Cherry Bekaert

NOVEMBER 28, 2023

There are several key tax considerations and tactical approaches for businesses to address while closing out 2023 and moving into 2024. From leveraging tax incentives to optimizing deductions, this guide offers insights into tax planning to help businesses make informed decisions and set a solid foundation for the upcoming year.

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Accounting Insight

MAY 1, 2025

Originally, MTD was planned to launch in April 2018 this was then pushed back several times, and is now set to be mandated in 2026 or 2027 depending on the taxpayer’s threshold. The change will affect those with over 50,000 in income per year in 2026, moving to 30,000 in 2027. What are the requirements for MTD?

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Withum

NOVEMBER 29, 2022

This luxury is set to phase out starting January 1, 2023, until it is fully eliminated in 2027 as follows: Period Bonus Depreciation Percentage 9/27/2017 – 12/31/2022 100% 2023 80% 2024 60% 2025 40% 2026 20% 2027 0%. Qualifying property is loosely defined as property with a depreciable life of 20 years or less. Contact Us.

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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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CTP

SEPTEMBER 16, 2022

TCJA (in effect for tax years 2018-2025) limited the amount of debt covered to $750,000 (or $375,000 for married couples filing separately). If the TCJA tax laws are not extended, in 2026 the limitation will go back up to $1 million. Real Estate or Real Property Tax Deduction. You might be pleasantly surprised!

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CTP

SEPTEMBER 16, 2022

TCJA (in effect for tax years 2018-2025) limited the amount of debt covered to $750,000 (or $375,000 for married couples filing separately). If the TCJA tax laws are not extended, in 2026 the limitation will go back up to $1 million. Real Estate or Real Property Tax Deduction. You might be pleasantly surprised!

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Menzies

OCTOBER 6, 2023

This new allowance enables companies to claim a 100% deduction for tax purposes in the year of spend on particular capital investments. This relief is of a temporary nature and will expire on 31st March 2026. As a result, potentially seeing significant tax savings.

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Withum

FEBRUARY 29, 2024

The benefit to the Dodgers under this agreement is that under the MLB’s collective bargaining agreement, the calculation of the luxury tax under a deferred agreement is based on the present value of the contract and therefore the Dodgers would save annually $24 million of his annual $70 million salary towards the luxury tax threshold.

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ThomsonReuters

MARCH 5, 2024

As such, employers may need to research multiple tax plan approaches to forecast for the best possible outcome, and while the sunset date for these measures is more than one and a half years away, answers may come late in the game, leaving employers to scramble for solutions regarding this far-reaching law.

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Withum

FEBRUARY 29, 2024

The benefit to the Dodgers under this agreement is that under the MLB’s collective bargaining agreement, the calculation of the luxury tax under a deferred agreement is based on the present value of the contract and therefore the Dodgers would save annually $24 million of his annual $70 million salary towards the luxury tax threshold.

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Menzies

AUGUST 21, 2023

After the cessation of the “Super-deduction” capital allowance earlier this year, companies will have access to a new First Year Allowance, referred to as Full Expensing, that allows them to claim a 100% deduction for tax purposes in the year of spend on specific capital investments.

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Withum

OCTOBER 18, 2023

What About Estate Planning? Perhaps some of the most important, and possibly the most tedious, tax planning that should be done before the 2025 taxable year-end has to do with estate planning. However, the exemption is set to return to $6 million per individual ($12,000,000 for married couples) starting in 2026.

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Menzies

JUNE 5, 2024

SAFE HARBOUR PROVISIONS There are certain transitional safe harbour provisions that can mitigate a Group’s exposure to a UK top-up tax. The transitional rules will apply through to 2026 and should assist qualifying Group’s in complying with the legislation. was written by Menzies Demi Fossitt and appeared first on Menzies LLP.

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Menzies

MAY 11, 2023

If you are considering the purchase of a significant new piece of plant, tax planning can play an important part in reducing the long-term cost of the investment helping to boost both cash flow and profitability. The company could recover up to 25% of the cost as a reduction in the corporation tax bill for the year of spend.

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Anders CPA

SEPTEMBER 20, 2023

For workers who made over $145,000 in the previous year, catch-up contributions must be deposited in after-tax dollars into a Roth account. The IRS delayed the effective date for this policy, which was originally due to start in 2024 and has now been pushed back to 2026. have gone into effect. Contact Anders The post SECURE Act 2.0

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Anders CPA

APRIL 23, 2024

Defer Itemized Deductions If taxpayers expect their income to be lower in the future, they may want to defer some of their itemized deductions until after 2025 to take advantage of the higher tax benefit in 2026. For 2024, the annual gift tax exclusion is $18,000 per person without using any of the taxpayer’s lifetime exclusion amount.

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CPA Practice

DECEMBER 13, 2023

The West Virginia Society of Certified Public Accountants (WVSCPA) is offering an Introduction to Crypto Currency and Tax Planning. The Kentucky Society Certified Public Accountants (KYCPA) announced their newest board members, whose terms began in July 2023 and will continue through 2026.

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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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KROST

FEBRUARY 23, 2021

In a Qualified Opportunity Fund, there are three tax incentives for reinvesting capital gains which are significantly different than the 1031 exchange incentives: Recognition of capital gains are deferred until the Qualified Opportunity Fund is sold or exchanged or December 31, 2026, whichever occurs earliest.

