Xero

MARCH 13, 2024

Here are some key updates you need to know about, as well as our tips for a smooth transition into the 2025 financial year. These include changes to National Insurance (NI) contributions effective from 6 January (followed by a second change effective 6 April), a new Scottish tax band and holiday pay reform.

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Withum

APRIL 28, 2022

For taxable years beginning 2022, the top corporate tax rate is 7.5%; For taxable years beginning 2023, the top corporate tax rate is 7.25%; . The Department of Revenue has alerted taxpayers that it is following the federal extension for the 2020 individual income tax return and payments. April 3, 2020.

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Menzies

SEPTEMBER 2, 2022

This was due to end in April 2021 and will now come to an end in April 2025. The government has extended the availability of 100% first year allowances on the acquisition of cars, zero-emissions goods vehicles and equipment.

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ThomsonReuters

AUGUST 2, 2023

As the Organization for Economic Co-Operation and Development’s (OECD) ground-breaking Base Erosion Profit Shifting (BEPS) framework for taxing the digital economy is being implemented, countries around the globe are beginning to roll out the second of the OECD’s two BEPS pillars—Pillar 2.0. Discussions are ongoing.

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Withum

OCTOBER 18, 2023

The House Ways and Means Committee has introduced a year-end tax bill that would preserve 100% bonus depreciation until the end of 2025. The Qualified Business Income (“QBI”) Deduction Sunsets The QBI is a 20% “off the top” deduction on the income of qualifying businesses and lowers the effective tax rate on this income.

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TaxConnex

NOVEMBER 10, 2022

I was trained in income tax and expected to have a career in public accounting, but I only lasted a few years in a couple of different large CPA firms. I then went to the BellSouth Corporation tax department and had various roles. What do you hope is in store for the future here at TaxConnex?

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Accounting Today

JANUARY 30, 2024

With the Qualified Business Income tax deduction of 20% set to expire in 2025 (unless it's extended), clients who are starting a business may wonder how their choice of entity will impact their QBI deduction and ultimately their bottom line.

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ThomsonReuters

MARCH 9, 2023

• Many of the tax benefits related to the COVID-19 pandemic have expired or reverted to their pre-pandemic levels. Expanded health insurance subsidies are extended through 2025. Both the child tax credit and the child and dependent care credit revert to pre-pandemic levels. What’s new? •

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ThomsonReuters

FEBRUARY 9, 2024

Under this act, if a corporation’s CEO or highest-paid employee’s compensation exceeds 50 times the median worker’s pay, the corporate tax rate would be increased by a penalty determined by the legislation.

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Inform Accounting

NOVEMBER 18, 2022

The leaked and previously announced tax increases are still going ahead…. Corporation tax from April 1 2023 to increase to 25% for companies with profits over £250,000. Companies with profits under £50,000 will be taxed at 19%. Companies with profits between £50,000 and £250,000 will be taxed between 19% and 25%.

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CPA Practice

JUNE 13, 2024

Proactive Planning in Uncertainty Like the increased estate and gift tax exemption limits noted above, many other favorable tax changes are also set to expire under the TCJA at the end of 2025. While the future of the TCJA provisions remains uncertain, proactive and strategic estate planning can help. Daniel F.

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Shay CPA

NOVEMBER 14, 2023

Specifically, if you can get certified as a qualified emerging tech company (QETC), you and your investors can claim some meaningful credits to lower your tax liability. Plus, your company will qualify for a lower corporate tax rate on your New York State taxes. So, does your startup count as a QETC? Let’s dig in.

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Menzies

JANUARY 4, 2024

For non-resident companies, gains on the sale of property are added to any other UK profits they have and taxed at their marginal corporation tax rate.

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Accounting Insight

MARCH 3, 2023

And governments around the world – 136, to date – have also already agreed to adopt the 15% minimum corporate tax. These are all seismic changes that will bring a need for new reporting capabilities, a new set of corporate tax penalties to navigate, and a new standard for auditing.

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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.

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income tax New York Tax New Jersey 112

SkagitCountyTaxServices

MARCH 2, 2023

Firstly, we are barrelling towards the March 15th deadline for corporate tax returns. Who to hire You can claim the WOTC for wages to certain individuals who begin work on or before December 31, 2025. owner=19530343 Secondly, how is your staff situation these days?

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PYMNTS

AUGUST 9, 2018

The initial plan for India was to open 25 traditional stores by 2025, but the country will now get some of the smaller outlets. Known for its huge warehouse-style stores, the retailer is in the early stages of moving globally toward smaller, inner-city showrooms.

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CPA Practice

NOVEMBER 9, 2023

New features and enhancements in SurePrep TaxCaddy, Cloud Audit Suite, and ONESOURCE support the automation of tax workflows, driving efficiency and saving time for professionals in firms and corporate tax departments. With generative AI technology, we will increase confidence and speed in product classification in global trade.

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CPA Practice

MARCH 8, 2023

This percentage is scheduled to drop to 80% in 2023, 60% in 2024, 40% in 2025, until its wholly phased out in 2027.  He is responsible for Bloomberg Tax & Accounting’s corporate tax products, including Fixed Assets. Prior to Bloomberg Tax & Accounting, Ryan was a CPA at KPMG’s Washington D.C.

