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Tax Update for Manufacturers: Clean Energy Tax Credits

Withum

Let’s discuss the extension and modification of Section 48, “Clean Energy Investment Tax Credit,” the new Section 45X, “Advanced Manufacturing PTC” and the monetizing of the Federal Income Tax Credit and Statutory vs. Discretionary Credits and Incentives.

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Ethical Concerns in Using Tax Planning Software

CTP

What are my ethical responsibilities when I use software to produce a tax plan? In the world of taxes, there are many ethical issues that can come into play. And according to the same research firm, the use of AI in the accounting and tax industry will likely grow more than 50 percent by the year 2030.

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Understanding the corporate tax outsourcing opportunity: What firms need to know

ThomsonReuters

Companies are facing an ever-increasing burden of corporate tax compliance and the pace of complexities shows no sign of slowing. Helping companies ensure compliance by outsourcing for business processes represents a growth opportunity for today’s tax and accounting firms. . “ percent from 2022 to 2030.

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Technology: Spring Budget 2024 Predictions & Wishlist

Menzies

Tax rates With income tax thresholds still frozen there have been rumours of a 2% cut to the income tax rate, however the Chancellor has downplayed these rumours so we are not expecting to see any dramatic changes to income tax this time around.

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SECURE Act 2.0 Allows Taxpayers To Generate More Roth Retirement Income 

Withum

However, the aspects of the bill that would tax retirement contributions, as opposed to distributions, could be surprising for some. Even though Roth retirement plans must be funded with after-tax dollars, the main tax advantage of participating in one is that none of the growth in the plan should be taxed. The reason?

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Detailed Insight of Section 74A of CGST Act, 2017| Common Provisions for Fraud and Non-Fraud Cases Under GST Law

VJM Global

However, to streamline the assessment proceedings for cases of fraud and other than fraud, in line with recommendations of the GST Council in the 53rd GST Council meeting , the Union Budget has proposed to introduce new Section 74A in Central Goods and Service Tax Act, 2017 which shall replace the Section 73 and Section 74 from FY 2024-25 onwards.

Tax 52
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Detailed Insight of Section 74A of CGST Act, 2017| Common Provisions for Fraud and Non-Fraud Cases Under GST Law

VJM Global

However, to streamline the assessment proceedings for cases of fraud and other than fraud, in line with recommendations of the GST Council in the 53rd GST Council meeting , the Union Budget has proposed to introduce new Section 74A in Central Goods and Service Tax Act, 2017 which shall replace the Section 73 and Section 74 from FY 2024-25 onwards.

Tax 52