Withum

DECEMBER 4, 2024

The corporate tax rate is currently a flat 21% rate. There is also a 15% corporate alternative minimum tax (CAMT) based on book income for companies with average annual adjusted financial statement income exceeding $1 billion. Please work with your tax advisor for future planning.

Tax 105

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ThomsonReuters

JUNE 24, 2025

Highlights: Corporate tax leaders express strong enthusiasm for generative AI but face significant challenges in its effective adoption. A substantial gap exists between corporate tax professionals’ belief in GenAI’s utility and its actual widespread implementation. This lack of transparency creates many business risks.

corporation tax 52

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ThomsonReuters

JUNE 24, 2025

Highlights: Corporate tax leaders express strong enthusiasm for generative AI but face significant challenges in its effective adoption. A substantial gap exists between corporate tax professionals’ belief in GenAI’s utility and its actual widespread implementation. This lack of transparency creates many business risks.

corporation tax 52

corporation tax Tax Government audit 52

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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Withum

JULY 2, 2025

The mistake – they failed to comply with an esoteric tax rule known as the variance doctrine. Shleifer filed a joint tax return with his wife in 2014, and on that return, the Shleifers claimed a $2.6 Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

Tax 72

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Withum

APRIL 14, 2025

It is a popular choice among small business owners due to its flexibility. Pros Flexibility: LLCs can choose to be taxed as a sole proprietorship, partnership, S Corporation, or C Corporation. Limited Liability: Owners (or members) are shielded from personal liability for business debts. citizens or residents.

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Summit CPA

OCTOBER 10, 2024

IRS criminal investigations during the 2023 tax filing year identified potentially $37.1 billion in tax fraud and the conviction rate was 88.4%. While these statistics might make business owners like you sweat a bit, the IRS knows that not everyone is out to commit fraud and that mistakes can happen to anyone. What is Fraud?

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Withum

NOVEMBER 21, 2024

Recipients can elect under section 83(b) to include the fair market value of the property in income at the time of transfer, rather than waiting for the restrictions to lapse, so that future appreciation is subject to capital gains taxation at preferential tax rates (max 20%) rather than regular income taxation at ordinary rates (max 37%).

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CPA Practice

OCTOBER 30, 2024

Aprio , a top 25 business advisory and accounting firm, has released its 2024 End of Year Tax Update , highlighting 2024 tax updates and factors that will significantly impact tax planning for 2025 and beyond. Notably, the guide hones in on the planned sunset of provisions made to the 2017 Tax Cuts and Jobs Act (TCJA).

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MyIRSRelief

MAY 23, 2025

Your Complete Guide to Tax Help in San Diego, California: Frequently Asked Questions Expert Tax Resolution Services by Mike Habib, EA – Serving the Greater San Diego Metropolitan Area About Our San Diego Area Tax Services Q: Which areas does Mike Habib, EA serve in the San Diego metropolitan region?

California 130

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Withum

FEBRUARY 13, 2025

The 2026 budget proposal would amend various tax law provisions and introduce a new section, 659-a, detailing how partnerships must report federal changes and pay any resulting tax on behalf of their partners.The proposal aims to clarify New York state reporting requirements since the IRS started its partnership audit initiative in 2018.

New York 75

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Withum

MAY 5, 2025

However, services are not considered property under IRC Section 721. Therefore, the exchange of a partnership interest for services does not qualify for this treatment and may result in tax consequences for both the partner and the partnership, contingent on the type of interest received. Commissioner, 1971 , and Campbell v.

Real Estate 52

Real Estate Tax Washington Legal 52

Withum

JULY 15, 2025

” To most, this change is immaterial; to partnership tax practitioners, it’s anything but. In fact, this type of language is so pervasive in the tax code that in 2006 the New York State Bar Association wrote a 33-page report on the various types of legislative grants of regulatory authority.

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Withum

NOVEMBER 6, 2024

If Republicans gain control of Congress and the Presidency, they will move quickly regarding federal tax reform. Republicans continue to signal that their top priority, over the debt ceiling, is to extend the 2017 Tax Cuts and Jobs Act (“TCJA”). The federal tax reform discussion amongst GOP leadership started months ago.

Tax 130

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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

APRIL 15, 2025

trillion for federal tax reform but also a goal of $2 trillion in spending cuts, with specific instructions of cutting spending by $1.5 Our team closely monitors and analyzes proposed tax legislation, providing individuals and businesses with timely insights to help navigate the evolving tax landscape.

Tax 59

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Withum

JULY 8, 2025

While there have been many previous proposals to limit the scope of section 1202 , the section of the tax code addressing QSBS, the new law expands the QSBS exclusion in a way that is consistent with the current administration’s pro-growth policies. No stock issued before August 11, 1993 can qualify as QSBS.

Tax 75

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Withum

JANUARY 30, 2025

Following the January inauguration, a flurry of executive orders, and Senate confirmations rolling in, the timing of when federal tax reform will take place still appears to be undecided amongst the Republican party. How Will Federal Tax Reform Be Presented In Congress? How Will Federal Tax Reform Be Presented In Congress?

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Withum

JUNE 17, 2025

Withum previously summarized the key business and individual tax provisions of the BBB. Notably, the BBB did not include any provisions affecting section 1202, the section of the Internal Revenue Code dealing with qualified small business stock (QSBS).

