Withum

JULY 4, 2025

One Big Beautiful Bill Tax Provisions The One Big Beautiful Bill includes the following significant federal income tax provisions. Applies to property placed in service after the date of enactment of the Bill, but before January 1, 2031.

income tax

ThomsonReuters

DECEMBER 30, 2024

presidential election , the tax and accounting profession is bracing for the potential tax law changes that now lie ahead as President-elect Donald Trump returns to the White House. IRS adjustments for 2025 Each year, the IRS adjusts dozens of tax provisions for inflation. This is up from $7,830 for tax year 2024.

Tax

TaxConnex

JULY 12, 2022

The bill also extends the sunset date of the sales tax exemption for the purchase of high-technology data center equipment to Dec. Illinois requires retailers to notify customers of the suspension of the state 1% rate of sales and use tax on retail sales of groceries, effective July 1 through June 30, 2023. when the transition occurs.

Sales

Withum

MAY 7, 2024

The Internal Revenue Service (IRS) again postponed Required Minimum Distribution (RMD) rules for certain taxpayers owning inherited retirement accounts. Prior to 2020, beneficiaries of inherited retirement accounts were generally able to withdraw the balance of these accounts over their lifetime.

Account

CPA Practice

AUGUST 16, 2023

The IRS’s strategic operating plan for 2023 through 2031 lays out the agency’s intention to ramp up enforcement action related to digital assets, according to Green Tree, PA-based accounting firm H2R CPA. The IRS is looking for unreported assets,” said Lucas Rihely, a tax partner at H2R CPA. And that’s just the beginning.

cpas

Withum

JULY 26, 2023

The Build It In America Act (HR 3938) addresses business taxpayer concerns regarding rising interest expense rates and deduction limitations on research and experimental expenditures, which could lead to drastically increased cash federal income tax payments. billion in 2031.

Tax