Withum

JUNE 24, 2025

The deduction can result in pass-through business owners having a maximum effective federal tax rate of approximately 30%, as opposed to 37%. However, the C Corporation 21% tax rate was a permanent tax provision, while the 199A deduction is set to expire as of December 31, 2026.

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ThomsonReuters

JULY 21, 2025

For tax professionals, this change brings with it both opportunity and complexity, whether it’s deciphering federal changes, navigating a mix of state conformity, or managing client expectations. Let’s take a look at how the OBBBA is reshaping SALT policy and how tax professionals like you can stay one step ahead.

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tax preparation Tax tax planning income tax 52

Withum

JULY 23, 2025

The One Big Beautiful Bill Act (OBBBA) introduces several tax changes that will impact lawyers and law firms. For example, a small law firm structured as an S-corporation might see an increase in the QBI deduction, reducing their taxable income and overall tax liability.

Legal 105

Legal Tax CPA Sales 105

Withum

JULY 18, 2025

Bob Ferguson recently signed several pieces of legislation enacting significant tax hikes to both the state’s Business and Occupation and the Sales and Use taxes. This attempt to tax digital advertising mirrors the attempt made by Maryland in 2021 to enact such a tax. to 1.5%, effective October 1, 2025.

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Washington Sales Maryland Tax 64

Menzies

OCTOBER 30, 2024

billion by 2029/30. The policy move is designed to close the ‘tax gap’ but this will take time to have an impact ‘on the ground’ as it can take several years before an HMRC compliance officer completes their training. Summary In summary, the strategy to close the ‘tax gap’ appears to be threefold.

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Tax chartered accountant Government Maine 59

Withum

MAY 7, 2025

Microsoft Dynamics GP End of Life Timeline Microsoft has confirmed that Dynamics GP will reach its “modern lifecycle” end on December 31, 2029. December 31, 2029: End of product enhancements, regulatory (tax) updates, service packs and technical support. Subscription licenses can still be purchased for one year.

NetSuite 59

NetSuite Technology Sales Tax 59

ThomsonReuters

JULY 21, 2025

Jump to ↓ How OBBBA is impacting federal tax policy Strategic implications in a shifting political landscape What tax professionals should do now to manage the OBBA impact For tax professionals, the newly signed One Big Beautiful Bill Act (OBBBA) of 2025 has significant impacts for client tax planning and compliance.

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Tax income tax Construction payroll tax 64

Insightful Accountant

JUNE 30, 2025

While the bill is shorter overall, it now contains more sections due to new community development provisions, particularly targeting Alaska-specific tax issues. The firearms excise tax structure was modified instead, maintaining $200 for machineguns and destructive devices while eliminating taxes on other firearms.

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general ledger Alaska New Hampshire Construction 52

Accounting Today

JULY 15, 2025

Kent Nishimura/Bloomberg The massive tax and spending bill that President Trump signed into law on July 4 contains plenty of provisions that will benefit companies, unless theyre in the renewable energy industry. The taxes can add up for the larger universities. The taxes can add up for the larger universities.

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Tax Construction Technology tax planning 91

Dent Moses

JULY 8, 2025

The One Big Beautiful Bill Act (formally termed “The Act”), signed into law on Friday, July 4, by President Donald Trump, extends key provisions of the Tax Cuts and Jobs Act (TCJA) and addresses several tax priorities of the Trump administration. The Act permanently extends the $500 non-child dependent tax credit.

Gambling 49

Gambling Manufacturing Construction Tax 49

Withum

JULY 1, 2025

Senate Bill Comparisons of the major individual income tax provisions in the House bill versus the Senate bill are highlighted below. Standard Deduction Permanently allows for the increased standard deduction amount provided under the Tax Cuts & Jobs Act. The state and local tax cap will revert to $10,000 in the 2029 taxable year.

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Withum

JULY 11, 2025

OBBBA Individual Tax Provisions Here is a look at provisions in the OBBBA that impact individual taxpayers: Tax rates: The rates adjustments under the Tax Cuts and Jobs Act (TCJA) are made permanent. The seven-bracket structure will remain in effect, with the highest tax rate staying at 37%.

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Education Tax Maine CPA 93

Accounting Today

JULY 8, 2025

And depending on your view of it as a giveaway to billionaires or a much-needed tax cut for the middle class, it has something for everyone to consider. Its a temporary increase, and will continue to increase every year until 2029. All rights reserved. 1, made it to President Trumps desk in time for his signature on July 4.

