Withum

NOVEMBER 17, 2022

Contact a member of Withum’s Tax Services Team to start planning as year-end approaches. Year-End Tax Planning for Businesses. The corporate tax rate is currently a flat 21% rate. Energy credits. Not-for-profits. It is important to consider this significant change when analyzing purchases.

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Ronika Khanna CPA,CA

NOVEMBER 26, 2024

Without AII (applying the half-year rule): First-year CCA deduction: $1,000 × 27.5% = $275 First-Year Deduction With AII for purchases from November 21, 2018 to December 31, 2023: With AII (suspending the half-year rule plus an additional 50% of the CCA): First-year CCA deduction: $1,000 × 55% X 1.5 = $825 Additional tax deduction of $550 First-Year (..)

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DMCL

APRIL 11, 2022

Effective for eligible flow-through share agreements entered into from April 7, 2022 to March 31, 2027. Personal and corporate tax rates remain largely unchanged. Elimination of flow-through shares for exploration and development of oil, gas and coal resources. The post 2022 Federal Budget Highlights appeared first on DMCL.

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Shay CPA

NOVEMBER 13, 2024

Changes that impact your personal taxes The bulk of TCJA corporate tax provisions aren’t set to expire with the Act at the end of next year. That said, because a founder’s personal finances are often so intertwined with their startup’s, it’s helpful to know how the upcoming adjustments might affect your personal taxes.

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Cherry Bekaert

OCTOBER 3, 2024

An increased exemption allowed more high-net-worth individuals to transfer their assets tax-free, and reverting back to pre-TCJA exemption levels will require individuals and families to revisit their estate planning strategies. The phase out will continue at a rate of 20% per year until it is fully phased out in 2027.

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CPA Practice

JANUARY 12, 2024

We were not going to do any deal on the corporate tax cuts without doing something meaningful on the child tax credit. The deduction dropped to 80% of those purchases last year and will phase out entirely by 2027, absent congressional action. Maggie Hassan, D-N.H., who has worked with Sen. Todd Young, R-Ind.,

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CPA Practice

AUGUST 15, 2024

The nonpartisan Tax Policy Center said the act “would modestly reduce or not change tax burdens at nearly all income levels” in the three years it analyzed. One exception was taxpayers in the top 1% of incomes, who in 2027 would pay more.

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Cherry Bekaert

OCTOBER 21, 2024

The balance of power in Congress will play a vital role in determining the direction of tax legislation, regardless of whether former President Donald Trump or Vice President Kamala Harris take office. For a comprehensive overview of each candidate’s tax policies and priorities, read our previous insights here.

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