Withum

JULY 4, 2025

Therefore, PTET deductions for both Specified Service Trades or Businesses (SSTBs), such as accounting and law firms, as well as all trades or businesses that utilize the 199A deduction, are allowed to be deducted for federal income tax purposes.

income tax 119

income tax Tax Kentucky Agriculture 119

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. The excess business loss limitation rule is applicable for effective taxable years beginning after December 31, 2020, and before January 1, 2029.

Tax 72

Tax income tax New York corporation tax 72

Accounting Today

JULY 8, 2025

Read more: " Tax Strategy: Inside the Senate version of the OBBBA. ") "The new law has both temporary changes and permanent changes," said Miklos Ringbauer, founder of Miklos CPA in Southern California. Its a temporary increase, and will continue to increase every year until 2029. All rights reserved.

Technology 126

Technology audit tax preparation corporation tax 126

Withum

MAY 13, 2025

In addition, the House provision does not make this change permanent, but rather extends the immediate deduction of domestic R&E expenses to December 31, 2029. The excess business loss limitation rule is applicable for effective taxable years beginning after December 31, 2020, and before January 1, 2029.

Tax 122

Tax income tax Real Estate tax return 122

Withum

MAY 13, 2025

In addition, the House provision does not make this change permanent, but rather extends the immediate deduction of domestic R&E expenses to December 31, 2029. The excess business loss limitation rule is applicable for effective taxable years beginning after December 31, 2020, and before January 1, 2029.

Tax 96

Tax income tax Real Estate tax return 96