New Jersey 75

New Jersey Illinois Tax Start-ups 75

Withum

MAY 8, 2025

Strangely, one of the documents I reviewed concluded that an issuers stock was QSBS but then included a disclaimer that it was not offering tax advice. If its not tax advice, then what is it? There are also specific tax strategies, like stacking and packing , that enable shareholders to magnify their QSBS tax benefits.

Tax 59

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Withum

MAY 12, 2025

On May 9, 2025, the House Ways & Means Committee released a partial text (only 28 pages of a bill that is expected to exceed 200 pages) of the tax provisions that are proposed to be included in the final text of the much-anticipated reconciliation bill. Visit Resource Center Where Do We Go From Here?

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Withum

FEBRUARY 27, 2025

The House took the first step toward federal tax reform by approving a budget resolution on February 25, 2025, that would require $2 trillion in overall spending cuts over the next decade. trillion in tax cuts as an extension of President Trumps 2017 tax cuts is set to expire this year. This resolution aims to help pay for $4.5

Tax 120

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Accounting Today

JUNE 18, 2025

Oliver Contreras/Bloomberg The House-passed version of Republicans tax and spending bill would add $2.8 percentage point higher over the decade to 2034 as a result of the Houses tax and spending package. The Tax Foundation weighed in at $3.1 All rights reserved. Capitol in Washington. trillion to U.S.

Technology 45

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Withum

FEBRUARY 10, 2025

In a recent move, President Donald Trump has proposed to eliminate the carried interest tax loophole, a tax break that has long benefited Wall Street investment managers. Under current tax laws, fund managers can receive long term capital gains if the investment is held over 3 years, which has a top tax rate of 20% for long-term gains.

Tax 103

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MyIRSRelief

MARCH 29, 2024

In the bustling city of Whittier, California, businesses face a myriad of tax-related challenges that can significantly impact their operations and financial health. From business tax preparation to dealing with unpaid back taxes and navigating complex audits, the tax landscape can be daunting.

California 130

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MyIRSRelief

OCTOBER 3, 2022

If you own a property, a business, or are employed, you’ll likely have to pay taxes. According to the 16th Amendment in our Constitution, individuals are required to pay taxes from income sources. Taxes can be broken down into three categories: what you purchase, what you own, and what you earn.

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xendoo

NOVEMBER 9, 2021

With the year coming to an end, tax return season is just right around the corner. For small businesses, that means being prepared to find all of the small business tax deductions you can to minimize your payout to the IRS. . When filing taxes, knowing the deadlines is an essential part of being organized and prepared.

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xendoo

JANUARY 17, 2022

As a business owner, how do you go about filing personal and business taxes with the IRS? The answer to this question actually depends on the way your business is structured, so there’s not a one-size-fits-all approach to filing small business taxes. Are Business Taxes and Personal Taxes FiledTogether?

business tax 105

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Withum

JUNE 1, 2022

Unfortunately, a deteriorated supply chain and increased inflation most likely will increase the tax bill for businesses that use the LIFO method of accounting. Utilizing LIFO when costs are rising due to inflation is generally advantageous for income tax purposes because sales prices are offset by higher inflated purchase costs.

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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?

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Withum

JUNE 27, 2022

There is a lot going on regarding taxes these days. Manchin’s buy-in will be essential to passage of any tax legislation. The current negotiations include significant tax increases on corporations and wealthy Americans – defined as those earning more than $400,000 per year, but details have not yet been released. Contact Us.

West Virginia 128

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Withum

AUGUST 14, 2024

On August 9, 2024, the IRS announced relief from certain tax filing and payment deadlines for individuals and businesses in all of South Carolina, most of Florida and North Carolina, and part of Georgia that were affected by Hurricane Debby.

South Carolina 126

South Carolina North Carolina Georgia Florida 126

Withum

FEBRUARY 8, 2023

President Biden’s State of the Union Address on February 7, 2023 included calls for tax reform and for “responsible” action by Congress to increase the $31.4 The first proposal is a four-fold increase (from 1% to 4%) in the corporate stock buyback tax that was enacted last year as part of the Inflation Reduction Act.

Tax 130

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MyIRSRelief

JUNE 23, 2023

Tax matters can be complex and daunting, and navigating the ever-changing tax landscape can be a challenge. In such a scenario, having a qualified tax professional on your side is invaluable. The Enrolled Agent (EA) – a tax specialist authorized by the U.S. Contact us for professional tax help today!

Tax 130

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Withum

DECEMBER 7, 2023

On November 28, 2023, the Tax Court ruled that the exception from self-employment tax for limited partners does not apply to limited partners who actively participate in the partnership’s business operations. It concluded that their level of participation was inconsistent with an exception from self-employment tax.

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MyIRSRelief

DECEMBER 15, 2022

For example, you may want to catch up on your tax filings, prepare for an audit, or simply get a better understanding of your financial situation. This might include accounting software, a financial calculator, and reference materials such as tax guides or accounting textbooks. What is income tax preparation service?

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Withum

JUNE 8, 2022

The Infrastructure Investment and Jobs Act (IIJA), enacted into law on November 15, 2021, reinstated and modified two Superfund excise taxes, effective July 1, 2022. The first is the tax on chemicals under section 4661 and the second is the tax on imported substances under section 4671. The IIJA lowered this threshold to 20%.

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