Withum

JUNE 24, 2025

The Senate Finance Committee released its markup of the One Big Beautiful Bill last Tuesday, June 17, 2025, with the expectation that the Senate will vote on the bill sometime this week. This results in pass-through business owners avoiding the $10,000 state and local income tax limitation on their pass-through income.

Tax

Nancy McClelland, LLC

JANUARY 12, 2025

It’s tax time, you’re digging through your records… and your preparer or tax software asks about tax payments you’ve already made. Um, was I supposed to track those?

Tax

Withum

AUGUST 6, 2025

Since it was signed on July 4, 2025, many are still working through the initial guidance and trying to plan for the unknown regarding this new legislation. However, it is advisable that this first start with a business’s employment lawyers to determine the applicability of the provisions in the OBBBA to federal law.

Tax

CPA Practice

JUNE 18, 2025

The Senate bill includes the following provisions that the AICPA has endorsed in the past: An increase in the standard deduction for years 2025-2028. Following the release of the reconciliation bill by the Senate, the AICPA has identified several provisions it supports.

Tax

CPA Practice

JULY 23, 2025

Twenty-one say it would be helpful if the IRS could stagger individual and business deadlines for tax relief (i.e., separate extended deadlines for filing personal and business taxes and payment) after a national disaster. when there is loss of property to circumstances beyond your control – fire, theft, disaster, etc.).

Technology

Insightful Accountant

JUNE 30, 2025

While the bill is shorter overall, it now contains more sections due to new community development provisions, particularly targeting Alaska-specific tax issues. The firearms excise tax structure was modified instead, maintaining $200 for machineguns and destructive devices while eliminating taxes on other firearms.

general ledger

Withum

NOVEMBER 6, 2024

Chairman Smith and Tax Subcommittee Chairman Mike Kelly announced in April 2024 the formation of ten Committee Tax Teams , comprised of Ways and Means Republican members, to study key tax provisions from the TCJA that are set to expire in 2025. Will Budget Reconciliation Be the Vehicle For Tax Reform?

Tax

Dent Moses

JULY 8, 2025

Among its major provisions, The Act offers deductions to eliminate income taxes on certain tips and overtime pay, enhances small business tax relief, and repeals numerous clean energy tax incentives. In 2025, the 12% bracket ends at $60,000 for single filers and $120,000 for joint filers.

Gambling

CPA Practice

JULY 29, 2025

© 2025 the Las Vegas Sun (Las Vegas, Nev.). OBannon Taxes July 29, 2025  IRS Reminds Tax Pros of Requirement for a Written Information Security Plan (WISP) As part of a special five-part series, the IRS and its Security Summit partners highlight the importance of tax pros creating and maintaining a WISP.

Technology

Withum

JULY 1, 2025

Republican leaders are trying to meet President Trump’s deadline to sign the bill into law by July 4, 2025. House Bill vs. Senate Bill Comparisons of the major individual income tax provisions in the House bill versus the Senate bill are highlighted below. Effective date for taxable years beginning after December 31, 2025.

Tax

CPA Practice

JULY 25, 2025

Section 1202 provides for a substantial exclusion of gain from federal income taxes when stockholders sell qualified small business stock (QSBS). [1] By Scott W. This article first appeared on the Frost Brown Todd website. This article first appeared on the Frost Brown Todd website. Used with permission.]

income tax

Withum

JANUARY 30, 2025

Federal tax reform will include the extension of tax provisions provided under the Tax Cuts and Jobs Act that are set to expire on Dec. If federal tax reform cannot be passed, the vast majority of individual and private businesses federal income taxes will significantly increase.

Tax

CPA Practice

JUNE 10, 2025

Those impacted by the wildfires that destroyed at least 530 homes and businesses in parts of Oklahoma last March will now have until Nov. 3, 2025, to file various federal individual and business tax returns and make tax payments.

Oklahoma

CPA Practice

JULY 25, 2025

Micron CEO Sanjay Mehrotra has said that without the combination of federal grants and investment tax credits, the company would not have agreed to expand in New York or even the United States. ©2025 Advance Local Media LLC. Visit syracuse.com. Distributed by Tribune Content Agency LLC. Thanks for reading CPA Practice Advisor!

Tax

CPA Practice

JUNE 23, 2025

Jason Bramwell Taxes June 23, 2025  IRS Refines Pre-Filing Agreement Tax Certainty Program Improvements made to the IRS Pre-Filing Agreement program will provide greater tax certainty for large business and international taxpayers, the agency announced on June 17.

Missouri

Withum

JULY 16, 2025

On July 4, 2025, President Donald Trump signed the One Big Beautiful Bill Act (OBBBA) into law after the House approved the Senate-revised bill with a vote of 218-214. The bill includes a variety of tax items that will impact auto dealer business taxes, personal income taxes and estate and gift taxation.

Rhode Island

Withum

JULY 9, 2025

On June 30, 2025, Governor Phil Murphy signed legislation to expand and strengthen the New Jersey Film and Digital Media Tax Credit Program, including an extension of the program for an additional 10 years through July 1, 2049. Film Tax Credit Program Credit Rates – 35% on wages and salaries for work performed in NJ.

