2026, income tax and tax services

Federal Income Taxes Are Set To Skyrocket

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

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California Suspends NOLs and Limits Credit Utilization

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

California income tax Tax business tax

Florida Department of Revenue Discusses Proposed Changes, Initiatives, and Programs

Withum

FEBRUARY 27, 2025

A one-year exemption of the intangible tax on mortgages, savings on the first $500,000 of residential mortgages for the purchase of a primary, owner-occupied residence. A 2-year delay of the imposition of natural gas fuel taxes that would otherwise go into effect on January 1, 2026.

Florida

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IRS Provides Relief to Taxpayers Impacted by Hurricane Helene

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

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Private Client Services: Individual Tax Planning

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

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2023 Year-End Tax Planning Strategies for the Real Estate and Construction Industry

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

Real Estate tax planning Construction Tax

House Ways and Means Committee Introduces Potential Tax Extender Bill

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

Tax income tax Manufacturing accounting and finance

Additional IRS Guidance Surrounding 174 R&E Capitalization Requirements

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.

income tax

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

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. Alternatively, auto dealers can decrease their federal income tax payments based on the transferred credits. Transfer of Clean Vehicle Credit to a Dealer. Contact Us.

Tax

Tax income tax Manufacturing tax return

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

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. Alternatively, auto dealers can decrease their federal income tax payments based on the transferred credits. Transfer of Clean Vehicle Credit to a Dealer. Contact Us.

Tax

Tax income tax Manufacturing tax return

Making Tax Digital for Income tax – Frequently asked questions about outsourcing work

Accounting Insight

MARCH 27, 2025

Making Tax Digital for Income Tax (MTD IT) will be implemented from April 2026. How do I find out more about outsourcing MTD IT services? Initor Globals outsourced bookkeeping, accounting and tax services are suitable for MTD IT client engagements. Register for your free ticket here.

income tax

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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. Past issues with fraud have been too pervasive.

Tax

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Tax Relief for California Wildfire Victims

Withum

FEBRUARY 6, 2025

The tax law also provides some flexibility regarding the timing of a casualty loss deduction. Casualty losses generally are deductible on the tax return that includes the year of the loss, which here would be an individuals 2025 tax return that is due April 15, 2026.

California

California Tax tax return payroll

Federal Tax Reform Timing Is Still Uncertain

Withum

JANUARY 30, 2025

Federal tax reform will include the extension of tax provisions provided under the Tax Cuts and Jobs Act that are set to expire on Dec. If federal tax reform cannot be passed, the vast majority of individual and private businesses federal income taxes will significantly increase.

Tax

Tax Florida Texas income tax

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

Withum

OCTOBER 17, 2024

With the Presidential election less than one month away, private and family-owned businesses are in limbo when dealing with 2024 year-end tax planning. However, the individual income tax policies that could increase pass-through owners’ federal income tax by over 30% are still uncertain.

income tax

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Accountant Advocate

Federal Income Taxes Are Set To Skyrocket

California Suspends NOLs and Limits Credit Utilization

Webinars

Trending Sources

Florida Department of Revenue Discusses Proposed Changes, Initiatives, and Programs

Webinars

IRS Provides Relief to Taxpayers Impacted by Hurricane Helene

Private Client Services: Individual Tax Planning

2023 Year-End Tax Planning Strategies for the Real Estate and Construction Industry

House Ways and Means Committee Introduces Potential Tax Extender Bill

Additional IRS Guidance Surrounding 174 R&E Capitalization Requirements

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

Making Tax Digital for Income tax – Frequently asked questions about outsourcing work

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

Tax Relief for California Wildfire Victims

Federal Tax Reform Timing Is Still Uncertain

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

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