Withum

JUNE 24, 2025

The Senate and the House bills would make the excess business loss rule permanent. In addition, both chambers of Congress support any excess disallowed loss created for taxable years beginning after December 31, 2024 to be included in the subsequent year’s testing of the excess business loss limitation.

Tax 72

Tax income tax New York corporation tax 72

Withum

NOVEMBER 6, 2024

While President Trump won the 2024 Presidential election, and the Republican party has also won the majority in the Senate, control of the House of Representatives is still too close to call. If Republicans gain control of Congress and the Presidency, they will move quickly regarding federal tax reform.

Tax 130

Tax income tax corporation tax Finance 130

Withum

JULY 1, 2025

Charitable Contributions for Taxpayers Utilizing the Standard Deduction Provides for an above the line charitable contribution of $300 for joint filers or $150 for other filers for taxable years beginning after December 31, 2024 and before January 1, 2029. Applies to taxable years beginning after December 31, 2024.

Tax 104

Tax income tax Education tax services 104

Withum

JANUARY 30, 2025

Stay updated by following our 2024 Post-Election Coverage Resource Center for crucial insights on tax and legislative developments, helping you navigate the upcoming changes in tax reform and beyond. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

Tax 85

Tax Florida Texas income tax 85

Withum

AUGUST 14, 2024

On August 9, 2024, the IRS announced relief from certain tax filing and payment deadlines for individuals and businesses in all of South Carolina, most of Florida and North Carolina, and part of Georgia that were affected by Hurricane Debby.

South Carolina 126

South Carolina North Carolina Georgia Florida 126

Withum

JANUARY 16, 2024

This adjustment would allow the child tax credit to be applied on a per-child basis as opposed to per taxpayer basis.In addition, the maximum refundable child tax credit would increase from the current $1,600 for the 2023 taxable year to $1,800.Lastly, Potential ERC claims should be submitted as soon as possible.

Tax 118

Tax Tennessee New Jersey Massachusetts 118

Withum

JULY 10, 2024

The bills’ passage resulted in suspending the net operating loss deduction for businesses with greater than $1 million in income and limiting business tax credit utilization, along with other changes. SB 167 suspends the net operating loss (NOL) deduction for tax years beginning on or after Jan. 1, 2024, and before Jan.

California 125

California income tax Tax business tax 125

Withum

OCTOBER 3, 2024

The tax relief postpones certain tax filing and payment deadlines that started as early as September 22, 2024, to May 1, 2025. May 1, 2025 2024 Form 1065 March 15, 2025 *Postponement date would allow a proper extension until October 30, 2025. What does the filing and payment relief apply to?

South Carolina 130

South Carolina North Carolina tax preparation income tax 130

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

FEBRUARY 1, 2024

7024, Tax Relief for American Families and Workers Act of 2024 , by a wide bipartisan vote of 357 to 70 yesterday evening. The bill would also expand low-income housing credit and financing, disaster tax relief, and U.S.-Taiwan Taiwan tax provisions. The House of Representatives passed Rep.

Tax 124

Tax Finance tax services business tax 124

Withum

MARCH 7, 2024

The VDP allow taxpayers to keep 20% of the ERC claimed, tax free, as well as the interest received, but taxpayers must apply to the program by March 22, 2024, and agree to extend the statute of limitations. There is a lot going on with the ERC these days and practitioners are busy defending clients under IRS audit.

Tax 126

Tax income tax tax return audit 126

CPA Practice

JANUARY 18, 2024

[Your credentials] with [#] years of experience helping individuals and small businesses with tax filings and compliance. Saving [your niche] money one tax write-off at a time! Accepting new tax preparation clients for the 2024 filing season. What type of services do you offer? Say Goodbye to Tax Stress!

CPA 111

CPA quickbooks income tax Tax 111

Withum

SEPTEMBER 1, 2023

The tax relief postpones various tax filing and payment deadlines that occur from August 27, 2023, through February 15, 2024 – the postponement period. Affected individuals and businesses therefore will have until February 15, 2024 to file tax returns and to pay any taxes that were originally due during the postponement period.

Tax 98

Tax tax return Florida payroll 98

CPA Practice

DECEMBER 10, 2024

CohnReznicks Sun Named a Top 25 Cybersecurity Consultant and Leader CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, recently announced that David Sun , Principal, Cybersecurity, has been named to The Consulting Reports Top 25 Cybersecurity Consultants and Leaders of 2024 list.

public accounting 52

public accounting Real Estate California Ohio 52

Withum

JULY 31, 2024

First, Congress proposed legislation in January 2024 that would have prevented the filing of new ERC claims after January 31, 2024. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. So, what has happened since last September?

audit 125

audit Maine Tax tax services 125

Withum

DECEMBER 6, 2024

On December 3, 2024, the United States District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA), temporarily halting Beneficial Ownership Information (BOI) reporting to the Financial Crimes Enforcement Network (FinCEN) until further notice.

Texas 94

Texas tax services business tax Government 94

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 Government 115

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 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

Withum

JANUARY 31, 2024

Affected taxpayers qualifying for this tax relief include individuals and householders who reside or have a business in Providence County. Affected taxpayers qualifying for this tax relief include individuals and householders who reside or have a business in Providence County.

Rhode Island 72

Rhode Island tax return income tax Tax 72

CPA Practice

SEPTEMBER 17, 2024

Nathan Wechsler & Company Announces Key Promotions in Concord Office Concord, NH – August 29, 2024 – Nathan Wechsler & Company recently announced several key promotions within the Concord office, recognizing the outstanding performance and dedication of Kaitlin Morin, Brianna Sawyer, James Shokal, and Nathan Bulluck.

Construction 52

Construction Illinois audit Real Estate 52

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 Government 91

Withum

AUGUST 16, 2024

The IRS announced on August 15, 2024, the establishment of a second voluntary disclosure program (VDP) relating to erroneous ERC claims. See Announcement 2024-30. The IRS released the original VDP in December 2023, which expired on March 22, 2024. See Announcement 2024-3. The participant must sign a closing agreement.

income tax 64

income tax tax return Tax tax services 64

Withum

JUNE 12, 2024

Taxable income could also increase due to the sunsetting Tax Cuts and Jobs Act provisions, including the capitalization of research and experimental expenditures, bonus depreciation dropping to 60% in 2024 and to 40% in 2025, and the application of a more restrictive interest expense limitation calculation.

income tax 127

income tax Tax corporation tax Non-Profits 127

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

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.

Construction 84

Construction Tax Manufacturing Transportation 84

Withum

MARCH 27, 2024

Even though the House of Representatives passed the Tax Relief for American Families and Workers Act of 2024 , including the reinstitution of immediate expensing for domestic research expenditures, in a staggering bipartisan vote of 357 to 70, it still remains unclear if the Senate can pass this crucial legislation.

Finance 59

Finance Manufacturing Idaho income tax 59

Withum

JULY 17, 2024

For instance, employers can adopt a SEP or SIMPLE that may generate a tax credit of up to $5,000 per year for 3 years. Comply by November 15, 2024. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Deadline to Comply 25-39 Employees. 40+ Employees.

New Jersey 59

New Jersey Non-Profits payroll tax services 59

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

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

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

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

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

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

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.

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audit accounting and finance auditor accounting firms 122

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 Government 52