Withum

JULY 1, 2025

Provides for a rolling 10-year OZ designation beginning on January 1, 2027, making QOZ investment opportunities permanent. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Let’s Chat The post Senate Passes Federal Tax Reform: How Will It Impact You?

Tax

Withum

JULY 8, 2025

The second change increases the cumulative per-issuer gain limit from $10 million to $15 million, indexed for inflation beginning in 2027. Last, the OBBBA increases the limitation ceiling on a corporation’s “aggregate gross assets” from $50 million to $75 million, indexed to inflation beginning in 2027.

Tax

Withum

JUNE 17, 2025

The SFC proposal would increase the cumulative per-issuer gain limit from $10 million to $15 million, indexed for inflation beginning in 2027. This typically arises after the incorporation of an ongoing business ( i.e., a midstream incorporation) or the incorporation of a well-funded start-up, which is not that common.

New Jersey

CPA Practice

JUNE 23, 2025

20 Related article: Former IRS Chief Danny Werfel Joins Alliant Strategic Advisory Board Long, a Republican who represented southwest Missouri in Congress for a decade, faced sharp questions during his Senate confirmation hearing from Democrats over his promotion of tax credits that they said don’t exist.

Missouri

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

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, 2024, and before Jan.

California

ThomsonReuters

JANUARY 30, 2023

per hour by 2027. Senate Bill 70 proposes gradual increases until the minimum wage reaches $16 per hour in 2027. Senate Bill 32 would incrementally increase the minimum wage until it reaches $15 per hour on July 1, 2027. Yet another bill ( Senate Bill 366 ) looks to increase the minimum wage to $13 per hour.

payroll

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. This means that deductible amounts will be reduced to 80% in 2023, 60% in 2024, 40% in 2025, 20% in 2026, and finally 0% in 2027.

accounting principles

Withum

JANUARY 16, 2024

For property place in service after December 31, 2025, and before January 1, 2027, bonus depreciation would remain at 20%. Let’s Chat The post Tax Framework Released: Tax Relief for American Families and Workers Act of 2024 appeared first on Withum. For the 2023 taxable year, a 179 expense of $1.16

Tax

ThomsonReuters

AUGUST 24, 2023

Unfortunately, the complexities and the time it can take to manually input business clients’ asset information, especially when onboarding new clients, means added work and stress in an already busy tax season. Bonus depreciation is a temporary business tax deduction, to be fully phased out in 2027.

Tax

Cherry Bekaert

AUGUST 20, 2024

The new California legislation restricts the use of net operating losses (NOLs) and limits the application of tax credits to $5 million, offsetting California state taxes against corporation and personal income taxes per taxpayer or combined reporting group for tax years 2024, 2025 and 2026.

California

CPA Practice

JANUARY 12, 2024

By Caitlin Reilly, CQ-Roll Call (TNS) A bipartisan, bicameral $70 billion tax agreement taking shape on the Hill is drawing mixed reviews, pointing to potential challenges ahead for Senate Finance Chair Ron Wyden and Ways and Means Chairman Jason Smith. Elizabeth Warren, D-Mass., dismissed it as a giveaway to corporate donors.

Tax

CPA Practice

AUGUST 21, 2024

The news comes on the heels of Lettuce’s launch and seed funding announcement in March and a major product release in June of LettuceHead AI , a free, first-of-its-kind AI-chat bot specialized to answer solopreneurs tax and accounting questions. Despite this growth, solopreneurs have historically been underserved.

Tax

ThomsonReuters

AUGUST 25, 2023

When enacted, bonus depreciation enabled businesses to immediately write off 100% of the cost of eligible property acquired and placed in service after Sept. 27, 2017, and before Jan. Prior to TCJA, it was 50%. The bonus percentage is now decreasing 20 points each year and will fully expire on Jan.

corporation tax

CPA Practice

MAY 17, 2023

South Dakota’s state sales and use tax rate will drop from 4.5% beginning July 1, 2027. The sales tax rate change is due to the enactment of House Bill 1137. As introduced, the measure sought to reduce the state sales and use tax rate to 4%. state sales and use tax rate will be repealed on June 30, 2027.

South Dakota

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

ThomsonReuters

DECEMBER 1, 2023

Under the Tax Cuts and Jobs Act (TCJA), the 100% write-off of eligible property expired Dec. And, unless the law changes, the bonus percentage will decrease by 20 points each year for property placed in service after Dec. 31, 2022, and before Jan.  In 2023, the special depreciation allowance is 80%. For 2024, the percentage drops to 60%.

tax return

Withum

JANUARY 25, 2023

Based on the current legislation, bonus depreciation will continue to decrease by 20% each year until it is no longer available starting in the 2027 taxable year. However, the ability to deduct business interest expense to finance those property purchases could be limited based on the current law as well (see below).

Tax

Withum

JULY 26, 2023

Under current law passed under TCJA, there is a reduction of bonus depreciation to 80% in 2023 and a decrease of 20% each year until it is no longer available starting in the 2027 taxable year. On the Democratic side, there is still a strong desire to expand the child tax credit.

Tax

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

CPA Practice

JANUARY 16, 2024

Senate Finance Chairman Ron Wyden and House Ways and Means Chairman Jason Smith unveiled a roughly $78 billion tax deal Tuesday that would revive a trio of business tax credits, expand the child tax credit and boost low-income housing. aim to pass the tax package before Jan. Wyden, D-Ore., and Smith, R-Mo.,

tax planning

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

DMCL

APRIL 11, 2022

Effective for eligible flow-through share agreements entered into from April 7, 2022 to March 31, 2027. Elimination of flow-through shares for exploration and development of oil, gas and coal resources.

Non-Profits

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. They are scheduled to increase in 2027 and 2028. The Homelessness Gross Receipts Tax (HGRT), an additional tax for larger businesses, will now apply to more Companies.

Tax