Withum

JUNE 12, 2024

The bonus depreciation rate decreased to 80% in 2023 and will continue to decrease by 20% each year until it is zero for property placed in service after December 31, 2026. Tax Provisions to Sunset After 2025 QBI Deduction Beginning in 2026, the 20% 199A QBIT deduction will no longer be available. million taxpayers.

income tax 127

income tax Tax corporation tax Non-Profits 127

RogerRossmeisl

MARCH 14, 2021

Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC) that’s worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for “long-term family assistance recipients”).

Tax 147

Tax CPA business tax 147

Shay CPA

FEBRUARY 10, 2025

American Innovation and Jobs Act (2023) Sought to reinstate immediate expensing and bolster the R&D tax credit for smaller companies. Tax Relief for American Families and Workers Act (January 2024) Included a provision to defer amortization until 2026. Outcome: Proposed but not enacted.

accrual accounting 52

accrual accounting Tax CPA payroll tax 52

Steve Feinberg

MARCH 28, 2022

New Hampshire is generally considered to be a business-friendly state when it comes to taxes—the state was ranked 6th in terms of state business tax climate—but there are a few things to know about what to expect when taxes are due. What is the Small Business Tax Rate in New Hampshire?

New Hampshire 52

New Hampshire business tax Tax income tax 52

ThomsonReuters

JANUARY 22, 2024

Flexible Income Lookback : Taxpayers can choose to use either current or prior-year income to calculate the child tax credit in 2024 and 2025, providing flexibility in determining eligibility. Inflation Adjustment : Starting in 2024, the child tax credit will be adjusted for inflation to keep up with the rising cost of living.

Tax 105

Tax business tax accounting and finance payroll 105

Withum

JANUARY 16, 2024

The framework would extend 100 percent bonus depreciation for qualified property placed in service after December 31, 2022, and before January 1, 2026. Let’s Chat The post Tax Framework Released: Tax Relief for American Families and Workers Act of 2024 appeared first on Withum.

Tax 118

Tax Tennessee New Jersey Massachusetts 118

TaxConnex

AUGUST 9, 2022

Changes include combining sales and use tax returns and their permits into one and changing filing frequencies for sales and use tax from quarterly to monthly. Maryland has revised Business Tax Tip #29 to acknowledge exclusion of certain business purchases of digital products.

Sales 130

Sales Louisiana Tax Iowa 130

RogerRossmeisl

NOVEMBER 19, 2023

The difference in rates can be alleviated by the qualified business income (QBI) deduction that’s available to eligible pass-through entity owners that are individuals, and some estates and trusts. Individual rate caveats: The QBI deduction is scheduled to end in 2026, unless Congress acts to extend.

income tax 100

income tax CPA Tax Start-ups 100

Cherry Bekaert

AUGUST 20, 2024

billion shortfall for 2024 and 2025, as well as the projected 2025 and 2026 deficit of $28.4 85, which limited the application of business tax credits to $5 million per taxpayer for years 2020-2022. 85, which limited the application of business tax credits to $5 million per taxpayer for years 2020-2022.

California 59

California Tax income tax business tax 59

ThomsonReuters

MARCH 7, 2024

Starting from tax years beginning after December 31, 2022, the 100% bonus depreciation deduction will gradually decrease by 20% each year until it reaches a complete phase-out by the end of the 2026 calendar year. By 2026, the bonus depreciation decreases to 20%.

accounting principles 98

accounting principles Tax tax planning Account 98

inDinero Tax Tips

SEPTEMBER 13, 2023

The Roth catch-up rule for high earners over 50 years old was supposed to start in 2024, but due to implementation issues, the IRS has delayed it until 2026. Starting from 2024, these catch-up contributions must be deposited into Roth accounts.

business tax 71

business tax Tax Start-ups accounting and finance 71

Withum

OCTOBER 3, 2024

Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Are you interested in making qualified disaster relief payments to your employees? Don’t hesitate to reach out to Withum to help during this difficult time.

South Carolina 130

South Carolina North Carolina tax preparation income tax 130

Steve Feinberg

FEBRUARY 3, 2022

At first glance, you wouldn’t think this news matters that much as most small businesses don’t pay Interest/Dividends tax. In 2022 the rate is 5%, and then 4% in 2023, 3% in 2024, 2% in 2025, 1% in 2026, and then completely repealed after 2026. So, what’s changing?

