Cherry Bekaert
JULY 23, 2024
An inclusion event can trigger the immediate recognition of gain that would otherwise be deferred until 2026. The Company, which had worked with Cherry Bekaert for more than eight years, turned to the Firm to understand its options and the related tax implications. Guidance Our professionals helped the Company evaluate its options.
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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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.
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.
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.
Withum
OCTOBER 3, 2024
Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Don’t hesitate to reach out to Withum to help during this difficult time. Let’s Chat The post IRS Provides Relief to Taxpayers Impacted by Hurricane Helene appeared first on Withum.
Cherry Bekaert
SEPTEMBER 29, 2023
Realizing Tax Benefits By implementing an OZ and leveraging OZ program requirements for this hotel investment, Cherry Bekaert allowed the Company to: Defer tax on $2.2M For more information on how our Opportunity Zone Tax Services Team can assist and advise on the next steps in your OZ project, please contact us today.
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