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. Beginning Jan.

California 125

California income tax Tax business tax 125

Withum

JANUARY 16, 2024

The framework would extend 100 percent bonus depreciation for qualified property placed in service after December 31, 2022, and before January 1, 2026. For property place in service after December 31, 2025, and before January 1, 2027, bonus depreciation would remain at 20%. For the 2023 taxable year, a 179 expense of $1.16

Tax 118

Tax Tennessee New Jersey Massachusetts 118

TaxConnex

JUNE 9, 2022

1 until September 2027. California manufacturers want the state to halt taxes on the purchase of new equipment, saying those taxes are hobbling the industry as manufacturers aim to modernize production as supply chain issues continue. For gross receipts from the sale of newly taxed services prior to Jan.

Sales 197

Sales Tax Colorado Massachusetts 197

Anders CPA

NOVEMBER 21, 2023

First-year bonus depreciation was previously always set at 100% but began sunsetting in 2023 and will continue to decrease by 20% each year until it eventually reaches zero in 2027. They should then consult a tax professional to accurately determine if they qualify for QBI and any specific deductions or credits associated with it.  

tax planning 64

tax planning Tax financial statements tax return 64

Cherry Bekaert

FEBRUARY 2, 2024

trillion by 2027, according to data published by Preqin 2. For much of its existence, audit and tax services have created an insulated environment with high barriers to entry, resulting in steady, but not exactly transformative, growth. The global private credit market has grown to more than $1.5

accounting and finance 83

accounting and finance California cpa firm CPA 83

Withum

NOVEMBER 17, 2022

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

tax planning 98

tax planning Tax Construction income tax 98

Withum

JULY 26, 2023

Under current law passed under TCJA, there is a reduction of bonus depreciation to 80% in 2023 and a decrease of 20% each year until it is no longer available starting in the 2027 taxable year. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

Tax 52

Tax income tax Manufacturing accounting and finance 52