Withum

NOVEMBER 6, 2024

The Senate working groups are intended to help prepare for the expiration of key tax provisions of the TCJA in 2025, as well as other tax issues likely to be on the table. A Bloomberg Tax report noted that other tax issues could include possible changes to permanent tax code provisions, such as changes to the corporate tax rate.

Tax

Accounting Today

JUNE 18, 2025

The House-passed bill raises the cap for federal deductions for state and local taxes to $40,000 from $10,000. The Senate draft version makes permanent three business tax breaks and that could boost the economic growth effects. All rights reserved.

Technology

xendoo

JANUARY 12, 2022

You’ll thank yourself for filing business taxes according to the prescribed deadlines. Not only will this save you from sweating over a shoebox full of receipts, but making on-time tax payments will save you from any late fees or interest payments. What Is the Business Tax Filing Deadline for 2022?

business tax

Withum

AUGUST 25, 2022

Penalties under §§6038, 6038A, 6038C, 6039F, and 6677 for tax forms in series 5471 and 5472 (both of which relate to foreign corporations) and 3520 (foreign trusts and gifts). Penalties under §6699(a)(1) for form 1120-S (S corporation tax returns). Contact Us. Let’s Chat.

tax return

Withum

OCTOBER 3, 2024

2023 Federal Form 1120 (C Corporations) April 15, 2023 October 15, 2024 May 1, 2025 2023 C Corporation Tax Payments April 15, 2023 June 15, 2023 September 15, 2023 December 15, 2023 N/A The IRS noted payments related to 2023 returns are not eligible for the extra time because they were due last spring before the hurricane occurred.

South Carolina

Withum

JUNE 12, 2024

In one example provided, a simple S corporation manufacturing entity’s taxable income doubles due to both the decrease in bonus depreciation and the more restrictive interest expense limitation. And What About the C Corporation Tax Rate? Under the Tax Cuts and Jobs Act, the C corporate tax rate of 21% was made permanent.

income tax

Withum

JANUARY 13, 2022

From the Paycheck Protection Program (PPP) to the Employee Retention Credit (ERC), small businesses were infused with billions of dollars in government assistance to keep the economy running and businesses afloat. Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns.

Tax

xendoo

JANUARY 16, 2023

From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate. A professional tax advisor or CPA can accurately file your business taxes on time.

business tax

Cherry Bekaert

MAY 3, 2024

blocker corporations for U.S. individual taxpayers and partnerships began following the Tax Cuts and Jobs Act of 2017, when the corporate income tax rate was reduced from 35% to 21%. This made the corporate tax rate significantly less than the maximum individual tax rate of 37%. tax return.

Tax

Withum

MARCH 21, 2022

As you may recall, the 199A deduction was incorporated in the TCJA as a compromise for pass-through entities owners after significant public comment following the proposed decline of the corporate tax rate 35% to 21%. This results in over $100,000 more cash for the C corporation. Aren’t federal income taxes grand?

corporation tax

CPA Practice

MARCH 8, 2023

= Ryan Sheehan is a Senior Product Lead for Bloomberg Tax & Accounting. He is responsible for Bloomberg Tax & Accounting’s corporate tax products, including Fixed Assets. Prior to Bloomberg Tax & Accounting, Ryan was a CPA at KPMG’s Washington D.C.

income tax

Withum

SEPTEMBER 2, 2022

Corporations that file as part of a combined group and have more than $10,000 of NYC receipts are deemed to satisfy the receipts threshold if the in-state receipts of all members of the group that separately exceed $10,000 meet the $1 million threshold in aggregation. New York City Pass-Through Entity Tax. Contact Us. Let’s Chat.

New York

Withum

MAY 4, 2022

A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax. As a final note, the New York City PTET is on top of, but does not replace the New York City Unincorporated Business Tax (“UBT”) imposed on partnerships or General Corporation Tax (“GCT”) imposed on S corporations.

New York

ThomsonReuters

JULY 6, 2023

research and development credits) Trade and customs tax services and guidance Transfer pricing evaluation , documentation, and modification of existing policies Tax valuation services What does a tax advisor do?

Tax

Withum

APRIL 5, 2023

The magical application of Section 1202 for C corporation shareholders seems too good to be true, with millions of tax dollars being saved. Section 1202 was enacted in 1993 and excludes certain percentages of gain triggered on the sale of Qualified Small Business Stock (“QSBS”) provided the stock is held for more than five years.

income tax

MyIRSRelief

APRIL 22, 2024

Why Focus on Tax Services in the Inland Empire, California? The Inland Empire, including Corona, CA, has a diverse economic landscape with numerous small to medium-sized businesses. Tailored tax services in this region help businesses and individuals navigate complex tax landscapes effectively.

Tax

inDinero Tax Tips

MAY 24, 2023

If you’d like to submit your taxes with confidence, consider indinero’s business tax services. Tax Treatment By Business Type Now that you’ve calculated your business’s net income, you can calculate the taxes owed. It’s uncommon, but LLCs can also elect to be taxed as a C-corporation.

Tax

xendoo

DECEMBER 11, 2022

Tax deductions (These vary by company. View our list of tax deductions for businesses.). Business tax credits you plan to apply for. Filing corporate taxes may be confusing, especially for larger businesses that need to consider depreciation, business expenses, and tax credits.

Tax

inDinero Accounting

APRIL 3, 2023

Your choice of business entity depends on a variety of factors including size, number of owners, optimal tax considerations, liability, and options available for raising investment capital. No matter what choice is right for you, Indinero provides expert business tax services that simplify the complex.

income tax

inDinero Accounting

APRIL 3, 2023

Your choice of business entity depends on a variety of factors including size, number of owners, optimal tax considerations, liability, and options available for raising investment capital. No matter what choice is right for you, Indinero provides expert business tax services that simplify the complex.

income tax

inDinero Tax Tips

NOVEMBER 15, 2021

After subtracting deductions, you’ll only need to pay taxes for your net revenue. The current business tax rate is 21% at the federal level, plus state corporate taxes that range anywhere from 0-11.5%. Each state has different tax laws , and it’s a good idea for businesses to get advice for tax preparation.

Tax

Withum

AUGUST 21, 2024

President Trump Vice President Harris* Expiring Individual Income Tax Cuts from the TCJA Make them permanent, including the maximum individual federal income tax bracket remaining at 37% Continue for individuals making $400,000 or less, and raising individual federal income tax rates to 39.6%

tax planning

Withum

OCTOBER 25, 2024

In addition, the Trump tax proposal decreases the corporate tax rate from 21% to 20%and provides an additional decrease to 15% for manufacturing companies in the United States. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

Tax