New Hampshire 45

New Hampshire Tax income tax tax return 45

Withum

JULY 26, 2023

Instead, the Act would allow taxpayers to currently deduct research and experimental expenditures that are paid or incurred in tax years beginning after December 31, 2021, and before January 1, 2026. Taxpayer can elect to apply the broadened base to the 2022 taxable year or apply the broadened base to tax years starting in 2023.

Tax 52

Tax income tax Manufacturing accounting and finance 52

ThomsonReuters

JANUARY 30, 2023

Senate Bill 515 proposes gradual increases until the minimum wage reaches $15 per hour by 2026. One bill ( House Bill 1986 ) proposes placing a minimum wage rate increase on the ballot that calls for incremental increases until the minimum wage reaches to $11 per hour by 2026. per hour to $11.39. per hour, adjusted annually.

payroll 105

payroll Hawaii West Virginia Oklahoma 105

Withum

AUGUST 29, 2024

However, without any further legislation, the deduction is set to go from 37.5%, as it is right now, to 21.875% in 2026. This was put in place under the 2017 Tax Cuts and Jobs Act (“TCJA”) to incentivize U.S. Some lawmakers call for expansion; some, on the contrary, want it eliminated. of FDII (Foreign-Derived Intangible Income).

Maine 52

Maine Tax business tax Sales 52

Withum

OCTOBER 11, 2023

Planning and advocating Congressional leaders for IRC §174 immediate expensing should continue to be a top priority for all businesses conducting R&E. Even more of the TCJA provisions expire in 2026, including the elimination of the pass-through (199A) deduction and an increase in the top individual income tax rates to 39.6%.

income tax 80

income tax Tax accounting standards accounting and finance 80

ThomsonReuters

SEPTEMBER 22, 2022

Also, after March 27, 2020, and before January 1, 2026, employers may also provide educational assistance by paying an employee, or reimbursing the employee’s lender, for the principal and interest on a qualified education loan incurred by the employee for the employee’s education (see our Checkpoint Question of the Week ).

Education 52

Education Sports Transportation Gaming 52

PYMNTS

FEBRUARY 10, 2020

The government has said that the new tax will not apply in instances when a seller’s gross sales across an eCommerce operator through the previous 12 months have been less than about 5 lakh rupees (500,000 rupees or just under $7,000 USD).

Tax 70

Tax Illinois Government accounting and finance 70

Inform Accounting

MARCH 15, 2023

The government is now introducing full expensing, a 100% First Year Allowance, from 1 April 2023 until 31 March 2026. Namely: If you haven’t already put together your business plan for 2023 and model the impact of rising costs. Carefully look at your personal and business tax situation. Reduce your overheads?

Non-Profits 52

Non-Profits Tax tax return Government 52

CTP

OCTOBER 30, 2024

However, under TCJA, this deduction was suspended until 2026. Meanwhile, family offices are continuing to look for tax reduction opportunities, and some are turning to another business tax deduction—this time for “ ordinary and necessary expenses.”

Tax 52

Tax tax return Real Estate cpa firm 52

Inform Accounting

NOVEMBER 18, 2022

This means electric cars costing over £40,000 will pay an (at current rates) extra £355 per year on top of the normal road tax of £165 per year. The benefit in kind tax for electric cars is going up to 5% by 2027/2028, with an increase of 1% per year taking effect in 2025/2026 until the 5% level is reached in 2027/2028.

Tax 52

Tax income tax tax return Government 52

ThomsonReuters

MARCH 9, 2023

The deduction limit on business interest doesn’t apply to businesses with 3-year average gross receipts of $27 million or less for 2022 ($29 million or less for 2023). Three Benefits of APIs There are significant benefits to be gained when firms have the flexibility to connect the dots across systems via APIs.

Tax 59

Tax Account accounted accountant 59

CPA Practice

JULY 1, 2024

The New Jersey Chamber of Commerce and the New Jersey Business and Industry Association testified against the measure, warning it will give the state the nation’s highest business taxes while giving the most successful, job-creating companies reason to leave the state.

New Jersey 52

New Jersey Tax Education Government 52

ThomsonReuters

SEPTEMBER 13, 2024

This means that more than $4 trillion in tax increases will take effect Jan. 1, 2026, charging next year’s Congress and administration with the hefty task of grappling with the tax hikes. Meanwhile, many of the provisions impacting businesses, including pass-through entities , are set to expire between 2025 and 2028.

income tax 98

income tax Tax corporation tax Account 98

Withum

AUGUST 17, 2022

Placed in Service Date Critical Minerals Requirement Battery Components Before January 1, 2024 40% 50% During 2024 50% 60% During 2025 60% 60% During 2026 70% 70% During 2027 80% 80% During 2028 80% 90% After 2028 80% 100% Critical Mineral and Batter Component Requirements Based on Service Date. Contact Us. Let’s Chat.