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Technology audit tax preparation corporation tax 126

Withum

JULY 22, 2025

The One Big Beautiful Bill Act (OBBBA), signed into law by President Donald Trump on July 4, 2025, includes tax reform provisions aiming to boost U.S. These changes, effective for assets acquired or construction that begins after January 19, 2025, offer tax savings for businesses with an emphasis on manufacturers. are excluded).

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Manufacturing Construction income tax Tax 69

Accounting Today

JUNE 9, 2025

EDT 4 Min Read Facebook Twitter LinkedIn Email Eric Lee/Bloomberg Senate Republicans intend to propose revised tax and health-care provisions to President Donald Trumps $3 trillion signature economic package this week, shrugging off condemnations of the legislation by Elon Musk as they rush to enact it before July 4. All rights reserved.

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Tax Technology West Virginia audit 52

Accounting Today

MAY 22, 2025

The bill would end clean electricity tax credits for sources like wind and solar starting in 2029 and require projects to begin construction within 60 days.

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Construction Tax tax planning 64

Menzies

MARCH 26, 2025

Taxes No new tax rises were announced in the Spring Statement which would have been welcomed by the Hospitality & Leisure sector and Rachel Reeves announced shell raise an extra billion pounds in taxes by cracking down on tax evasion. They also predict a rise on the average inflation to 3.2% in 2026, 1.8%

Hospitality 52

Hospitality chartered accountant income tax Maine 52

Accounting Today

MAY 21, 2025

The revised version of President Donald Trump's economic package would move up work requirements to December 2026 from 2029.

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Tax tax planning 81

SkagitCountyTaxServices

JULY 16, 2025

Starting at 40K in 2025 and inching upward until 2029 before snapping back to 10K. I know this is a lot of tax law to keep up with. Get your financial records in order: you’ll need up-to-date bank statements, tax returns, profit & loss statements, balance sheets, and the like. Write-Offs for Domestic Builds. So s tay tuned.

tax return 82

tax return accounting and finance Tax CPA 82

Withum

JULY 16, 2025

The bill includes a variety of tax items that will impact auto dealer business taxes, personal income taxes and estate and gift taxation. Business Tax Provisions Section 168(k) “Bonus” Depreciation The bill permanently extends 100% bonus depreciation for qualified property acquired after January 19, 2025.

Rhode Island 64

Rhode Island income tax Tax New Hampshire 64

CPA Practice

JULY 4, 2025

House sent a bill to President Donald Trump’s desk that kills tax credits of up to $7,500 for EV customers that were part of the 2022 Inflation Reduction Act. However, the tax credits helped fuel an EV market far more robust and affordable than drivers enjoyed before the rebates kicked in two and a half years ago.

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Tax Technology payroll tax planning 90

Accounting Today

MAY 22, 2024

The program with third-party tax vendors will continue for another five years despite the IRS's recent Direct File pilot test.

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Tax 130

TaxConnex

DECEMBER 7, 2023

There’s always something changing in the world of tax, especially sales tax. Johns County, Florida, received a $750 credit from Amazon after discovering that the marketplace facilitator had been overcharging her for sales tax for more than a decade, news reports said. New York state sales tax collections jumped 2.5%

Sales 147

Sales South Dakota West Virginia Tax 147

TaxConnex

AUGUST 9, 2022

There’s always something changing in the world of tax, especially sales tax. State sales tax holidays fail to live up to the hype. in favor of conveniently popular yet ultimately ineffective sales tax holidays.”. Several states tinkered with their sales tax exemptions this summer. Holiday hucksterism? Free for all.

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Sales Louisiana Iowa Tax 130

CPA Practice

MAY 22, 2024

The Free File program , a partnership between the IRS and tax preparation companies that make their online filing software available to eligible taxpayers for free, has been extended through 2029, the tax agency said on May 22. will continue the program through October 2029. 15 extension deadline for 2023 tax returns.

tax return 52

tax return tax preparation Tax 52

Cherry Bekaert

JUNE 18, 2024

Contributor: Nick Cousino, Senior Manager A new South Carolina tax credit that encourages private parties to expand the state’s ever-growing trail system went into effect May 13. A taxpayer allowing for a six-foot wide trail for two miles may be eligible to claim an income tax credit of $6,336.

