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AICPA Applauds Senate Efforts to “Improve and Correct” House Version of Tax Bill

CPA Practice

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. Removed from Senate Bill: Restriction on regulation of contingency fees with respect to tax returns.

Tax
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Key Provisions of the One Big Beautiful Bill Act

Dent Moses

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.

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IRS Continues to Issue Guidance for Implementing Clean Energy Tax Credits

Cherry Bekaert

Matched with the clean power generation hourly starting January 1, 2028. Elective pay makes certain clean energy tax credits refundable to entities that do not normally pay income taxes. Sourced from a power producer in the same region as the hydrogen production facility.

Tax
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Chancellor's Autumn Statement.

Inform Accounting

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? Taxing cryptoassets: what you need to know.

Tax
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Nurturing Biotech Companies in New York

Shay CPA

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).

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Democrats’ Bill Would Allow Auto Dealers to Claim Clean Vehicle Tax Credits Starting in 2024

Withum

Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Most dealers will need to rely on the prior year’s tax return filings to ensure the credit is allowable and therefore can be properly claimed by the dealership.

Tax
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Democrats’ Bill Would Allow Auto Dealers To Claim Clean Vehicle Tax Credits

Withum

Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Most dealers will need to rely on the prior year’s tax return filings to ensure the credit is allowable and therefore can be properly claimed by the dealership.

Tax