TaxConnex

SEPTEMBER 22, 2022

Georgia has updated its sales and use tax exemption for admissions to some fine arts performances and exhibitions through Dec. Indiana has updated a sales tax information bulletin to reflect changes to the treatment of sales by nonprofits according to legislation enacted in March. Pennsylvania has ruled in Online Merchants Guild v.

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Xero

DECEMBER 20, 2022

HMRC has announced that Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) has been delayed until April 2026. Those earning income over £30,000 will come into MTD from April 2027. Apr 2026: MTD for ITSA – businesses, self-employed individuals, and landlords with income over £50,000.

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ThomsonReuters

AUGUST 25, 2023

According to a recent report by the Institute on Taxation and Economic Policy , the TCJA expanded tax breaks for “accelerated depreciation” have reduced taxes by nearly $67 billion for “the 25 profitable corporations that benefited the most, based on information disclosed by the companies themselves.” 27, 2017, and before Jan.

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Withum

DECEMBER 4, 2024

The depreciation percentage will continue to decrease 20% each year until bonus depreciation is no longer available for property placed in service in 2027. Planning should occur with your tax advisor on how to optimize bonus depreciation. Section 179 expensing, unlike bonus depreciation, can give rise to state income tax benefits.

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Withum

JUNE 13, 2023

One of the most effective methods of accomplishing this is by reducing their income tax liability on the investment properties they own; this can be accomplished by conducting a cost segregation study. Starting in 2023, 100% bonus depreciation begins a five-year phase-out until it is set to be eliminated in 2027.

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Cherry Bekaert

MAY 10, 2023

HB 241 extends the sunset date for the AJA from July 31, 2023, to July 31, 2028, and increases the annual funding cap by $25 million each year from $375 million in 2023 to $475 million in 2027. The tax credits can offset up to 50% of tax liability and excess credits may be carried forward five years.

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CPA Practice

JULY 1, 2024

“The final regulations ensure that taxpayers will receive statements that include information reported to the IRS on Form 1099-DA, Digital Asset Proceeds from Broker Transactions , that will help them file their income tax returns and determine their tax obligations.

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Withum

APRIL 28, 2022

For the latest news and updates on Nebraska state and local tax. Nebraska Implements Corporate Income Tax Rate Reductions. 873 which reduces Nebraska’s corporate income tax rate over the next five years. However, the extension does not apply to estimated tax payments. Tax Filing and Deadline Extended.

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Cherry Bekaert

AUGUST 20, 2024

The new California legislation restricts the use of net operating losses (NOLs) and limits the application of tax credits to $5 million, offsetting California state taxes against corporation and personal income taxes per taxpayer or combined reporting group for tax years 2024, 2025 and 2026.

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CPA Practice

NOVEMBER 7, 2024

QuickBooks Sole Trader allows customers to manage receipts, mileage, expenses, bank transactions and invoices in one place, or via the mobile App, for a holistic view of their finances, whilst simplifying income tax preparation. million sole traders and landlords are set to be affected by MTD for Income Tax.

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CPA Practice

MARCH 31, 2023

Similarly, this tax break may be available to someone else in the family, such as an adult child. completely revamps the retirement saver’s credit, beginning in 2027. Thus, now is a good time to review the “old rules” and the “new rules” regarding this tax law provision. changes don’t kick in until 2027. The SECURE Act 2.0

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ThomsonReuters

JUNE 14, 2021

The Iowa legislature passed a significant tax bill modifying the state’s income tax laws. The bill would reduce the number of tax brackets to four (currently, there are nine tax brackets) with new rates, effective beginning in 2023. This credit is in effect for tax years 2022 through 2027.

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Menzies

NOVEMBER 22, 2022

Salary from directorships and employment income is subject to both employee’s and employer’s Class 1 NICs. The rates for 2022/23, and then 2023/24 to 2027/28 are set out below: * Primary NIC threshold is £184 per week for 2021/22 and £190 per week for 2022/23. Directors and employees.

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ThomsonReuters

DECEMBER 1, 2023

Under the Tax Cuts and Jobs Act (TCJA), the 100% write-off of eligible property expired Dec. Any depreciation on a corporate income tax return (other than Form 1120-S). Amortization of costs that begins during the 2022 tax year. 31, 2022, and before Jan.  In 2023, the special depreciation allowance is 80%.

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Accounting Insight

APRIL 23, 2024

The first pilot for the Making Tax Digital (MTD), Income Tax Self-Assessment (ITSA), begins on 22 April 2024. In the coming years, we’ll be stepping into a new era of tax filing, one marked by a shift from traditional paper-based processes to a digital-first approach.

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Cherry Bekaert

JANUARY 22, 2024

The Act retains 20% bonus depreciation for property placed in service after December 31, 2025, and before January 1, 2027. Final Thoughts The time to implement the Act as a standalone bill or part of a stopgap spending bill is short and many of the retroactive provisions would require taxpayers to file amended income tax returns.