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Withum

FEBRUARY 26, 2024

Journal entry approval Tax Updates for Dealers Always a well-attended session is the tax update, where accountants and CFOs alike look to kick tax planning into gear for the upcoming year. Require your team to take vacation time. There are a few new topics for the year that deserve attention.

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ThomsonReuters

JULY 7, 2022

Once you’ve had a chance to catch your breath following the spring busy season, it’s time to remind your clients that tax planning is where you can really add value. Here are 10 midyear tax planning moves that shouldn’t be overlooked this summer. #1—Adjust Want more planning ideas?

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Withum

DECEMBER 4, 2024

Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2024 that are phased out over varying levels of adjusted gross income (AGI). Consider relocating your residency and domicile for the purpose of reducing or eliminating your state income tax. The current lifetime exemption is $13.61 million in 2025).

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CPA Practice

JUNE 13, 2024

The Tax Cuts and Jobs Act of 2017 (TCJA) brought about substantial changes to the tax landscape, significantly increasing the lifetime estate and gift tax exemption amounts ($13.61 This strategy balances the benefits of current tax law with the need for financial flexibility and security. million for individuals and $27.22

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KROST

NOVEMBER 24, 2020

The deferred gain is then recognized on the earlier of the date which the qualified opportunity investment is disposed or December 31, 2026. Previously, noncorporate taxpayers were not allowed to deduct excess business losses for tax years beginning after December 31, 2017, and ending before January 1, 2026.

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Dent Moses

MARCH 21, 2024

billion in taxes The critical point is that unless Congress takes further action, the exemption provisions of the Tax Cuts and Jobs Act of 2017 are set to “sunset” on December 31, 2025. To navigate these changing tax dynamics, taxpayers should consult their estate planning professionals.

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Menzies

MARCH 6, 2025

Another area that could be up for reconsideration is the proposed increase to capital gains tax for those making disposals eligible for Business Asset Disposal Relief. The rate of tax is set to increase from 10% to 14% from April 2025 and 18% from April 2026.

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KROST

FEBRUARY 15, 2021

If a decedent were to die in 2021, with an estate of $11,700,000 there would be zero tax due on the estate and a full step up in tax basis on all assets to the value on the decedent’s date of death. Under the current tax law, the higher estate and gift tax exemption will “Sunset” on December 31, 2025. About the Author.

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CPA Practice

JUNE 16, 2023

Estate and gift tax considerations As of 2023, individuals can currently transfer up to $12.92 million (either during your life or as part of your estate) without triggering federal gift taxes or estate taxes. million, and a married couple can transfer a total of up to $25.84 Harvesting capital gains.

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CPA Practice

OCTOBER 18, 2023

Now, I’m thinking that that 2029 date is late, I’m thinking we’re gonna see some of this first breakage occurring in 2025 and 2026. And you know, when I think about tax strategies, and tax planning, we can optimize tax strategies by analyzing large data sets. But now, think about quantum powered AI doing that.

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Withum

OCTOBER 17, 2024

The typical year-end tax planning point is to defer income and accelerate expenses where possible. However, coming into 2025, it may make sense to do the opposite and pay some tax at the “lower” rates. Estate and Gift Taxes With estate and gift taxes, the TCJA doubled the exemption from 2018 to 2025.

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Anders CPA

APRIL 14, 2022

There are some tax planning strategies that can be used to protect the first DSUE. Married couples should first consider what the expected value of their estate will be over the lifetime and if they expect their estate to be subject to estate taxes. million exemption amount is set to expire in 2026.

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Menzies

NOVEMBER 25, 2024

The tax saving amounted to a maximum of 40%. The Chancellor has announced that from 6 April 2026, the relief will be capped so that the 100% relief from IHT will only be given on the first £1million of qualifying assets. Are there tax planning opportunities to consider at this stage to mitigate the tax exposure?

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CPA Practice

OCTOBER 30, 2024

Aprio , a top 25 business advisory and accounting firm, has released its 2024 End of Year Tax Update , highlighting 2024 tax updates and factors that will significantly impact tax planning for 2025 and beyond. Notably, the guide hones in on the planned sunset of provisions made to the 2017 Tax Cuts and Jobs Act (TCJA).

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Accounting Today

MAY 21, 2025

The revised version of President Donald Trump's economic package would move up work requirements to December 2026 from 2029.

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ThomsonReuters

DECEMBER 30, 2024

While many questions remain, now is the time to begin exploring some of the potential tax law changes and strategies for how tax and accounting professionals can stay up to date on changes as they unfold. Trump has proposed to reduce the corporate income tax rate from 21% to 20%; 15% for companies that manufacture in the U.S.

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KROST

NOVEMBER 24, 2020

In the last few months of the year, it is important to consider year-end tax planning opportunities, as many may provide both immediate and long-lasting financial benefits. The Protecting Americans from Tax Hikes Act of 2015 made the R&D credit permanent. This year has brought unique challenges and significant change.

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Accounting Today

JANUARY 15, 2025

The Internal Revenue Service ended 2024 with new regulations on reporting cryptocurrency transactions, amendments for outdated provisions and more.

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