Withum

JULY 10, 2024

The bills’ passage resulted in suspending the net operating loss deduction for businesses with greater than $1 million in income and limiting business tax credit utilization, along with other changes. SB 167 suspends the net operating loss (NOL) deduction for tax years beginning on or after Jan. 1, 2024, and before Jan.

California 125

California income tax Tax business tax 125

Withum

FEBRUARY 27, 2025

TAA 24A-017 Repairs and Maintenance of Qualifying Aircrafts exempt from sales tax Additionally, Counsel discussed an income tax case brought by a real estate developer who, prior to 2019, did not file Florida corporate income taxes. 168(k), IRC (the addback) for assets placed in service before January 1, 2027.

Florida 52

Florida income tax audit Real Estate 52

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. Geography, such as distressed zones, enterprise zones, or tax-increment finance districts. Contact Us.

tax planning 98

tax planning Tax Construction income tax 98

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.

Tax 52

Tax income tax Manufacturing accounting and finance 52

Accounting Insight

MARCH 27, 2025

Making Tax Digital for Income Tax (MTD IT) will be implemented from April 2026. Can I outsource other personal tax work? HMRC expects around 2 million taxpayers will use the MTD IT service by 2027. An outsource partner can help prepare returns and supporting records and calculate tax due.

income tax 52

income tax Tax bookkeeping tax return 52

Withum

DECEMBER 4, 2024

Bonus Depreciation For property placed in service during 2024, the bonus depreciation percentage has decreased from 100% (in 2022) to 60%. The depreciation percentage will continue to decrease 20% each year until bonus depreciation is no longer available for property placed in service in 2027. 3, 5, 7, 15, or 20 years).

Tax 105

Tax income tax Construction Non-Profits 105

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 124

Tax income tax Manufacturing tax return 124