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More time to prepare for Making Tax Digital for Income Tax Self-Assessment

Inform Accounting

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. This will replace the need for a Self-Assessment tax return.

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ERC Moratorium – What Does That Mean?

Withum

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.

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Nebraska State Tax Updates

Withum

For the latest news and updates on Nebraska state and local tax. Nebraska Implements Corporate Income Tax Rate Reductions. 873 which reduces Nebraska’s corporate income tax rate over the next five years. The return and payment deadlines are extended to May 17, 2021. Tax Filing and Deadline Extended.

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Understanding depreciation and its impact on corporate tax

ThomsonReuters

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.

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Analyzing the Impact: Tax Relief for American Families and Workers Act of 2024

Cherry Bekaert

tax returns for the 2022 tax year. The Act retains 20% bonus depreciation for property placed in service after December 31, 2025, and before January 1, 2027. This may be administratively problematic for companies that have already filed their U.S.

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What to know about Form 4562: Depreciation and Amortization

ThomsonReuters

If, during the tax year, a client has purchased a tangible or intangible asset and is looking to claim depreciation and amortization deductions or expense certain property under Section 179 , Form 4562 must be filed with their annual tax return. Any depreciation on a corporate income tax return (other than Form 1120-S).

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2023 Year-End Tax Planning Strategies for Businesses

Cherry Bekaert

Other states allow the pass-through entity owners to reduce their state taxable income by the amount of income previously reported and taxed by the pass-through entity. and foreign taxes should review their strategies annually.