Accounting Today

JULY 9, 2025

Platform Accounting expands in Chicago Platform Accounting Group building in Holladay, Utah Platform Accounting Group has added Madison Street Advisors, formerly known as McCormick Tax Group, based in downtown Chicago, extending Platforms footprint in the Midwest. All rights reserved.

accountant

ThomsonReuters

JULY 21, 2025

When the federal government enacts a tax provision, states must decide whether (or how) to incorporate it.

tax preparation

Withum

DECEMBER 4, 2024

The depreciation percentage will continue to decrease 20% each year until bonus depreciation is no longer available for property placed in service in 2027. Planning should occur with your tax advisor on how to optimize bonus depreciation.

Tax

Accounting Insight

MAY 1, 2025

Originally, MTD was planned to launch in April 2018 this was then pushed back several times, and is now set to be mandated in 2026 or 2027 depending on the taxpayer’s threshold. The change will affect those with over 50,000 in income per year in 2026, moving to 30,000 in 2027. What are the requirements for MTD?

Tax

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

Withum

DECEMBER 17, 2024

Take that deduction away, their taxes could be as high as $37,000 on that income. One item we have seen as a significant issue for many businesses with significant capital expenditures is the drop in bonus depreciation from 100% in 2022 to 0% in 2027.

Tax

ThomsonReuters

JULY 21, 2025

Jump to ↓ How OBBBA is impacting federal tax policy Strategic implications in a shifting political landscape What tax professionals should do now to manage the OBBA impact For tax professionals, the newly signed One Big Beautiful Bill Act (OBBBA) of 2025 has significant impacts for client tax planning and compliance.

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

This continuity could help to simplify tax planning and reduce the administrative burden of adapting to frequent regulatory changes. However, the proposed exemption of overtime pay and tips from federal income tax may introduce new complexities.

payroll

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. "For All rights reserved. Solar, wind, EVs, EV charging, they got whacked.

Tax

Menzies

NOVEMBER 25, 2024

FAQs Business and Agricultural Property Relief Changes On 30 October, we saw perhaps the most hyped budget of a decade (or so) in terms of the significance of the changes made, particularly in the realm of Inheritance Tax (IHT). Pensions may have been hit, with pension pots becoming liable to IHT from April 2027.

Agriculture

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. 67% effective tax rate? Can you mitigate your liability?

Tax

ThomsonReuters

DECEMBER 30, 2024

While many questions remain, now is the time to begin exploring some of the potential tax law changes and strategies for how tax and accounting professionals can stay up to date on changes as they unfold. Individual income tax rates (10%, 12%, 22%, 24%, 32%, 35%, and 37%) will expire after 2025 and revert to pre-TCJA rates.

Tax

ThomsonReuters

JULY 18, 2025

Also, the exclusion amount is increased from $10 million to $15 million, with that amount indexed for inflation starting in 2027. Honorable mention: The new excise tax on remittance transfers. Effective next year, this new provision imposes a 1% excise tax on certain remittance transfers, which are outbound transfers from U.S.

Tax

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

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

Accounting Today

JULY 18, 2025

annual clean-energy installations will plunge 41% after 2027, due to the rapid phase-out of wind and solar tax credits in President Donald Trumps sweeping economic legislation. All rights reserved. Adam Glanzman/Bloomberg U.S. About 57% of wind farms will be competitive without credits, according to an Enverus report issued this week.

Rhode Island

Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2022 that are phased out over varying levels of adjusted gross income (AGI). million in 2023).

tax planning

Withum

NOVEMBER 29, 2022

The real estate industry has gotten very comfortable with the luxury of having 100 percent bonus depreciation on certain asset classes since it was re-enacted by the Tax Cuts and Jobs Act on September 27, 2017. Taxpayers have the remainder of the calendar 2022 year to take advantage of 100% bonus depreciation on qualifying property.

tax planning

Anders CPA

NOVEMBER 21, 2023

Year-end is approaching fast, which means this is the perfect time for businesses to make some final adjustments to their tax planning strategies. Consulting with a trusted tax professional to determine your eligibility for certain deductible activities is the best way to maximize your tax savings.

tax planning

Cherry Bekaert

NOVEMBER 28, 2023

There are several key tax considerations and tactical approaches for businesses to address while closing out 2023 and moving into 2024. From leveraging tax incentives to optimizing deductions, this guide offers insights into tax planning to help businesses make informed decisions and set a solid foundation for the upcoming year.

tax planning

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

OCTOBER 18, 2023

The step-down of the bonus amount continues annually at 20% until it is completely phased out to 0% in 2027. What About Estate Planning? Perhaps some of the most important, and possibly the most tedious, tax planning that should be done before the 2025 taxable year-end has to do with estate planning.

Tax

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. Planning Strategies If a company is looking to make significant qualified property purchases, the sooner the better. And it does not get better after that.

Tax

Withum

FEBRUARY 26, 2024

Journal entry approval Tax Updates for Dealers Always a well-attended session is the tax update, where accountants and CFOs alike look to kick tax planning into gear for the upcoming year. For property placed in service after December 31, 2025, and before January 1, 2027, bonus depreciation would remain at 20%.

cpas

CPA Practice

JANUARY 16, 2024

The deduction dropped to 80 percent of those purchases last year and will phase out entirely by 2027, absent congressional action. Tax writers plan to end the pandemic-era employee retention tax credit program early to cover the cost of the deal. The deal would also allow small businesses to deduct up to $1.29

tax planning

Anders CPA

OCTOBER 17, 2023

While businesses were able to deduct 100% of a purchase made in 2021 on their 2022 tax year filing, bonus depreciation will be phased out and eventually sunset completely by 2027. Learn more about how our advisors can help you take advantage of tax incentives, and the associated costs, by contacting Anders below.

Manufacturing

Withum

OCTOBER 17, 2024

Bonus depreciation has been declining by 20% each year and will be zero for property placed in service in 2027 (60% in 2024 and 40% in 2025). The typical year-end tax planning point is to defer income and accelerate expenses where possible. Place extra scrutiny on year-end accruals and lower cost or market inventory adjustments.

Tax

CPA Practice

DECEMBER 29, 2023

But if you take that into a QuickBooks Desktop discontinuance even with the sun setting, it means all of the Intuit QuickBooks Desktop products except enterprise would be gone by 2027. And, of course, we’ve seen the transition from prosystem tax into excess tax and so forth.

Technology

Cherry Bekaert

OCTOBER 3, 2024

The phase out will continue at a rate of 20% per year until it is fully phased out in 2027. While the fate of the TCJA is still uncertain, being aware of potential tax changes and their impact is important for both businesses and individual taxpayers.

Tax