New Jersey

CPA Practice

AUGUST 7, 2025

By Paul Truber, Partner, UHY The One Big Beautiful Bill Act (OBBBA) has introduced several changes with important implications for businesses. Transitional options allow for reduced percentages in 2025 for certain property, but the default is 100% expensing. This provision is effective for years after December 31, 2025.

Technology

Withum

JUNE 12, 2024

S Corporation shareholders and partners in a partnership could see their effective federal income tax rate increase by 30% by the end of December 31, 2025, due to the expiration of certain tax laws. A dramatic increase to the effective tax rate may catch many pass-through entity businesses by surprise.

income tax

RogerRossmeisl

AUGUST 28, 2022

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. QBI deduction For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts and estates.

Tax

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

Withum

AUGUST 14, 2024

The relief provided in IR-2024-205 postpones various tax filing and payment deadlines that occurred beginning on August 1, 2024, in Florida, August 4, 2024, in Georgia and South Carolina, and August 5, 2024, in North Carolina – the postponement period.

South Carolina

CPA Practice

OCTOBER 1, 2024

The IRS on Tuesday announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina, and South Carolina, as well as parts of Florida, Tennessee, and Virginia. In all of these states, the relief period ends on May 1, 2025 (postponement period).

South Carolina

CPA Practice

SEPTEMBER 13, 2024

The Internal Revenue Service is offering tax deadline relief for individuals and businesses in the entire state of Louisiana, affected by Tropical Storm Francine that began on Sept. 3, 2025, to file various federal individual and business tax returns and make tax payments. 3, 2025 (postponement period).

Louisiana

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.

California

CPA Practice

FEBRUARY 6, 2024

We expect this trend to continue in 2024 in the small number of jurisdictions that have considered the issue but have not yet acted, even though the TCJA’s SALT deduction limitation is currently scheduled to expire at the end of 2025. 86-272 to reflect the modern economy and internet business activities. Conformity to new P.L.

South Dakota

CPA Practice

JUNE 30, 2023

Also, the package omits provisions that Democratic lawmakers are passionate about, such as expansions to the child tax credit and earned income tax credit. It could jump-start negotiations on a potential year-end tax package. Upper-income individuals wouldn’t get the extra bump.

Tax

Steve Feinberg

MARCH 28, 2022

New Hampshire is generally considered to be a business-friendly state when it comes to taxes—the state was ranked 6th in terms of state business tax climate—but there are a few things to know about what to expect when taxes are due. What is the Small Business Tax Rate in New Hampshire?

New Hampshire

Ronika Khanna CPA,CA

DECEMBER 28, 2023

As we approach the new year, it will be time soon to start working on everyone’s favourite activity i.e. getting your tax stuff in order :). Below are the deadlines that all small businesses need to know for 2024. Download our free Canada unincorporated business tax deadline calendar for 2024 (both Federal and Quebec).

business tax

Withum

MAY 4, 2022

The budget bill, which was signed into law on April 9, 2022, also accelerates individual income tax rate reductions, adds new or modifies some existing tax credits, among other provision changes. A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax.

New York

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

CPA Practice

FEBRUARY 7, 2024

. > IRS Updates FAQs on Form 1099-K < As a matter of business operations, filing 1099 forms falls into the accounts payable arena, while W2 forms would generally be managed by the payroll team. Users can also easily make corrections update values, save it, and Avalara will re-file the information forms with the IRS.

Technology

CPA Practice

MARCH 8, 2023

Corporate Alternative Minimum Tax is Back Congress originally introduced the corporate AMT in 1986 to prevent large companies from using tax exemptions to avoid paying income taxes, despite high earnings. This percentage is scheduled to drop to 80% in 2023, 60% in 2024, 40% in 2025, until its wholly phased out in 2027. 

income tax

Cherry Bekaert

AUGUST 20, 2024

billion shortfall for 2024 and 2025, as well as the projected 2025 and 2026 deficit of $28.4 85, which limited the application of business tax credits to $5 million per taxpayer for years 2020-2022. What Does This Mean for California Business Tax Credits? This bill is reminiscent of A.B

California

Cherry Bekaert

MAY 3, 2024

What Is Global Tax Minimization? Global tax minimization is the process that companies follow to fully comply with the tax law in each country in which they operate in such a manner that their worldwide income tax liability is reduced to the lowest possible amount. income tax return. income tax.

Tax

SkagitCountyTaxServices

SEPTEMBER 19, 2024

Here’s how you know (as quoted directly from the BOI reporting FAQ page ): “A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.” The rules are different if you created a business this year (2024) or start one after the deadline.

Tax

Withum

NOVEMBER 29, 2023

Federal income tax or information return reporting more than $5 million in U.S.-source Entities created before January 1, 2024 have until January 1, 2025, to file the report. Entities created on or after January 1, 2025 have 30 days after creation or registration to file a report.

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