Withum

AUGUST 5, 2025

Businesses should carefully evaluate these specific criteria as part of their broader tax planning strategy to maximize available benefits and secure compliance. Definition of Qualified Production Activity Under the OBBBA, a qualified production activity refers to the manufacturing, production, or refining of a qualified product.

tax planning

CapataCPA

JULY 11, 2025

The Act extends and enhances several key provisions from the 2017 Tax Cuts and Jobs Act (TCJA), revises energy-related incentives introduced in the Inflation Reduction Act (IRA), and introduces entirely new tax measures across multiple industries. Below is a summary of the most notable updates that may impact you or your business.

Tax

Withum

JULY 4, 2025

One Big Beautiful Bill Tax Provisions The One Big Beautiful Bill includes the following significant federal income tax provisions. Amounts continued to be adjusted until the the state and local tax cap will revert to $10,000 in the 2029 taxable year.

income tax

Insightful Accountant

JUNE 30, 2025

The section 48D advanced manufacturing credit for semiconductors and renewable energy increased to 35 percent from the earlier 30 percent rate. International Tax Changes Abandoned Treasury Secretary Bessents intervention led to dropping the section 899 retaliatory tax following a tentative G7 agreement.

general ledger

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. SALT Cap: Temporarily raises the state and local tax deduction limit to $40,000 through 2029, reverting to $10,000 in 2030.

Gambling

Accounting Today

JUNE 9, 2025

As the debate unfolds, businesses in the energy, health care, manufacturing and financial services industries will be watching closely. At the same time, so-called pass-through businesses in the service sector are pushing to remove a provision in the House bill that limits their ability to claim SALT deductions.

Tax

TaxConnex

AUGUST 9, 2022

Exemptions have also been broadened for items and services used by a manufacturer to produce food. Louisiana will exempt many prescription drugs from local sales taxes. Changes include combining sales and use tax returns and their permits into one and changing filing frequencies for sales and use tax from quarterly to monthly.

Sales