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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. Planning should occur with your tax advisor on how to optimize bonus depreciation.

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Tax Fraud Blotter: Sick excuses

Accounting Today

EDT 6 Min Read Facebook Twitter LinkedIn Email By any other name; poor Service; a saga continues; and other highlights of recent tax cases. Rockford, Illinois: Tax preparer Gretchen Alvarez, 49, has pleaded guilty to preparing and filing false income tax returns. All rights reserved.

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AICPA News – July 2025

CPA Practice

Employee Benefits Tax TRP Provide a Revenue Procedure related to Section 305 of the SECURE 2.0 Act of 2022, as part of the Consolidated Appropriations Act, 2023, addressing the expansion of the Employee Plans Compliance Resolution System. Exempt Organizations Tax TRP Provide an update on the potential revisions to Rev.

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Tax Fraud Blotter: Getting personal

Accounting Today

Washington City, Utah: Business owner Phyllip Hallman Heaton has been sentenced to five months in prison and 18 months of supervised release (including six months of home detention) after not paying taxes for six years. From 2017 to 2022, Heaton, who pleaded guilty in February, underreported his income to the IRS.

Tax 59
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Tax Fraud Blotter: Prep perps

Accounting Today

CPA Timothy Trifilo has been sentenced to 20 months in prison for making a false statement on a mortgage loan application and for not filing an income tax return. For a decade, he did not file federal income tax returns nor pay taxes owed despite earning more than $7.7 Philadelphia: Tax preparer James J.

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Tax Cuts and Jobs Act Sunsetting in 2025

Withum

The issue surrounding this additional 20% deduction means that owners of S Corporations and Partnerships will see an increase in their taxes by the sunsetting of this extra 20% deduction. It is important to note the TCJA sunsetting will not eliminate the 21% corporate tax rate.

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Tax Fraud Blotter: Boundless energy

Accounting Today

During the 2016 through 2022 tax years, Gibson prepared at least 135 returns containing fraudulent information, causing a loss to the IRS of at least $125,197, which Gibson has agreed to pay in restitution. All rights reserved.

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