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”).

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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.

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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 In 2022 the rate is 5%, and then 4% in 2023, 3% in 2024, 2% in 2025, 1% in 2026, and then completely repealed after 2026.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?

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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.

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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?

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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%.

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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 ).

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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.

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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

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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

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.

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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%.

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KROST

NOVEMBER 24, 2020

Pass-through entities may want to consider recognizing gains in 2020 that may have otherwise been recognized in early 2021. California. New Employment Credit.

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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).

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ThomsonReuters

JUNE 10, 2021

toward health or other benefits including paid leave starting in 2026. Employers must use one of the special payment methods if their average tax liability was $25,000 or more per month during the previous calendar year for business taxes, which includes withholding tax (wage withholding tax and non-wage withholding tax).

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