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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. However, to the extent the 2024 taxable year has not been filed, 174 domestic R&E can be immediately deducted. Effective for taxable years beginning after December 31, 2024.

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Do You Have an Excess Business Loss?

RogerRossmeisl

If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Heres what you need to know as you assess your 2024 tax situation.

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Understanding Nevada LLC Taxes

inDinero Tax Tips

Table of Contents LLCs Are “Pass-Through” Entities LLC Taxes in Nevada Nevada Commerce Tax Frequently Asked Questions Conclusion The Entrepreneur’s Guide to Tax Saving Strategies Fill out the form to download your guide to find out how you can pay less in taxes Click Here LLCs Are “Pass-Through” Entities LLCs aren’t taxed directly.

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How To Make IL Dept Of Rev (IDOR) Business Tax And Extension Payments Online – UPDATED April 2025

Nancy McClelland, LLC

Did your accountant (possibly me) ask you to make a business tax payment for your Illinois pass-through entity, such as a Partnership or S-Corp — maybe an estimated tax payment or extension payment? On the Summary tab, look for the Business Income Tax section. (In Go to the “Summary” tab.

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Year-End Tax Strategies for Businesses

Withum

Real property trades or businesses can elect out of the provision, but they must use ADS to depreciate nonresidential real property, residential rental property, and qualified improvement property (and ADS generally has longer recovery periods than MACRS). The total section 179 deduction for 2024 is $1,220,000. per square foot (sq.

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All I Want for the Holidays Is…. A Tax Provision Specialist

Withum

Finance teams planning for their year-end financial statement audit have an even longer list of things to think about at the end of the year, including income statements, balance sheets, and, finally, the income tax provisions and disclosures that must be presented in the financial statements.

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New Form for Section 83(b) Elections

Withum

The IRS released new Form 15620 to simplify and standardize elections under section 83(b) on November 7, 2024. To make the election, employees need to complete and sign Form 15620 and mail it to the IRS office where they file their federal income tax returns. While this new form does not change any of the requirements from Rev.