Accounting Today

JULY 28, 2025

EDT 10 Min Read Facebook Twitter LinkedIn Email The problem with growth — especially the exponential kind experienced by the 2025 Fastest-Growing Firms — is it begets more growth. © 2025 Arizent. All rights reserved. In particular, the need to hire more people in a profession struggling to recruit and retain talent.

Technology

Withum

DECEMBER 4, 2024

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). 179D Expensing: The energy-efficient commercial buildings deduction under Sec.

Tax

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. Contact Us For more information on this topic, reach out to Withum’s Business Tax Services Team today.

Tax

CPA Practice

OCTOBER 30, 2024

Aprio , a top 25 business advisory and accounting firm, has released its 2024 End of Year Tax Update , highlighting 2024 tax updates and factors that will significantly impact tax planning for 2025 and beyond. With that, the expiration for filing new ERC claims for 2021 expires on April 15, 2025.

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. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

Tax

Withum

JULY 2, 2025

Court Decision On June 9, 2025, the District Court issued a decision on the motions in favor of the government. It ruled that the deduction was not a Schedule C deduction because the LLC was not engaged in a trade or business, and that the variance doctrine prevented the Shleifers from arguing it was a proper Schedule E deduction.

Tax

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

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

Withum

APRIL 15, 2025

The House of Representatives adopted the Senate Budget resolution in a razor-thin vote on Thursday, April 10, 2025, after thirty House Representatives who identify themselves as fiscal hawks ultimately flipped for the promise by the Senate that they would look to cut $1.5 Mandatory spending for the 2025 fiscal year is $4.3

Tax

Withum

JULY 8, 2025

On July 4, 2025, President Donald Trump signed into law the bill known as the One Big Beautiful Bill Act (OBBBA). The provisions of the new law addressing qualified small business stock (QSBS) mirror those that were included in the Senate Finance Committee proposal that was released a few weeks earlier on June 16, 2025.

Tax

Withum

JANUARY 30, 2025

Following the January inauguration, a flurry of executive orders, and Senate confirmations rolling in, the timing of when federal tax reform will take place still appears to be undecided amongst the Republican party. Pushing tax reform to the fall of 2025 could result in further complications.

Tax

Withum

JUNE 17, 2025

On June 16, 2025, the Senate Finance Committee (SFC) released legislative text for a bill that it proposed in response to the previous House bill named the One Big Beautiful Bill (BBB). The full Senate appears on track to consider changes to the BBB by the week of June 23, 2025.

New Jersey

Withum

MAY 12, 2025

On May 9, 2025, the House Ways & Means Committee released a partial text (only 28 pages of a bill that is expected to exceed 200 pages) of the tax provisions that are proposed to be included in the final text of the much-anticipated reconciliation bill.

Tax

Withum

FEBRUARY 27, 2025

The House took the first step toward federal tax reform by approving a budget resolution on February 25, 2025, that would require $2 trillion in overall spending cuts over the next decade. trillion in tax cuts as an extension of President Trumps 2017 tax cuts is set to expire this year.

Tax

Accounting Today

JUNE 18, 2025

Oliver Contreras/Bloomberg The House-passed version of Republicans tax and spending bill would add $2.8 The House-passed bill raises the cap for federal deductions for state and local taxes to $40,000 from $10,000. The Senate draft version makes permanent three business tax breaks and that could boost the economic growth effects.

Technology

Going Concern

JULY 25, 2025

IRS advises of Tuesday deadline to maintain Business Tax Account access [ The Tax Adviser ] Business Tax Account (BTA) designated officials must revalidate their accounts by Tuesday if they want to maintain access, the IRS said in a fact sheet posted Wednesday. appeared first on Going Concern.

Gambling

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

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

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

Withum

FEBRUARY 1, 2024

The refundable child tax credit would continue to increase by $100 per year through Dec. The bill would also expand low-income housing credit and financing, disaster tax relief, and U.S.-Taiwan Taiwan tax provisions. This article was originally published by Lynn Mucenski Keck in Forbes on February 1, 2024.

Tax

Withum

JANUARY 16, 2024

Framework Highlights Highlights of the framework include: Research and Experimental (R&E) Expenditures Capitalization (Section 174): The framework would allow for immediate R&E expensing incurred in tax years beginning after December 31, 2021.Instead, Potential ERC claims should be submitted as soon as possible.

Tax

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

Withum

NOVEMBER 29, 2023

Entities created before January 1, 2024 have until January 1, 2025, to file the report. Entities created on or after January 1, 2024 and before January 1, 2025 have 90 days after creation or registration to file a report (note the 90-day period replaces a 30-day period and was finalized on November 29, 2023).

Legal

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

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.  Prior to Bloomberg Tax & Accounting, Ryan was a CPA at KPMG’s Washington D.C.

income tax

Withum

AUGUST 11, 2022

Credit Extended to 2025 for Certain Qualified Facilities. In order to receive a PTC, renewable energy must be produced and sold to an unrelated person by the taxpayer from qualified energy resources at a qualified facility during a 10-year period beginning on the date the facility was placed in service. Contact Us. Let’s Chat.

Construction

Withum

SEPTEMBER 2, 2022

The federal tax incentive for qualified energy property was extended through the IRA for most projects that begin construction before January 1, 2025 (2035 for geothermal energy used for healing and cooling a structure). For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

Tax

Withum

MAY 4, 2022

A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax. As a final note, the New York City PTET is on top of, but does not replace the New York City Unincorporated Business Tax (“UBT”) imposed on partnerships or General Corporation Tax (“GCT”) imposed on S corporations.

New York

Withum

JULY 17, 2024

Comply by August 15, 2025. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. These types of plans can be critical in recruiting and rewarding employees. Deadline to Comply 25-39 Employees. Comply by November 15, 2024. 40+ Employees.

New Jersey

Withum

NOVEMBER 29, 2023

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. When is reporting required? Reporting starts January 1, 2024, and nothing can be filed before that date.

Legal

Cherry Bekaert

MAY 3, 2024

This income includes passive income like dividends, interest, rents and royalties, and certain types of portable income from related party sales or services. CFC income that is classified as GILTI is taxed in the U.S. through 2025 and as high as 16.406% thereafter. at a rate as low as 10.5%

Tax

Withum

SEPTEMBER 15, 2023

Businesses and accounting firms will monitor the progression of the bill closely, however, 2023 estimated tax payments should still include the capitalization of 174 R&E. Let’s Chat The post Do You Need Help With 174? appeared first on Withum.

tax return

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. Supporting immediate research expensing to foster U.S.

Finance

Withum

JANUARY 25, 2023

Therefore, the TCJA includes various sunset provisions or set expiration dates for many of the individual income tax legislation benefits. If R&E capitalization does create taxable income, additional tax planning should be reviewed to lower taxable income, which could necessitate an R&D credit study.

Tax

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.,

income tax

Withum

JULY 26, 2023

The projected costs for extending research and experimental immediate expensing, bonus depreciation, and broadening the interest expense elimination base through the 2025 tax year is projected to be $47.4 On the Democratic side, there is still a strong desire to expand the child tax credit.

Tax

xendoo

FEBRUARY 13, 2023

You can drastically reduce your tax bill by taking advantage of all your business tax credits and deductions. Taxable income is the amount of income that the IRS uses to calculate how much you owe in taxes each year. It includes earned income from your business or wages from a job. What is taxable income?

Tax