Withum

JUNE 24, 2025

The 199A deduction is eventually phased out for specified service trades or businesses (SSTBs) when an owner’s taxable income exceeds a certain threshold amount. For example: Assume $500,000 of pass-through income is allocated to a New York state resident, filing a married filing joint return, for the 2028 calendar year.

Tax 72

Tax income tax New York corporation tax 72

Shay CPA

FEBRUARY 10, 2025

While this typically signals pro-business tax incentives, concerns about the federal budget deficit may delay any sweeping amendments to Section 174. million in grant income in 2024 (accrual accounting). This can create a significant, unexpected tax liability, even if the startup has no commercial revenue. calendar years.

accrual accounting 52

accrual accounting Tax CPA payroll tax 52

CPA Practice

JUNE 18, 2025

The Senate bill includes the following provisions that the AICPA has endorsed in the past: An increase in the standard deduction for years 2025-2028. This is a longstanding priority for the AICPA and the accounting profession. © 2025 Firmworks, LLC.

Tax 87

Tax Technology income tax payroll 87

Insightful Accountant

JUNE 30, 2025

Wind and solar projects must now be placed in service by 2028 to qualify for the section 45Y clean energy production credit, tightening the timeline from the previous requirement of merely beginning construction by that date. A residential construction accounting exception was also added to the community development section.

general ledger 52

general ledger Alaska New Hampshire Construction 52

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. Senior Deduction: The Act provides a $6,000 deduction for individual taxpayers who are aged 65 or older from 2025-2028.

Gambling 49

Gambling Manufacturing Construction Tax 49

Inform Accounting

NOVEMBER 18, 2022

Income tax and National Insurance contributions thresholds are staying the same until April 2028. The Upper rate tax band threshold will be lowered from £150,000 to £125,140 from 6th April 2023. Remember that small business owners bared the brunt of the tax increases? for individuals over 23 to £10.42

Tax 52

Tax income tax tax return Government 52

Shay CPA

JULY 26, 2023

The business should also partner with a university or college sponsoring the tax-free area where the company seeks to do business. These companies should have incurred qualified research and development expenses in New York State and received a certificate of tax credit issued by Empire State Development (ESD).

New York 52

New York Technology income tax Real Estate 52