CPA Practice

JULY 7, 2025

Provide guidance on Notice 2020-75 and sections 469 and 163 on nonpassive versus passive income and interest expense tracing. Provide guidance on section 111 application to state tax refunds at the individual level and ordering between passthrough entity income tax payments and nondeductible estimated payments and withholding.

cpas

Withum

JUNE 24, 2025

The deduction was provided under the Tax Cuts and Jobs Act in order to provide more equity in the applied tax rates for pass-through businesses and C Corporations, given that the C Corporation tax rate was decreased from 35% to 21% as part of the legislation.

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.

income tax

Dent Moses

JUNE 9, 2025

Corporate Tax Rate Unchanged Despite prior campaign discussion of lowering the corporate tax rate to 15%, the bill does not propose a change from the current 21%. Pass-Through Deduction Increased The bill includes the Section 199A Qualified Business Income (QBI) deduction, increasing permanently from 20% to 23%.

Tax

Inform Accounting

MARCH 21, 2023

In this blog we set out some of the main tax rates. INCOME TAX The personal allowance and basic rate band threshold are now frozen in place until 5 April 2028. As earnings increase, individuals will move into higher tax bands.

Tax

Inform Accounting

NOVEMBER 18, 2022

The leaked and previously announced tax increases are still going ahead…. Corporation tax from April 1 2023 to increase to 25% for companies with profits over £250,000. Companies with profits under £50,000 will be taxed at 19%. Companies with profits between £50,000 and £250,000 will be taxed between 19% and 25%.

Tax

CPA Practice

JANUARY 23, 2023

Almost all states have seen their budget surpluses grow in the past two years, thanks to federal COVID-19 relief funds and increasing corporate tax revenues as the economy recovers from the pandemic. Grocery taxes that remain are “there for a reason. The cost is projected to increase to $415 million in fiscal 2028.

Idaho