2025, business tax, income tax and tax services

How to Plan for Global Tax Minimization

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.

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The Essentials of Beneficial Ownership Reporting

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.

Legal

Legal Non-Profits income tax Tax

Can The Senate Finance Committee Save U.S. Research And Innovation?

Withum

MARCH 27, 2024

highlighted that millions of small businesses are anxiously awaiting the passage of the act as many of those same small businesses will cease to exist if the legislation is postponed. The immediate deduction of research expenditures is imperative for the growth of business. manufacturing and production of the desired chemical.

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

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Major Changes to New York’s SALT Workaround as Part of FY23 Budget Bill

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.

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Do You Need Help With 174?

Withum

SEPTEMBER 15, 2023

Many companies are experiencing unfavorable cash tax payments when filing their 2022 federal income tax returns this fall, as federal law no longer allows an immediate deduction for Section 174 Research and Experimental (“R&E”) expenses incurred for taxable years beginning after 2021. appeared first on Withum.

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Everything You Need to Know About Beneficial Ownership Reporting

Withum

NOVEMBER 29, 2023

Federal income tax or information return reporting more than $5 million in U.S.-source Entities created in 2024 have until January 1, 2025, to file the report. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. 5 & FAQ J.1.

Legal

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Additional IRS Guidance Surrounding 174 R&E Capitalization Requirements

Withum

OCTOBER 11, 2023

The Act delays the IRC §174 R&E capitalization requirement until the taxable year starting after December 31, 2025. And even though the Act would only extend §174 immediate expensing through 2025, it gives companies a longer runway to plan accordingly. policy would never penalize businesses conducting R&E in the U.S.,

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Will Congress Say Bah Humbug To Small Businesses?

Withum

DECEMBER 23, 2023

The recent shift to requiring that R&E expenditures be capitalized over five-years sends a clear and wrong signal to businesses that the government no longer supports the importance of research in the United States. But everyone agrees that the more time that passes in 2024, the less likely a federal tax extender bill will be adopted.

Pharmaceutical

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Business Tax Rates: How Much Do Small Businesses Pay in Taxes?

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.

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How the Inflation Reduction Act Impacts Corporate AMT and Bonus Depreciation

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. Companies can currently write off 100% of qualified equipment costs in the year it placed its service.

income tax

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How to Lower Your Taxable Income and Pay Less in Taxes

xendoo

FEBRUARY 13, 2023

The corporation uses Form 1120 to report income and claim credits and deductions each year. A pass-through entity doesn’t file taxes as a separate entity. Instead, the income “passes through” to the owner of the business who pays personal income taxes on their share of the business.

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House Ways and Means Committee Introduces Potential Tax Extender Bill

Withum

JULY 26, 2023

The Build It In America Act (HR 3938) addresses business taxpayer concerns regarding rising interest expense rates and deduction limitations on research and experimental expenditures, which could lead to drastically increased cash federal income tax payments.

Tax

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Democrats’ Bill Would Allow Auto Dealers to Claim Clean Vehicle Tax Credits Starting in 2024

Withum

AUGUST 17, 2022

Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Alternatively, auto dealers can decrease their federal income tax payments based on the transferred credits. Transfer of Clean Vehicle Credit to a Dealer. Contact Us.

Tax

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Democrats’ Bill Would Allow Auto Dealers To Claim Clean Vehicle Tax Credits

Withum

AUGUST 17, 2022

Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Alternatively, auto dealers can decrease their federal income tax payments based on the transferred credits. Transfer of Clean Vehicle Credit to a Dealer. Contact Us.

Tax

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Congress Fails To Pass Key Tax Extenders, Now What?

Withum

JANUARY 25, 2023

The inability of Congress to include key tax extenders in the Consolidated Appropriations Act of 2023, signed into law on December 29, 2022, will increase the federal income tax bill for the majority of U.S. businesses. Even worse, could this reflect the inability to pass future tax extenders?

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How to Plan for Global Tax Minimization

The Essentials of Beneficial Ownership Reporting

Webinars

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Can The Senate Finance Committee Save U.S. Research And Innovation?

Webinars

Major Changes to New York’s SALT Workaround as Part of FY23 Budget Bill

Do You Need Help With 174?

Everything You Need to Know About Beneficial Ownership Reporting

Additional IRS Guidance Surrounding 174 R&E Capitalization Requirements

Will Congress Say Bah Humbug To Small Businesses?

Business Tax Rates: How Much Do Small Businesses Pay in Taxes?

How the Inflation Reduction Act Impacts Corporate AMT and Bonus Depreciation

How to Lower Your Taxable Income and Pay Less in Taxes

House Ways and Means Committee Introduces Potential Tax Extender Bill

Democrats’ Bill Would Allow Auto Dealers to Claim Clean Vehicle Tax Credits Starting in 2024

Democrats’ Bill Would Allow Auto Dealers To Claim Clean Vehicle Tax Credits

Congress Fails To Pass Key Tax Extenders, Now What?

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