Withum

NOVEMBER 29, 2023

Beginning January 1, 2024, the Corporate Transparency Act requires certain businesses to submit an online report to the Financial Crimes Enforcement Network (FinCEN), an arm of the U.S. The report will require affected businesses to provide personal information about their legal entities, beneficial owners, and company applicants.

Legal 115

Legal Non-Profits income tax Tax 115

Withum

NOVEMBER 29, 2023

Beginning January 1, 2024, the Corporate Transparency Act requires certain businesses to submit an online report to the Financial Crimes Enforcement Network (FinCEN), an arm of the U.S. The report will require affected businesses to provide personal information about their legal entities, beneficial owners, and company applicants.

Legal 91

Legal Non-Profits income tax Tax 91

Withum

JANUARY 8, 2024

Based on the interim definition, governmental contract research facilities were required to capitalize their contract R&E expenditures, generate taxable income, and make required federal cash tax payments. This article was originally published by Lynn Mucenski Keck in Forbes on January 2, 2024.

tax return 78

tax return audit Tax income tax 78

inDinero Tax Tips

MAY 13, 2024

The 2023 maximum was $160,200 The 2024 maximum is $168,600 Medicare Tax The Medicare tax rate is a flat 1.45% of all wages. Once an individual exceeds a certain income threshold, additional Medicare tax applies. For 2024, withhold an additional 0.9% For 2024, withhold an additional 0.9%

payroll tax 52

payroll tax payroll Tax income tax 52

Withum

MARCH 12, 2024

This article was originally published by Daniel Mayo in Forbes on March 4, 2024. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Let’s Chat The post Cannabis Tax Frenzy appeared first on Withum.

Tax 119

Tax tax return Legal Manufacturing 119

Withum

DECEMBER 23, 2023

Congressional leaders went home this week for winter recess so there is no way for a tax extender bill to be passed in 2023, but there remains a glimmer of hope for action in early 2024. But everyone agrees that the more time that passes in 2024, the less likely a federal tax extender bill will be adopted.

Pharmaceutical 52

Pharmaceutical accounting and finance Tax income tax 52

Withum

OCTOBER 12, 2022

Corporations and tax professionals will need detailed regulations to properly assess whether CAMT applies and how to calculate CAMT correctly. The first tax year for which the new CAMT tax is due is the calendar year beginning January 1, 2023, for which returns will be due in 2024. Contact Us. Let’s Chat.

financial statements 69

financial statements Tax income tax Manufacturing 69

xendoo

JANUARY 16, 2023

Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate.

business tax 52

business tax Tax income tax payroll tax 52

CPA Practice

MARCH 8, 2023

Companies can currently write off 100% of qualified equipment costs in the year it placed its service. This percentage is scheduled to drop to 80% in 2023, 60% in 2024, 40% in 2025, until its wholly phased out in 2027.  To qualify for the PTC, a company must have a tax liability and cannot have a loss.

income tax 111

income tax Tax financial statements corporation tax 111

xendoo

JANUARY 26, 2023

The Internal Revenue Service (IRS) can send you a bill for penalties and additional fees. However, we understand that tax filing requirements and rules change each year. It’s hard to keep up without your own accountant or business tax services. Types of Penalties How Long Can You Go Without Filing Business Taxes?

Tax 52

Tax tax return Non-Profits Legal 52

Withum

JANUARY 24, 2023

The penalty can be reduced to 10% for IRA owners who take the RMD within a specified time period and submit a corrected tax return. Employer-sponsored Roth retirement plans (Roth 401(k) plans) will be exempt from the RMD requirements starting January 1, 2024. Contact Us If you have questions about the SECURE Act 2.0

Start-ups 26

Start-ups tax return Tax Education 26

Going Concern

NOVEMBER 10, 2023

Tight Job Market in Finance/Accounting, Professionals Settle In After Years of High Turnover: Addison Group [ Staffing Industry Analysis ] Employers looking at hiring finance/accounting professional face a tight job market, according to the 2024 Workforce Planning Guide released by Addison Group.

audit 103

audit accounting and finance auditor Mississippi 103

Withum

JULY 26, 2023

An updated CBO budget from 2024 to 2033 reflects the deficit nearly doubling over the next decade, reaching $2.7 On the Democratic side, there is still a strong desire to expand the child tax credit. Senate Finance Committee Chair Ron Wyden (D-OR) said business tax provisions must be paired with provisions helpful to children.

Tax 52

Tax income tax Manufacturing accounting and finance 52

Withum

AUGUST 11, 2022

Taxpayers are generally still provided the election to treat 100% of the credit as a federal tax payment under Section 6417, however, in certain situations the amount of deemed federal tax payment could be reduced to 90% for taxable years after 2024. Potential To Increase the Credit 500%. Contact Us. Let’s Chat.

Tax 84

Tax Construction Manufacturing Transportation 84

Withum

AUGUST 17, 2022

Placed in Service Date Critical Minerals Requirement Battery Components Before January 1, 2024 40% 50% During 2024 50% 60% During 2025 60% 60% During 2026 70% 70% During 2027 80% 80% During 2028 80% 90% After 2028 80% 100% Critical Mineral and Batter Component Requirements Based on Service Date. Contact Us.

Tax 124

Tax income tax Manufacturing tax return 124

Withum

AUGUST 17, 2022

Placed in Service Date Critical Minerals Requirement Battery Components Before January 1, 2024 40% 50% During 2024 50% 60% During 2025 60% 60% During 2026 70% 70% During 2027 80% 80% During 2028 80% 90% After 2028 80% 100% Critical Mineral and Batter Component Requirements Based on Service Date. Contact Us.

Tax 52

Tax income tax Manufacturing tax return 52

Withum

FEBRUARY 8, 2023

When this new tax was first proposed by the President in March 2022, it was projected to raise about $360 billion over a 10-year period. These proposals will be submitted to Congress as part of the President’s fiscal year 2024 budget, and a detailed explanation of them is expected to be released on March 9, 2023.

Tax 130

Tax income tax tax services business tax 130

Withum

SEPTEMBER 23, 2022

For construction that beings before January 1, 2024, apprenticeship hours must equal 12.5% For more information on this topic, please contact a member of Withum’s Business Tax Services Team. In addition, qualified apprentices must be utilized when constructing the alternative fuel vehicle refueling property.

Construction 52

Construction tax services business tax Tax 52