Cherry Bekaert

JULY 23, 2024

An inclusion event can trigger the immediate recognition of gain that would otherwise be deferred until 2026. The Company, which had worked with Cherry Bekaert for more than eight years, turned to the Firm to understand its options and the related tax implications. Guidance Our professionals helped the Company evaluate its options.

Real Estate 52

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Withum

JANUARY 16, 2024

Extension of 100 Percent Bonus Depreciation: Bonus depreciation was reduced to 80% for qualified property placed into service after December 31, 2022, and to 60% for qualified property placed into service after December 31, 2023.

Tax 118

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Cherry Bekaert

SEPTEMBER 29, 2023

Realizing Tax Benefits By implementing an OZ and leveraging OZ program requirements for this hotel investment, Cherry Bekaert allowed the Company to: Defer tax on $2.2M For more information on how our Opportunity Zone Tax Services Team can assist and advise on the next steps in your OZ project, please contact us today.

Real Estate 105

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Withum

OCTOBER 3, 2024

Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Don’t hesitate to reach out to Withum to help during this difficult time. Let’s Chat The post IRS Provides Relief to Taxpayers Impacted by Hurricane Helene appeared first on Withum.

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Cherry Bekaert

SEPTEMBER 22, 2023

The Tax Cuts and Jobs Act of 2017 (TCJA) gave way to the OZ program, which instantly became a hot topic across the real estate industry. The program intrigued investors with opportunities to defer tax on their capital gains until December 2026 and receive a stepped-up basis in their investment for at least 10 years.

Real Estate 111

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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

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Cherry Bekaert

NOVEMBER 14, 2023

Contributor: Chelsea Payne , Senior Manager, Tax Services As the end of the year approaches, strategic planning remains crucial for taxpayers looking to optimize their financial positions and set the stage for a strong start in the upcoming fiscal year.

Real Estate 109

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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.

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Cherry Bekaert

FEBRUARY 2, 2024

Compliance requirements for SB 253 are as follows: Beginning in 2026 (for reporting year 2025), reporting entities are required to annually report their Scope 1 and Scope 2 greenhouse gas emissions. More guidance on this is forthcoming.

accounting and finance 83

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Withum

DECEMBER 4, 2024

Consider asking your employer to increase withholding of state and local taxes (or you can pay estimated state and local tax payments) before year-end to pull the deduction of those taxes into 2024. Consider relocating your residency and domicile for the purpose of reducing or eliminating your state income tax.

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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 124

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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

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Withum

FEBRUARY 20, 2025

House of Representatives voted unanimously to push the CTA reporting deadline to January 1, 2026. Contact Us Please reach out to Withums Tax Services Team if you have any questions about your BOI reporting obligation. Meanwhile, on February 10, 2025, the U.S. The bill is now pending before the Senate.

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Withum

FEBRUARY 20, 2025

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. They are scheduled to increase in 2027 and 2028.

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Withum

MAY 13, 2025

Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Let’s Chat The post House Presents Tax Reform Bill Including Multiple Business Provisions appeared first on Withum. 30 percent of the adjusted taxable income of the taxpayer.

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Withum

MAY 13, 2025

Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Let’s Chat The post House Presents Tax Bill Including Multiple Business Provisions appeared first on Withum. 30 percent of the adjusted taxable income of the taxpayer.

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Accounting Insight

MARCH 27, 2025

Making Tax Digital for Income Tax (MTD IT) will be implemented from April 2026. How do I find out more about outsourcing MTD IT services? Initor Globals outsourced bookkeeping, accounting and tax services are suitable for MTD IT client engagements.

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CPA Practice

OCTOBER 30, 2024

“While the upcoming tax year brings uncertainty for businesses and individuals alike, Aprio’s tax advisors are poised to act should any major tax laws change that could impact clients,” said John Rose , Director of National Tax Services at Aprio.

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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. Check out IRS.gov/TCE for more information.

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Withum

JANUARY 30, 2025

Congress will be able to pass a budget reconciliation bill twice during the 2025 calendar year, one to adopt the FY 2025 budget and another to adopt the FY 2026 budget. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

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Withum

FEBRUARY 6, 2025

The tax law also provides some flexibility regarding the timing of a casualty loss deduction. Casualty losses generally are deductible on the tax return that includes the year of the loss, which here would be an individuals 2025 tax return that is due April 15, 2026.

California 117

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Withum

OCTOBER 17, 2024

Using the inflation-adjusted pre-TCJA tax rates, a married filing joint couple with taxable income of $110,000 in the 2024 taxable year will pay federal income taxes of approximately $12,928. Inflation-adjusted pre-TCJA tax rates for individual taxpayers- Withum But it could be worse, depending on the upcoming legislation.

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Withum

JANUARY 13, 2025

This exclusion applies to payments received during taxable years starting after December 31, 2019, and before January 1, 2026. Because most individuals report their tax using the calendar year, this effectively means any qualifying payments received in 20202025. Authors: Yeonhee Oh | yeonhee.oh@withum.com

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