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Voters will likely be asked this fall if they’re willing to increase the city’s 5% sales tax to 6% during the summer in exchange for exempting food from sales tax year-round. Proponents say California taxes both the production equipment and the product at some of the highest rates in the country. Time for a renovation?
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Specifically targeted industries, such as technology, manufacturing, agriculture, or film. Geography, such as distressed zones, enterprise zones, or tax-increment finance districts. Contact a member of Withum’s TaxServices Team to start planning as year-end approaches. Year-End Tax Planning for Businesses.
Expansion of small businesses that are able to use the cash (as opposed to accrual) method of taxaccounting. The amount of the credit varies based on the component being manufactured. For-profit businesses can elect for this credit to be refundable over a five-year period, even when no federal tax liability exists (i.e.,
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