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New York Governor Signs 2025-2026 Budget That Includes Business Tax Hikes

Withum

While there are no major tax changes in the budget bill, several items are worthy of note for taxpayers. Including a payroll tax hike and new rules related to partnership audits. Below is a summary of some of the more important tax changes. However, certain smaller employers will receive a 50% reduction in their payroll taxes.

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Congress Passes One Big Beautiful Bill – President to Sign on July 4

Withum

One Big Beautiful Bill Tax Provisions The One Big Beautiful Bill includes the following significant federal income tax provisions. If a 2024 tax return has already been filed, then an amendment would be required. The Senate bill adds an additional $1 trillion more than the original House bill proposed.

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Year-End Tax Strategies for Businesses

Withum

The corporate tax rate is currently a flat 21% rate. There is also a 15% corporate alternative minimum tax (CAMT) based on book income for companies with average annual adjusted financial statement income exceeding $1 billion. Please work with your tax advisor for future planning.

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Tech news: SmartVault plans AI document management tool

Accounting Today

SmartVault plans release of AI document management solution Document management Sutthiphong - stock.adobe.com Document management solutions provider SmartVault announced the upcoming release of SmartRequestAI, a new tool designed to transform the way firms collect client information and documents during tax season. All rights reserved.

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Aprio Releases 2024 End-of-Year Tax Update

CPA Practice

Aprio , a top 25 business advisory and accounting firm, has released its 2024 End of Year Tax Update , highlighting 2024 tax updates and factors that will significantly impact tax planning for 2025 and beyond. Notably, the guide hones in on the planned sunset of provisions made to the 2017 Tax Cuts and Jobs Act (TCJA).

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Navigating the Latest Section 174 R&D Capitalization Rules: What Founders Need to Know in 2025

Shay CPA

However, legislative changes enacted under the Tax Cuts and Jobs Act (TCJA) of 2017 have altered the playing field. Prior to 2022, businesses could expense R&D costs under Section 174 immediately. This detail further delays the timing of deductions, which can significantly impact cash flow and tax liability for startups.

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How to navigate the U.S. tax code with precision

ThomsonReuters

These are just a few of the issues that newer tax professionals can face when learning the U.S. Given the difficulties, it comes as little surprise that keeping up with tax law and government regulations ranked number three among the top accounting challenges in 2024 , according to Thomson Reuters research. The IRC is complex.

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