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CPA Practice

OCTOBER 9, 2023

ONESOURCE E-invoicing brings together the best in global tax compliance and e-invoicing into a single solution. Today, more than 80 countries have mandated e-invoicing or continuous transaction control requirements, and this figure could potentially surge by 2025 as governments prioritize tax reform and real-time reporting.

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ThomsonReuters

DECEMBER 11, 2023

The purpose of this series is to help readers gain a better understanding of e-invoicing and CTC, and their impact on corporate tax teams. Meanwhile, the United Arab Emirates is waiting until July 2025 to start the “mandatory” part of its CTC e-invoicing program for B2B transactions.

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ThomsonReuters

OCTOBER 19, 2022

The Inflation Reduction Act of 2022 imposes a new 15% corporate alternative (book) minimum tax on the adjusted financial statement income of applicable corporations (those with 3-year average financial statement income of at least $1 billion).

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Kansas income tax Kentucky Tax 64

Dent Moses

MAY 8, 2024

Soon after The President’s State of the Union Address, the proposed fiscal year 2025 budget was released. This outlines how the administration would implement the President’s tax policy, indicating a gross tax hike of approximately $5.3 Estate Exemption: Reduce the exemption levels, which were doubled in the 2017 tax overhaul.

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Dent Moses

MAY 1, 2024

Soon after The President’s State of the Union Address, the proposed fiscal year 2025 budget was released. This outlines how the administration would implement the President’s tax policy, indicating a gross tax hike of approximately $5.3 Estate Exemption: Reduce the exemption levels, which were doubled in the 2017 tax overhaul.

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Tax income tax corporation tax Construction 40

xendoo

JANUARY 16, 2023

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. For example, LLCs that opt for the IRS to tax them as corporations are subject to corporate tax rates.

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Withum

NOVEMBER 17, 2022

Contact a member of Withum’s Tax Services Team to start planning as year-end approaches. Year-End Tax Planning for Businesses. The corporate tax rate is currently a flat 21% rate. Energy credits. Not-for-profits.

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CPA Practice

MARCH 15, 2024

He said the moves would reverse many large tax breaks enacted by the Trump administration. The president said he would like to see the corporate tax rate rise to 28%, and what’s known as the corporate minimum tax rate increased to 21%. This was a distribution of wealth preview of 2025—taxpayer beware.

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KROST

OCTOBER 9, 2020

Proposes a permanent extension of 20% Qualified Business Deduction enacted in the TCJA (199A); presently the deduction is set to expire in 2025. Corporate Tax Rates. No change to the current plan (21% federal corporate income tax rate). KROST Insight. Carried Interest. No formal proposal. No formal proposal.

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CPA Practice

MARCH 7, 2024

The President set out his plan to reduce the deficit by $3 trillion over 10 years by increasing taxes for the wealthiest individuals and corporations. In his State of the Union speech, President Biden announced a proposal to deny corporations a tax deduction when they pay more than $1 million to any employee.

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CPA Practice

JUNE 20, 2023

The current child tax credit, which expires after 2025, is available at the full amount for married couples filing jointly who earn up to $400,000, and for individuals who earn up to $200,000; above those thresholds, it phases out at a rate of 5 cents for each dollar. Ways and Means Chairman Jason Smith, R-Mo., ©2023 CQ-Roll Call Inc.,

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CPA Practice

MAY 9, 2024

That puts a massive price tag on what is likely to be a top issue in Washington next year as lawmakers grapple with the future of Trump’s tax cuts, which are slated to expire at the end of 2025. Extending the personal income tax cuts will cost $3.8 Congress will also confront the deficit impact of renewing the cuts, as the U.S.

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CPA Practice

OCTOBER 27, 2023

That report also notes that there’s more work to be done, particularly around the corporate income tax reforms intended to prevent multinational companies from shifting their income to tax havens abroad. But the numbers tell us something: The government can’t cut its way out of the debt problem. _ ©2023 Quartz Media Inc.

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LyfeAccounting

OCTOBER 29, 2020

Whereas Trump would like to make the existing standard deduction permanent after 2025 which is when it is set to expire. Child Tax Credits. Under the current federal law, you can get a $2000 child tax credit for a child under the age of 17 or $500 for dependents. Corporate Tax Rates.

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CPA Practice

FEBRUARY 5, 2024

It would also phase in gradually, with the full credit available only in the 2025 tax year. The bill restores corporate tax breaks created by the tax law Republicans passed in 2017 that have expired or are set to expire soon.

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CPA Practice

APRIL 11, 2024

Understanding what the legislation did and didn’t do is relevant now because they expire in 2025, and whoever wins this year’s presidential election will have to decide whether to extend them. What’s not in dispute is that the act represented the most sweeping overhaul the tax system since the Reagan administration.

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CPA Practice

MARCH 12, 2024

Congress will be forced into tough negotiations over the future of the tax code, with large portions of former President Donald Trump’s 2017 cuts set to expire at the end of 2025. Many lower- and middle-income households will see a tax increase if lawmakers don’t act, providing motivation for both Democrats and Republicans.

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CPA Practice

MARCH 26, 2024

The preference for taxing billionaires, which Senator Elizabeth Warren helped popularize during her 2020 presidential campaign, has grown in recent years from a fringe, left-wing wish-list item to a centerpiece of Biden’s economic policy.

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