ThomsonReuters

JULY 21, 2025

PTET w orkaround s in a n ew SALT e ra The final OBBBA legislation preserves federal deductibility of Pass-Through Entity Tax (PTET) , allowing pass-through entities to continue paying state income taxes at the entity level.

tax preparation

Accounting Insight

MAY 1, 2025

In this guide we cover everything you need to know about preparing for MTDincluding what it means for income tax and self-assessment, as well as MTD for Income Tax. What is MTD for Income Tax (MTD)? The change will affect those with over 50,000 in income per year in 2026, moving to 30,000 in 2027.

Tax

SkagitCountyTaxServices

MARCH 6, 2025

. – First quarter estimated tax payments for 2025 are due. – Sole proprietors and single-member LLCs must report business income and expenses on Schedule C and attach it to their personal income tax returns. – Tax year 2025 (reporting in 2026): 2.5K

tax return

Xero

JULY 30, 2025

Adapting to HMRC’s tax transformation One of the most significant regulatory changes on the horizon is the rollout of Making Tax Digital for Income Tax (MTD for IT). Those earning above £30,000 will follow in 2027.

Technology

Withum

FEBRUARY 27, 2025

TAA 24A-017 Repairs and Maintenance of Qualifying Aircrafts exempt from sales tax Additionally, Counsel discussed an income tax case brought by a real estate developer who, prior to 2019, did not file Florida corporate income taxes. 168(k), IRC (the addback) for assets placed in service before January 1, 2027.

Florida

CPA Practice

JUNE 25, 2025

Jason Bramwell Accounting June 24, 2025  Gartner Predicts that 17% of Total Cyberattacks Will Involve Generative AI by 2027 The adoption of AI and generative AI continue to increase investments in security software markets like application security, data security and privacy, and infrastructure protection.

cpa firm

ThomsonReuters

JULY 21, 2025

Key individual provisions The OBBBA brings significant updates to individual tax policy by permanently extending many of the Tax Cuts and Jobs Act (TCJA) provisions that were previously set to expire. Pass-Through Entity Tax (PTET) remains intact. Charitable contributions.

Tax

Withum

DECEMBER 17, 2024

It is important to note the TCJA sunsetting will not eliminate the 21% corporate tax rate. As an example, owners of S Corporations and Partnerships currently have the potential to pay taxes up to a 37% federal income tax rate. Take that deduction away, their taxes could be as high as $37,000 on that income.

Tax

CPA Practice

JULY 30, 2025

For tax year 2026, it will increase to $2,000. For 2027 and subsequent years, the threshold for both forms will be adjusted for inflation. Effective for 2027, payors are required to issue 1099-MISC and 1099-NEC forms only where the aggregate for the calendar year exceeds the threshold for that year.

Technology

ThomsonReuters

JUNE 27, 2025

Key provisions include the permanent extension of select elements from the Tax Cuts and Jobs Act (TCJA), as well as the implementation of campaign promises from the Trump Administration, most notably, proposals to eliminate federal income tax on overtime pay and employee tips.

payroll

Menzies

JULY 14, 2025

The TRF allows eligible individuals to bring historically untaxed offshore trust income and gains into the UK at reduced flat tax rates of: 12% in the 2025/26 tax year 12% in the 2026/27 tax year 15% in the 2027/28 tax year This compares favourably to the standard top rates of 45% (income tax) and 38.4% (CGT, including the supplementary charge), offering (..)

Tax

Insightful Accountant

JUNE 30, 2025

However, clean hydrogen production credits received a reprieve, extending through 2027 with an additional two years. The firearms excise tax structure was modified instead, maintaining $200 for machineguns and destructive devices while eliminating taxes on other firearms.

general ledger

Dent Moses

JULY 8, 2025

Among its major provisions, The Act offers deductions to eliminate income taxes on certain tips and overtime pay, enhances small business tax relief, and repeals numerous clean energy tax incentives. Residential Construction: Exempts certain residential projects from percentage-of-completion accounting.

Gambling

Accounting Today

JULY 15, 2025

The bill said that you had to have the asset placed in service by 2027 but also you had to start construction on that facility within one year of the enactment date," said Ian Boccaccio, principal and income tax practice leader at tax firm Ryan. "If There are more stringent requirements for renewable energy projects.

Tax

Withum

JULY 1, 2025

House Bill vs. Senate Bill Comparisons of the major individual income tax provisions in the House bill versus the Senate bill are highlighted below. Provides for a rolling 10-year OZ designation beginning on January 1, 2027, making QOZ investment opportunities permanent.

Tax

Menzies

AUGUST 6, 2025

Continuing work to provide individual taxpayers with a view of their overall income and tax position in their digital account – building on work from the Single Taxpayer Account Programme. In addition, they want to reduce the time taxpayers need to spend managing their tax affairs so that they can focus on business and growth.

tax return

Menzies

APRIL 14, 2025

Amongst the key reforms of abolishing the non-dom regime and changes to Agricultural Property Relief and Business Property Relief, was the significant announcement that from 6 April 2027, undrawn pension funds will now be subject to inheritance tax.

Tax

ThomsonReuters

DECEMBER 30, 2024

As explained in a recent blog by Alex Durante , an Economist at the Tax Foundation, this is done to avoid what is known as bracket creep. Bracket creep occurs when inflation, rather than real increases in income, pushes people into higher income tax brackets or reduces the value they receive from credits and deductions, Durante wrote.

