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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ThomsonReuters

MARCH 9, 2023

In this post, we will highlight 3 of our top resources included in our Tax Season Toolkit : Year-End Tax Planning for individuals and businesses, How APIs can help transform your practice, and a Case Study detailing how GoSystem Tax RS and GoFileRoom helped a firm. What’s new? •

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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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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). FTC coverage begins at A-8900 Corporate alternative (book) minimum tax.

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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. Firms must prepare for potential shifts in tax liabilities and advise clients accordingly.

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CPA Practice

JUNE 13, 2024

This strategy balances the benefits of current tax law with the need for financial flexibility and security. Core Estate Tax Planning Techniques Regardless of estate value, there are numerous techniques and account structures available to help your clients minimize estate tax consequences—here’s a summary of the most common ones.

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Shay CPA

APRIL 2, 2025

As the April 15, 2025, deadline for filing corporate tax returns approaches, many businesses, especially early-stage technology companies, may find themselves in need of additional time to gather necessary financial records and finalize their tax filings. What Is a Corporate Tax Extension?

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DMCL

JANUARY 6, 2025

We are delighted to announce the promotion of five exceptional professionals to the position of Partner at DMCL, effective January 1, 2025. After earning his CPA designation in 2017, he specialized in tax planning and advisory services, further honing his expertise by completing the CPA In-Depth Tax Course.

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Withum

DECEMBER 17, 2024

The issue surrounding this additional 20% deduction means that owners of S Corporations and Partnerships will see an increase in their taxes by the sunsetting of this extra 20% deduction. It is important to note the TCJA sunsetting will not eliminate the 21% corporate tax rate.

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Withum

DECEMBER 4, 2024

The corporate tax rate is currently a flat 21% rate. There is also a 15% corporate alternative minimum tax (CAMT) based on book income for companies with average annual adjusted financial statement income exceeding $1 billion. Section 179 expensing, unlike bonus depreciation, can give rise to state income tax benefits.

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Shay CPA

FEBRUARY 8, 2025

This complexity can significantly impact tax calculations, particularly under the Assumed Par Value Capital Method, which factors in gross assets and issued shares. As startups raise capital and issue more shares, their franchise tax liability may fluctuate each year.

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Withum

APRIL 11, 2025

On February 6, 2025, Withum hosted an open house for clients, business contacts and local centers of influence to connect and explore the new space. Located in the heart of a thriving community with abundant opportunities for collaboration and growth, our new location strengthens our presence in the greater San Diego market.

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Withum

DECEMBER 17, 2024

Tax Cuts and Jobs Act (TCJA) Extensions One of the first items on the agenda is likely to be the extension of the TCJA provisions, many of which are set to expire at the end of 2025. Reduced Taxation Corporate Tax Changes One of the hallmark policies of the first Trump administration was the reduction in corporate tax rates.

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CPA Practice

NOVEMBER 13, 2024

By Kemberley Washington Bankrate.com (TNS) Taxes may not be the first thing on your mind following the presidential election, but there’s no doubt that tax policy will play a key role in the year ahead, given that the 2017 Tax Cuts and Jobs Act (TCJA) is set to expire at the end of 2025. ©2024 Bankrate.com.

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Cherry Bekaert

OCTOBER 3, 2024

The looming expiration of the 2017 Tax Cuts and Jobs Act (TCJA) enacted during the Trump administration has become an important issue in the presidential campaign. Scheduled to sunset in 2025, the TCJA implemented significant changes to the tax code, including the reduction of personal income taxes and a simplified tax filing process.

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CPA Practice

SEPTEMBER 5, 2024

Her proposals have included calls for expanded tax credits for parents and $25,000 down-payment assistance for first-time home buyers. Harris has vowed to pay for all of her spending plans with higher taxes on businesses and wealthy households. tax policy toward a consumption model.

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Withum

AUGUST 21, 2024

President Harris’s proposals are based on past campaigns and her support of the FY 2025 Biden Budget. However, it will be important to monitor Vice President Harris’s campaign as a more detailed federal tax reform policy should be released over the next weeks.

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LyfeAccounting

OCTOBER 29, 2020

?. President Trump vs Biden Tax Plan. With the US presidential election is right around the corner, and since we’re an accounting firm that loves taxes, it’s only right that we make a post discussing President Trump’s Tax Plan vs Former Vice President Joe Biden. Individual Tax Rates. Child Tax Credits.

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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 Last year, CBO estimated renewing the sunsetting tax cuts would cost $3.5

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Dent Moses

JANUARY 14, 2025

Budget reconciliation requires Republicans to agree on a budget resolution, specifying spending, taxes, and deficits, which congressional committees must follow when drafting legislation. Keeping the $750,000 mortgage interest deduction limit and the $2,000 Child Tax Credit ($1,700 refundable). worldwide income taxation.

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Dent Moses

MARCH 31, 2025

Timing As of March 30, 2025, the Trump administration, alongside congressional Republicans, is actively pursuing significant tax legislation aimed at extending and expanding upon the 2017 Tax Cuts and Jobs Act (TCJA). This includes maintaining lower marginal tax rates and expanded income brackets.

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CPA Practice

JUNE 28, 2024

In fact, because many such individuals pay into Social Security via payroll taxes but cannot receive benefits, illegal immigrants bolster rather than drain the finances of the program. Trump on Biden tax plan “He’s the only one I know he wants to raise your taxes by four times,” Trump said of Biden. “He

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Cherry Bekaert

SEPTEMBER 11, 2024

The 2017 Tax Cuts and Jobs Act (TCJA) enacted during the Trump administration has numerous provisions set to expire in 2025, making it a hot-button topic both presidential candidates are highlighting in their proposed economic and tax plans. Imposing a baseline tariff on U.S. imports Imposing a 60% tariff on U.S.

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Cherry Bekaert

OCTOBER 23, 2024

. · 60% tariff on imports from China · No details on tariffs released · Maintain Section 301 tariffs on China · Expand Section 232 tariffs on steel and aluminum for certain imports from Mexico Corporate Tax Rate · Lower from 21% to 15% for companies with U.S. Several provisions of the TCJA are set to expire at the end of 2025.

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