South Carolina 111

South Carolina Real Estate Tax income tax 111

CPA Practice

AUGUST 1, 2024

In January, the state’s Commonwealth Court ruled that the 3% tax requiring visiting athletes like the Cleveland Browns’ Myles Garrett and entertainers like Taylor Swift to pay for the use of public facilities set different rules for residents and nonresidents and thereby violated the state constitution. million in revenue from the tax.

Pennsylvania 104

Pennsylvania Tax Real Estate Entertainment 104

CPA Practice

SEPTEMBER 11, 2024

By Nick Coltrain The Denver Post (TNS) Coloradans will soon be able to file their federal income taxes directly online for free under a program created by the Inflation Reduction Act. Taxpayers can now directly file their Colorado state income taxes for free—separately from federal filings—through the Colorado Department of Revenue website.

Colorado 91

Colorado income tax Tax 91

CPA Practice

JANUARY 17, 2023

The increased need for accountants and auditors is driven by factors such as globalization, an expanding economy, and a complicated tax and regulatory environment. accounting and tax credentials: Certified Public Accountant (CPA). This is where skilled CPA, CMA AND EA professionals shine. The three primary U.S. Enrolled Agent (EA).

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cma CPA accounting and finance public accounting 127

CPA Practice

JULY 31, 2024

A retail delivery fee is not a tax but functions much like one. In Colorado and Minnesota, the only two states with a retail delivery fee at this time, the retailer or marketplace facilitator responsible for collecting and remitting sales tax is also responsible for the delivery fee. yearly starting in 2029.

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Washington Retail Minnesota Colorado 111

CPA Practice

MARCH 11, 2024

The American Institute of CPAs has sent a letter to the Internal Revenue Service requesting guidance on section 461(l), also known as the limitation on excess business losses (EBLs) of noncorporate taxpayers, enacted under the Tax Cuts and Jobs Act (TCJA).

cpas 69

cpas Tax 69

ThomsonReuters

AUGUST 2, 2023

As the Organization for Economic Co-Operation and Development’s (OECD) ground-breaking Base Erosion Profit Shifting (BEPS) framework for taxing the digital economy is being implemented, countries around the globe are beginning to roll out the second of the OECD’s two BEPS pillars—Pillar 2.0. Unlike the OECD’s Pillar 1.0,

corporation tax 98

corporation tax Tax financial statements Government 98

CPA Practice

JULY 23, 2024

In January, the state’s Commonwealth Court ruled that the 3% tax requiring visiting athletes like the Cleveland Browns’ Myles Garrett and entertainers like Taylor Swift to pay for the use of public facilities set different rules for residents and nonresidents and thereby violated the state constitution. million in revenue from the tax.

Pennsylvania 59

Pennsylvania Tax Real Estate Entertainment 59

Anders CPA

AUGUST 22, 2023

This law provides an income tax credit for taxpayers who hire an intern or apprentice who is paid at or beyond the minimum wage. The DED will establish the procedure for claiming the tax credit and will certify eligible applicants to the Missouri Department of Revenue.

Missouri 52

Missouri Tax income tax CPA 52

ThomsonReuters

NOVEMBER 17, 2022

However, legislation enacted at the end of 2019 reinstated the PCOR provision, continuing the fee requirements through plan years ending before October 1, 2029 (see our Checkpoint article ). See also EBIA’s Self-Insured Health Plans manual at Section VI.H (“Additional Taxes Under Health Care Reform”).

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Tax Account accounted accountant 66

ThomsonReuters

JANUARY 30, 2023

Table of contents: Minimum wage Paid leave Tax credits Unemployment Earned wage access Pay transparency Tipped workers Worker classification State-run retirement plans Work scheduling 1. House Bill 2481 seeks to increase the minimum wage to $15 per hour by 2029 through incremental increases. per hour to $15 per hour by 2025.

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payroll Hawaii West Virginia Oklahoma 106

Accounting Insight

MARCH 26, 2025

billion boost to the economy and housebuilding at its highest level in over 40 years by 2029-30. larger in 2029-30 because of the reforms worth around 6.8 billion lower in 2029-30. billion in 2029-30. The Chancellor also announced a package of measures to close the tax gap, raising 1 billion per year by 2029-30.The

Construction 52

Construction Technology Government Tax 52