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Inform Accounting

NOVEMBER 18, 2022

Companies with profits between £50,000 and £250,000 will be taxed between 19% and 25%. Income tax and National Insurance contributions thresholds are staying the same until April 2028. The Upper rate tax band threshold will be lowered from £150,000 to £125,140 from 6th April 2023. Still support for energy bills.

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Withum

DECEMBER 17, 2024

It is important to note the TCJA sunsetting will not eliminate the 21% corporate tax rate. As an example, owners of S Corporations and Partnerships currently have the potential to pay taxes up to a 37% federal income tax rate. Take that deduction away, their taxes could be as high as $37,000 on that income.

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Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Postpone income until 2023 and accelerate deductions into 2022. Cost segregation is recognized as an engineering-based tax study accepted by the IRS.

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KROST

MARCH 16, 2021

The 100% bonus depreciation is also allowed for specified plants planted or grafted after September 27, 2017 and extended to before January 1, 2027. The 100% bonus depreciation will decrease by 20% per each taxable year beginning after 2022 and expires January 1, 2027. Technical Correction on QIP Under Cares Act.

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Cherry Bekaert

NOVEMBER 28, 2023

Other states allow the pass-through entity owners to reduce their state taxable income by the amount of income previously reported and taxed by the pass-through entity. The IRA incentives can provide financial advantages for businesses investing in clean energy solutions.

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Withum

OCTOBER 17, 2024

This does not account for the impact of expiring bonus depreciation and interest expense limitations that will drive up the taxable income. Bonus depreciation has been declining by 20% each year and will be zero for property placed in service in 2027 (60% in 2024 and 40% in 2025). For 2024, it is $13,610,000 per spouse.

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Menzies

OCTOBER 4, 2022

This may be preferred where the future tax rates are uncertain, and the individual would rather have more profits taxed at the current rates than risk a rise in future income tax rates. Remember it is only the profits in the transitional period that can be spread, not the total profits. Transitional period is a loss.

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Withum

OCTOBER 18, 2023

The step-down of the bonus amount continues annually at 20% until it is completely phased out to 0% in 2027. However, unlike the reduced corporate tax rate, the QBI deduction is only temporary and no longer available after December 31, 2025.

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CPA Practice

MARCH 6, 2023

Beginning in 2027, for calendar year taxpayers, a public company’s covered employees will include Current Law Covered Employees as well as the next five highest paid employees (the “ARPA 5”).

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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.

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Shay CPA

NOVEMBER 13, 2024

That Act capped the deduction of state and local taxes (SALT) at $10,000. With its expiration, that cap goes away, meaning you can take an unlimited deduction on property taxes and income taxes (or sales taxes, if you live in a state that doesn’t have income tax). Income tax rate changes.

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CPA Practice

JANUARY 16, 2024

The deduction dropped to 80 percent of those purchases last year and will phase out entirely by 2027, absent congressional action. Tax writers plan to end the pandemic-era employee retention tax credit program early to cover the cost of the deal. The deal would also allow small businesses to deduct up to $1.29

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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.

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Cherry Bekaert

OCTOBER 3, 2024

The looming expiration of the 2017 Tax Cuts and Jobs Act (TCJA) enacted during the Trump administration has become an important issue in the presidential campaign. Scheduled to sunset in 2025, the TCJA implemented significant changes to the tax code, including the reduction of personal income taxes and a simplified tax filing process.

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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.

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Withum

JANUARY 25, 2023

The inability of Congress to include key tax extenders in the Consolidated Appropriations Act of 2023, signed into law on December 29, 2022, will increase the federal income tax bill for the majority of U.S. Coming into the new year, business owners likely breathed a sigh of relief that no major tax legislation was passed.

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CPA Practice

MARCH 2, 2023

Senators Dianne Feinstein (D-CA) was admitted temporarily on Thursday with a case of shingles, and John Fetterman (D-PA) was admitted in late February as he continues recovery related to a stroke during his election campaign in 2022. If approved, Werfel would succeed Charles Rettig, whose term ended in November 2022.

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ThomsonReuters

DECEMBER 30, 2024

As explained in a recent blog by Alex Durante , an Economist at the Tax Foundation, this is done to avoid what is known as bracket creep. Bracket creep occurs when inflation, rather than real increases in income, pushes people into higher income tax brackets or reduces the value they receive from credits and deductions, Durante wrote.

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CPA Practice

AUGUST 15, 2024

By David Lightman McClatchy Washington Bureau (TNS) Kamala Harris has long urged lower federal income taxes for lower and middle class taxpayers, while supporting higher taxes for corporations and wealthier people—positions she’s reiterated since becoming the Democratic Party’s presidential nominee, without further details.

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Cherry Bekaert

OCTOBER 21, 2024

tax code with international standards set by the Organisation for Economic Cooperation and Development (OECD), as global intangible low-taxed income (GILTI) changes could not get through the Senate even when Democrats were in control of Congress. tax policy, at least through 2027 and mid-term elections in the Senate and House.

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