Tax

Churchill-Knight

OCTOBER 30, 2024

Income Tax The rates of Income Tax and National Insurance paid by employees will remain the same. Income Tax band thresholds will be unfrozen in 2028 to prevent people from being dragged into higher tax bands as their wages rise, and they will rise in line with inflation. billion over five years.

income tax

Withum

AUGUST 4, 2025

The OBBBA enhanced multiple aspects of the QSBS rules for all QSBS issued on or after July 5, 2025, as follows: The per-issuer gain exclusion cap is increased from $10 million to $15 million for stock acquired after July 4, 2025 (and the cap will be indexed for inflation beginning in 2027).

Tax

Menzies

JULY 14, 2025

This includes not only personal offshore income and gains but also distributions and benefits received from non-UK trusts. by 31 January 2027 for 2025/26). Relevance for offshore trusts View latest trust-related tax changes For settlors and beneficiaries of non-UK trusts , the TRF represents an essential planning opportunity.

income tax

Menzies

MARCH 26, 2025

Inflation / Growth The OBR predicts inflation is expected to stabilise at 2% per annum from 2027 onwards which is good news for the sector. in 2027, 1.7% In the meantime, the OBR predicts households will have an extra annual 500 of disposable income which is unlikely to significantly benefit the sector! in 2026, 1.8%

Hospitality

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. Business Tax Provisions Section 168(k) “Bonus” Depreciation The bill permanently extends 100% bonus depreciation for qualified property acquired after January 19, 2025.

Rhode Island

CPA Practice

JULY 31, 2025

The federal policy builds on existing state-level tax credit scholarship programs—such as Alabama’s—but significantly expands eligibility, removes scholarship caps and broadens allowable uses to include not just tuition, but also tutoring, therapy, transportation and academic support services. “That was mostly addressed.”

Arizona

CPA Practice

JULY 18, 2025

Changes take effect starting in tax year 2027. Advance premium tax credits will be riskier How it works now: Advance premium tax credits pay for some or all of your health insurance premiums. Others no longer qualify, even if lawfully present. If not, you might need to find another source of insurance.

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, 2024, and before Jan.

California

Inform Accounting

JANUARY 9, 2023

The mandatory use of software for Making Tax Digital for Income Tax Self-Assessment is being phased in from April 2026. Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) was due to be phased in from April 2024. Making Tax Digital from April 2027. website.

income tax

CPA Practice

FEBRUARY 28, 2023

The Saver’s Credit is a nonrefundable tax credit that may be applied up to the first $2,000 of voluntary contributions an eligible taxpayer makes to a 401(k), 403(b), or similar employer-sponsored retirement plan, a traditional or Roth IRA, or an ABLE (Achieving a Better Life Experience) account.

Tax

CPA Practice

JULY 10, 2024

The Inflation Reduction Act of 2022 added a new income tax credit for clean fuel production, available beginning Jan. The Section 45Z tax credit under the Inflation Reduction Act is available for clean fuel produced by a taxpayer at a qualified facility from 2025 through 2027.

Transportation

Cherry Bekaert

JUNE 2, 2023

Two new tax credits were enacted in California, which begin in tax year 2023 and extend through 2027. Cannabis businesses generally cannot deduct business expenses for federal income tax purposes, so to alleviate the tax burden and offset operating costs, California is providing a measure of tax relief for the industry.

California

Accounting Insight

DECEMBER 20, 2022

Self-employed individuals and landlords will have more time to prepare for Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA), following a government announcement today (19 December 2022). Those with an income of between £30,000 and £50,000 will need to do this from April 2027.

Government

CPA Practice

APRIL 15, 2025

The 2025 Generative AI in Professional Services Report found the percentage of tax firms already implementing GenAI technology has nearly tripled year-over-year.

accounting firms

Withum

OCTOBER 3, 2023

If a business timely filed its original 941s and no fraud is involved, then the IRS has until April 15, 2024 to deny 2020 claims, it has until April 15, 2025 to deny Q1 and Q2 2021 claims, and it has until April 15, 2027 to deny Q3 and Q4 (for recovery startup businesses) 2021 claims.

income tax

TaxConnex

SEPTEMBER 22, 2022

Georgia has updated its sales and use tax exemption for admissions to some fine arts performances and exhibitions through Dec. Indiana has updated a sales tax information bulletin to reflect changes to the treatment of sales by nonprofits according to legislation enacted in March. Pennsylvania has ruled in Online Merchants Guild v.

Sales

ThomsonReuters

AUGUST 25, 2023

According to a recent report by the Institute on Taxation and Economic Policy , the TCJA expanded tax breaks for “accelerated depreciation” have reduced taxes by nearly $67 billion for “the 25 profitable corporations that benefited the most, based on information disclosed by the companies themselves.” 27, 2017, and before Jan.

corporation tax

Withum

JUNE 13, 2023

One of the most effective methods of accomplishing this is by reducing their income tax liability on the investment properties they own; this can be accomplished by conducting a cost segregation study. Starting in 2023, 100% bonus depreciation begins a five-year phase-out until it is set to be eliminated in 2027.

Real Estate