article thumbnail

Your Estate Plan: Don’t Forget About Income Tax Planning

RogerRossmeisl

Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs. Note: The federal estate tax exclusion amount is scheduled to sunset at the end of 2025. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it.

article thumbnail

FASB Issues Standard That Enhances Income Tax Disclosures

CPA Practice

The Financial Accounting Standards Board ( FASB ) has issued an Accounting Standards Update (ASU) that addresses requests for improved income tax disclosures from investors, lenders, creditors, and other allocators of capital (collectively, “investors”) that use the financial statements to make capital allocation decisions.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

ASU 2023-09: FASB’s New Income Tax Disclosures for Private Entities

Cherry Bekaert

On December 14, 2023, the Financial Accounting Standards Board (FASB) issued final guidance concerning income tax disclosures, labeled Accounting Standards Update No. For businesses surpassing specified quantitative thresholds, further disaggregation by taxing jurisdictions may be required. 2023-09 (ASU 2023-09).

article thumbnail

Improvements to Income Tax Disclosures in ASU 2023-09

Withum

Before the 2023 calendar year ended, a new Accounting Standards Update (ASU) was issued by the Financial Standards Account Board (FASB) to update the requirements for income tax disclosures under US GAAP. ASU 2023-09 applies to all entities that are subject to income taxes, but some disclosures are only required for public entities.

article thumbnail

FASB approves income tax reporting standard

Accounting Today

The Financial Accounting Standards Board voted to require companies to tell the public more about the taxes they pay, starting as early as 2025.

article thumbnail

Pennsylvania Will Recognize Grantor Trusts for Tax Years Beginning After January 1, 2025

Withum

Pennsylvania Senate Bill 815, signed into law on December 14, 2023, amended the Pennsylvania tax code to recognize irrevocable grantor trusts for tax years beginning after January 1, 2025. These transactions will now be disregarded for Pennsylvania income tax purposes as well.

article thumbnail

S Corporations and State Income Taxes

Cherry Bekaert

S corporations are corporations that elect to pass corporate income, losses, deductions and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed at their individual income tax rates.