CPA Practice

JULY 25, 2025

Tenney’s bill did not advance to a vote in the House, but it provided the framework for the tax policy included in Trump’s bill. The final version of Trump’s bill that he signed into law did not include an extension beyond the existing 2026 deadline for companies to qualify for the subsidy.

Tax

CPA Practice

JULY 21, 2025

Individuals and businesses with addresses in Chaves, Lincoln, Otero, and Valencia counties in New Mexico now have until Feb. 2, 2026, to file various federal tax returns and make tax payments.

New Mexico

Withum

JULY 16, 2025

The bill includes a variety of tax items that will impact auto dealer business taxes, personal income taxes and estate and gift taxation. This article will highlight the pertinent areas of the OBBBA that will impact auto dealership businesses and owners.

Rhode Island

CPA Practice

JULY 11, 2025

Individuals and businesses in Kerr County, Texas, have until Feb. 2, 2026, to file various federal tax returns and make tax payments after flash floods hit the Texas Hill Country on the Fourth of July.

Texas

Withum

JUNE 12, 2024

S Corporation shareholders and partners in a partnership could see their effective federal income tax rate increase by 30% by the end of December 31, 2025, due to the expiration of certain tax laws. A dramatic increase to the effective tax rate may catch many pass-through entity businesses by surprise.

income tax

Withum

JULY 10, 2024

The bills’ passage resulted in suspending the net operating loss deduction for businesses with greater than $1 million in income and limiting business tax credit utilization, along with other changes. SB 167 suspends the net operating loss (NOL) deduction for tax years beginning on or after Jan.

California

RogerRossmeisl

NOVEMBER 19, 2023

Currently, the corporate federal income tax is imposed at a flat 21% rate, while individual federal income tax rates currently begin at 10% and go up to 37%. Individual rate caveats: The QBI deduction is scheduled to end in 2026, unless Congress acts to extend. The post Choosing a Business Entity: Which Way to Go?

income tax

Withum

OCTOBER 3, 2024

2023 Federal Form 1120 (C Corporations) April 15, 2023 October 15, 2024 May 1, 2025 2023 C Corporation Tax Payments April 15, 2023 June 15, 2023 September 15, 2023 December 15, 2023 N/A The IRS noted payments related to 2023 returns are not eligible for the extra time because they were due last spring before the hurricane occurred.

South Carolina

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

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

Withum

JULY 26, 2023

The Build It In America Act (HR 3938) addresses business taxpayer concerns regarding rising interest expense rates and deduction limitations on research and experimental expenditures, which could lead to drastically increased cash federal income tax payments.

Tax

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

Withum

OCTOBER 11, 2023

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%. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

income tax

Inform Accounting

NOVEMBER 18, 2022

Companies with profits between £50,000 and £250,000 will be taxed between 19% and 25%. Income tax and National Insurance contributions thresholds are staying the same until April 2028. The Upper rate tax band threshold will be lowered from £150,000 to £125,140 from 6th April 2023. Still support for energy bills.

Tax

Withum

AUGUST 17, 2022

Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Alternatively, auto dealers can decrease their federal income tax payments based on the transferred credits. Transfer of Clean Vehicle Credit to a Dealer. Contact Us.

Tax

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

Withum

AUGUST 17, 2022

Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Alternatively, auto dealers can decrease their federal income tax payments based on the transferred credits. Transfer of Clean Vehicle Credit to a Dealer. Contact Us.

Tax

ThomsonReuters

JUNE 10, 2021

Among the book’s provisions include: (1) increasing the employer provided childcare tax credit for businesses, (2) creating a new general business credit equal to 10% of the eligible expenses paid or incurred in connection with onshoring a U.S. toward health or other benefits including paid leave starting in 2026.

payroll

KROST

NOVEMBER 24, 2020

Nevertheless, it is important to consider planning tools that may benefit businesses under Biden’s proposed laws. Accelerating income and postponing deductions. A 15% minimum tax on book income may also be imposed. California Competes Tax Credit. California. New Employment Credit.

tax planning

Withum

OCTOBER 17, 2024

With the Presidential election less than one month away, private and family-owned businesses are in limbo when dealing with 2024 year-end tax planning. However, the individual income tax policies that could increase pass-through owners’ federal income tax by over 30% are still uncertain.

income tax

Withum

MAY 13, 2025

While the bill could face additional adjustments in the Senate, it provides the framework for 2025 tax reform.The significant business income tax provisions are highlighted below. 30 percent of the adjusted taxable income of the taxpayer.

Tax

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

Withum

MAY 13, 2025

While the bill could face additional adjustments in the Senate, it provides the framework for 2025 tax reform.The significant business income tax provisions are highlighted below. 30 percent of the adjusted taxable income of the taxpayer.

Tax

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

Withum

FEBRUARY 6, 2025

Tax Filing and Payment Relief The IRS announced on January 10, 2025, that individuals and businesses in southern California that were affected by the wildfires will now have until October 15, 2025, to file various individual and business tax returns and to make tax payments.

California

Withum

JUNE 20, 2025

The Senate Finance Committee released its markup of the One Big Beautiful Bill on June 17, 2025, which includes significant changes to state and local income tax deductions, various international provisions and clean energy credits. Contact Us Are you anticipating that these changes will impact your business?

Maine