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The One Big Beautiful Bill Act May Create Confusion for State Income Taxes

Withum

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.

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HMRC’s Transformation Roadmap

Menzies

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.

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Friday Footnotes: Private Equity DGAF; Controllers Reflect on Their Future Skill Set; PCAOB Does Something | 9.27.24

Going Concern

Eighty-six percent of controllers believe their role will change “dramatically” by 2030, according to a report by Big Four firm Ernst & Young released Wednesday. The firms are the following: Accell Audit & Compliance, P.A.

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SECURE Act 2.0 Allows Taxpayers To Generate More Roth Retirement Income 

Withum

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?

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House Presents Tax Reform Bill Including Multiple Business Provisions

Withum

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
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House Presents Tax Bill Including Multiple Business Provisions

Withum

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
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Are Flat State Income Taxes the New Normal?

Withum

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. in 2019 to 0%-4.7%