Accounting Insight

MAY 9, 2025

In this blog, we answer all your FAQs related to MTD for Income Tax , as there remains uncertainty about HMRCs scheme. What is MTD for Income Tax? Be able to provide their Income Tax return information to HMRC through compatible software. Who does MTD for Income Tax apply to and what are the income thresholds?

income tax

Withum

FEBRUARY 27, 2025

The days agenda covered a wide range of topics including general tax administration, artificial intelligence tools, technical assistance and an update from general counsel. The department also gave an update on its software system transformation initiative, which should not impact or interrupt how taxpayers report and remit their taxes.

Florida

Withum

JULY 1, 2025

Senate Bill Comparisons of the major individual income tax provisions in the House bill versus the Senate bill are highlighted below. Standard Deduction Permanently allows for the increased standard deduction amount provided under the Tax Cuts & Jobs Act. The state and local tax cap will revert to $10,000 in the 2029 taxable year.

Tax

Withum

JULY 22, 2025

While the OBBBA does not directly amend state and local income tax laws, some of the new provisions impact state income taxes in states that use Federal Taxable Income or Adjusted Gross Income as the starting point for state corporate income and personal income taxes, respectively.

income tax

Withum

JANUARY 30, 2025

Following the January inauguration, a flurry of executive orders, and Senate confirmations rolling in, the timing of when federal tax reform will take place still appears to be undecided amongst the Republican party. How Will Federal Tax Reform Be Presented In Congress? How Will Federal Tax Reform Be Presented In Congress?

Tax

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). 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).

tax planning

Accounting Today

JULY 18, 2025

Danielle Lee Managing Editor, Accounting Today mailto linkedin Practice management Career moves KPMG Accounting students MORE FROM ACCOUNTING TODAY Tax IRS enforcement efforts hit by cutbacks The IRSs progress in improving tax compliance in recent years has been threatened by cuts in funding and hiring, according to a new report.

Indiana

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

JANUARY 16, 2024

We are excited to announce that Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR) released a bipartisan tax framework that promotes Main Street businesses, while also providing more financial security to families in need.

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. 1, 2025, and prior to Jan 1, 2026.

California

Cherry Bekaert

JULY 23, 2024

The Company turned to Cherry Bekaert to understand the tax implications of the sale. An inclusion event can trigger the immediate recognition of gain that would otherwise be deferred until 2026. Results The QOF reinvested the sale proceeds into two new QOZB investments, which saved the investors over $1M in taxes.

Real Estate

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. The seller recognizes gains as the buyer makes payments of principal on the note.

Real Estate

Withum

OCTOBER 3, 2024

The IRS issued a news release providing tax relief for taxpayers affected by Hurricane Helene. Key Hurricane Helene Tax Relief Information Who qualifies for this relief? Key Hurricane Helene Tax Relief Information Who qualifies for this relief? Provide the FEMA Disaster Number of the area where your tax preparer is located.

South Carolina

Cherry Bekaert

SEPTEMBER 29, 2023

real estate, while taking advantage of any strategic tax benefits that coincided with a desired new investment. With over 75 years of tax consulting and compliance services, Cherry Bekaert’s Opportunity Zone Team can step in and advise on these investment funds and tax credits and incentives.

Real Estate

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

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. trillion over ten years.

Tax

Withum

OCTOBER 11, 2023

The Internal Revenue Service (“IRS”) released Notice 2023-63 , on September 8, 2023, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year.While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal.

income tax

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. Carried interest is likely to resurface as a key point of contention as domestic tax policies invariably come into play.

accounting and finance

Withum

AUGUST 17, 2022

The Inflation Reduction Act of 2022 signed into law by President Biden on August 16, 2022 includes significant changes related to electric vehicle tax credits. 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. Contact Us.

Tax

Withum

AUGUST 17, 2022

The Inflation Reduction Act of 2022 signed into law by President Biden on August 16, 2022 includes significant changes related to electric vehicle tax credits. 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. Contact Us.

Tax

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

The House Ways and Means Committee released additional information regarding their proposed tax bill, named The One, Big, Beautiful Bill , on Monday, 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.

Tax

Withum

FEBRUARY 20, 2025

The deadline for submitting the San Francisco Gross Receipts Tax return is quickly approaching on February 28, 2025. A broad restructuring of the exemption threshold, apportionment formulas, and rates could considerably change your tax liability and estimates required for 2025. They are scheduled to increase in 2027 and 2028.

Tax

Withum

MAY 13, 2025

The House Ways and Means Committee released additional information regarding their proposed tax bill, named The One, Big, Beautiful Bill , on Monday, 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.

Tax

Withum

FEBRUARY 20, 2025

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. Contact Us Please reach out to Withums Tax Services Team if you have any questions about your BOI reporting obligation.

Texas

Accounting Insight

MARCH 27, 2025

Making Tax Digital for Income Tax (MTD IT) will be implemented from April 2026. Can I outsource other personal tax work? HMRC expects around 2 million taxpayers will use the MTD IT service by 2027. An outsource partner can help prepare returns and supporting records and calculate tax due.

income tax

Nancy McClelland, LLC

JANUARY 11, 2025

Road sign announcing that tax season is ahead Big news! The IRS announced yesterday that tax season for 2024 returns will officially begin on January 27, 2025. Wishing I could say the same for the helpfulness of Congress, who is actually responsible for the insanity that is our complex labyrinth of tax code.)

Tax

Withum

FEBRUARY 6, 2025

The federal tax laws have various provisions that can provide relief to affected taxpayers. This article summarizes the federal tax relief that is available. The tax relief postpones various tax filing and payment deadlines from January 7, 2025, through October 15, 2025.

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.

Maine

Withum

JANUARY 13, 2025

On December 12, 2024, President Biden signed the Federal Disaster Tax Relief Act of 2023 (H.R. 5863), a significant piece of legislation aimed at providing much-needed tax relief to individuals and businesses affected by federal disasters.

Ohio