Withum

JULY 22, 2025

While the OBBBA does not directly amend state and local income tax laws, some of the new provisions impact state income taxes in states that use Federal Taxable Income or Adjusted Gross Income as the starting point for state corporate income and personal income taxes, respectively.

income tax

Menzies

AUGUST 6, 2025

In July 2025, HMRC published their Transformation Roadmap explaining how they plan to meet the Government’s vision to modernise the UK tax systems to free up time for businesses to focus on growth. HMRC say that by 2030, almost all of the “straightforward queries” will be handled digitally or automatically.

tax return

Withum

APRIL 8, 2022

However, the aspects of the bill that would tax retirement contributions, as opposed to distributions, could be surprising for some. Even though Roth retirement plans must be funded with after-tax dollars, the main tax advantage of participating in one is that none of the growth in the plan should be taxed. The reason?

income tax

Withum

FEBRUARY 26, 2025

An analysis of the state individual income tax rate trends shows more states moving away from graduated tax rates to flat rate. Currently, 29 states have graduated individual tax rates, and 9 states have no individual income tax. The remaining 12 states have adopted a flat individual tax rate.

income tax

Withum

MAY 13, 2025

The House Ways and Means Committee released additional information regarding their proposed tax bill, named The One, Big, Beautiful Bill , on Monday, May 13, 2025. While the bill could face additional adjustments in the Senate, it provides the framework for 2025 tax reform.The significant business income tax provisions are highlighted below.

Tax

Withum

MAY 13, 2025

The House Ways and Means Committee released additional information regarding their proposed tax bill, named The One, Big, Beautiful Bill , on Monday, May 13, 2025. While the bill could face additional adjustments in the Senate, it provides the framework for 2025 tax reform.The significant business income tax provisions are highlighted below.

Tax

Withum

JUNE 20, 2025

The Senate Finance Committee released its markup of the One Big Beautiful Bill on June 17, 2025, which includes significant changes to state and local income tax deductions, various international provisions and clean energy credits.

Maine