTE election regimes.

Real Estate 109

Real Estate tax planning Construction Tax 109

Withum

OCTOBER 11, 2023

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%. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

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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). Consider relocating your residency and domicile for the purpose of reducing or eliminating your state income tax.

tax planning 52

tax planning Tax income tax tax return 52

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. And what happens in 2026?

Tax 52

Tax income tax Manufacturing accounting and finance 52