Tax 124

Tax income tax Manufacturing tax return 124

Withum

AUGUST 17, 2022

Placed in Service Date Critical Minerals Requirement Battery Components Before January 1, 2024 40% 50% During 2024 50% 60% During 2025 60% 60% During 2026 70% 70% During 2027 80% 80% During 2028 80% 90% After 2028 80% 100% Critical Mineral and Batter Component Requirements Based on Service Date. Contact Us. Let’s Chat.

Tax 52

Tax income tax Manufacturing tax return 52

RogerRossmeisl

DECEMBER 19, 2024

Good news for small businesses: The deadline for filing Beneficial Ownership Information (BOI) reports might be extended by a year. This 1,500-page funding bill, aimed at preventing a government shutdown by extending funding through to March 14, 2025, is up for a vote soon.

CPA 260

CPA Government Tax cpa firm 260

Ronika Khanna CPA,CA

DECEMBER 27, 2024

As we approach the new year, it is time to start thinking about a subject near and dear to everyones heart i.e. taxes (insert appropriate emoji). Below are the deadlines that all small businesses/sole proprietors need to know for 2025. It should be noted that penalties and interest on overdue balances are not tax deductible expenses.

business tax 52

business tax Tax income tax tax return 52

SkagitCountyTaxServices

FEBRUARY 20, 2025

As your go-to tax pro whos on the roller coaster ride with you, let me assure you that I will do anything I can to help prepare your Skagit County business tax-wise for whats coming. Let me briefly address some 2024 trends that could bring potential 2025 tax changes at the local and state levels across the country.

business tax 53

business tax Tax tax return audit 53

ThomsonReuters

MARCH 5, 2025

Legislative action: The House has passed a bill that would extend the report deadline for small businesses to January 1, 2026, if enacted into law. This legislative action, if passed, will provide additional time for small businesses to comply with the new requirements. By suspending penalties for U.S.

Tax 121

Tax Account accounted accountant 121

Withum

FEBRUARY 20, 2025

Stay up-to-date with the latest BOI reporting requirements and how recent legal changes may affect your business. Subscribe to our Business Tax insights for timely updates delivered directly to your inbox. House of Representatives voted unanimously to push the CTA reporting deadline to January 1, 2026.

Texas 116

Texas Legal Government tax services 116

Withum

FEBRUARY 20, 2025

Businesses should confirm their NAICS code to determine the correct classification. The following chart shows examples of the general codes covered by each category and the tax rates for 2025-2026 for each. The Homelessness Gross Receipts Tax (HGRT), an additional tax for larger businesses, will now apply to more Companies.

Tax 90

Tax tax return payroll CPA 90

Withum

MAY 13, 2025

Interest Expense Limitation Interest paid or accrued by a business generally is deductible in the computation of taxable income, but is subject to several limitations.The deduction for business interest expense includes a limitation of: Business interest income of the taxpayer.

Tax 122

Tax income tax Real Estate tax return 122

Withum

MAY 13, 2025

Interest Expense Limitation Interest paid or accrued by a business generally is deductible in the computation of taxable income, but is subject to several limitations.The deduction for business interest expense includes a limitation of: Business interest income of the taxpayer.

Tax 96

Tax income tax Real Estate tax return 96

CPA Practice

OCTOBER 30, 2024

With this guide, Aprio has provided businesses and individuals with insights into how they can navigate the complex rules and regulations in the ever-changing tax world. International Tax : 2024 brought the notice of IRS Section 961 adjustments, which sets rules to ensure that the appropriate basis is transferred to the U.S.

Tax 59

Tax business tax tax planning tax services 59

Nancy McClelland, LLC

JANUARY 11, 2025

Keep in mind that estimated quarterly tax payments for business owners (including sole proprietors) are due January 15 (4Q 2024), April 15 (1Q 2025), June 16 (2Q 2025), September 15, 2025 (3Q 2025) and January 15, 2026 (4Q 2025). The IRS has a tool to look up information for your area.

Tax 52

Tax tax return Education income tax 52