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. years) to a shorter depreciable tax life (e.g., 3, 5, 7, 15, or 20 years).

Tax

Accounting Today

JULY 22, 2025

Trout CPA ( [link] ): Handy rundown of current tax law versus OBBBA. The Tax Times ( [link] ): What reform means for GILTI and U.S. corporate taxpayers. Parametric ( [link] ): And the bills impact on mid-year tax planning. Taxable Talk ( [link] ): In this years World Series of Poker, zero is the best tax number.

E-commerce

CTP

AUGUST 6, 2025

For tax planners, taxpayers venturing into the world of investment can make great clients. Investing can be lucrative but also introduces new complexities to your tax plan—and that is where you can offer much-needed wisdom and support. Become a Certified Tax Planner! net investment income tax.

Real Estate

Accounting Today

JULY 24, 2025

Sole owner of Zion Outfitter, an outdoor retailer in Springdale, Utah, he handled the company finances and provided CPAs with information and records to prepare tax forms to submit to the IRS. He underreported his taxable personal income, which resulted in his evading at least $1.9 million in income tax. million in taxes.

Tax

Accounting Today

JUNE 19, 2025

Whitman also has not filed an individual income tax return since 1997 and has made no tax payments since 2000. In 2012, the IRS assessed nearly $800,000 in taxes against Whitman for 2002 through 2009 and began trying to collect. All rights reserved. Herman Estes Jr. In March 2023, Estes made a $1.3

Tax

Accounting Today

JUNE 5, 2025

CPA Timothy Trifilo has been sentenced to 20 months in prison for making a false statement on a mortgage loan application and for not filing an income tax return. For a decade, he did not file federal income tax returns nor pay taxes owed despite earning more than $7.7 Philadelphia: Tax preparer James J.

Tax

Accounting Today

JUNE 6, 2025

The upgraded income tax return solution now includes enhanced client onboarding workflows that allow firms to create multiple engagements in bulk to accelerate onboarding. All rights reserved. The new AI document assistant transforms lengthy documents into actionable insights by extracting key details.

Technology

Withum

DECEMBER 17, 2024

The issue surrounding this additional 20% deduction means that owners of S Corporations and Partnerships will see an increase in their taxes by the sunsetting of this extra 20% deduction. It is important to note the TCJA sunsetting will not eliminate the 21% corporate tax rate.

Tax

Accounting Insight

APRIL 30, 2025

Why OECD Pillar Two Matters At its core, Pillar Two seeks to ensure that MNEs are all paying the same minimum level of taxspecifically, a 15% effective tax rateregardless of where they operate. This move aims to reduce profit shifting and the race to the bottom on corporate tax rates that have emerged in recent decades.

Tax

Accounting Today

JUNE 26, 2025

During the 2016 through 2022 tax years, Gibson prepared at least 135 returns containing fraudulent information, causing a loss to the IRS of at least $125,197, which Gibson has agreed to pay in restitution. All rights reserved.

Tax

CPA Practice

NOVEMBER 13, 2024

Trump also proposed several new key tax initiatives, such as removing the current $10,000 limit on the state and local tax (SALT) deduction , eliminating taxes on Social Security and tip income, and further reducing the corporate tax rate. Here’s what a Trump presidency could mean for your taxes.

tax planning

Accounting Today

JULY 11, 2025

By Jeff Stimpson July 10 Tax Smith+Howard starts new tax practices Smith + Howard, an Atlanta-based Top 100 Firm, has opened two new tax practices: site selection + incentives and state and local income tax consulting. All rights reserved. By Michael Cohn July 10 Like what you see?

Technology

Accounting Today

JULY 11, 2025

By Jeff Stimpson July 10 Tax Smith+Howard starts new tax practices Smith + Howard, an Atlanta-based Top 100 Firm, has opened two new tax practices: site selection + incentives and state and local income tax consulting. All rights reserved. By Michael Cohn July 10 Like what you see?

Technology

Accounting Today

JUNE 9, 2025

There were corporate tax provisions which were permanent, (02:20): And there were the individual and estate provisions, which under that law are scheduled to sunset at the end of this year. So if Congress were to do nothing, just were to do nothing, which we know is not going to happen, but still tax pockets would go back up one to 4%.

Washington

Accounting Today

JULY 10, 2025

Brown and other ghost preparers who worked with him falsified 63 federal income tax returns for clients, causing the Treasury to issue $1,003,631 in false tax refunds. He owned and operated We Are Taxes and boasted that "Everyone Gets a Check!" All rights reserved. Brown had clients pay him a 10% fee of each refund.

Tax

Accounting Today

JULY 21, 2025

Most of the companys income was generated from the Ohio Department of Disabilities, which receives its funding through Ohio Medicaid. IRS records analysis confirmed that the defendant did not file income tax returns for 2015 and 2016, but he eventually prepared and filed those documents two years later, in April 2018.

Rhode Island

Accounting Today

JULY 15, 2025

The bill said that you had to have the asset placed in service by 2027 but also you had to start construction on that facility within one year of the enactment date," said Ian Boccaccio, principal and income tax practice leader at tax firm Ryan. "If companies from this tax increase in the European Union, will be made permanent.

Tax

Wellers Accounting

FEBRUARY 21, 2025

Tom Biggs explains the various end of tax year considerations, and strategies, that form effective tax planning to potentially reduce your bill.

Tax

Accounting Today

AUGUST 4, 2025

These multi-hustles can range from hobbies like selling baseball cards on up to truly working multiple jobs at once, and its making those individuals financial, accounting and tax situations far more difficult. Traditionally, accounting firms may have offered a personal income tax return option along with a business owners C corp tax returns.

Account

Accounting Today

JUNE 24, 2025

The Wandering Tax Pro ( [link] ): What politicos dub "tax reform" just adds complexity to the code. How any "new Internal Revenue Code must acknowledge and confirm that the one and only purpose of the federal income tax system is to raise the money necessary to fund the government." All rights reserved.

tax preparation

Accounting Today

JUNE 18, 2025

Since Ryan is a global tax consulting firm, he has been working with the firms Australian, Canadian, European, and U.S. We look at the tariffs that are being paid and we say, how are these impacting other tariffs, or how are these tariffs impacting other tax types? All rights reserved. teams of customs and duties experts.

Technology

Accounting Today

JUNE 25, 2025

With the IRS workforce reduced by 26% and significant tax law changes on the horizon, there are risks to next years filing season," Collins said. "It All rights reserved. It is critical that the IRS begin to take steps now to prepare." More than 95% of processed returns were e-filed and some 62% resulted in refunds.

Technology

Accounting Today

JULY 10, 2025

By Jeff Stimpson 5h ago Tax Smith+Howard starts new tax practices Smith + Howard, an Atlanta-based Top 100 Firm, has opened two new tax practices: Site Selection + Incentives and State and Local Income Tax Consulting. All rights reserved.

audit

Accounting Today

JULY 10, 2025

By Jeff Stimpson 5h ago Tax Smith+Howard starts new tax practices Smith + Howard, an Atlanta-based Top 100 Firm, has opened two new tax practices: Site Selection + Incentives and State and Local Income Tax Consulting. All rights reserved.

auditor

Accounting Today

AUGUST 6, 2025

By Michael Cohn 3h ago Technology Bloomberg T&A adds feature for ASU 2023-09 compliance Bloomberg Tax and Accounting launched an embedded solution to help users adhere to the FASB Accounting Standards Update that concerns income tax disclosures. All rights reserved.

Technology

Accounting Today

JULY 11, 2025

GEORGIA Shelly Carmichael Smith + Howard, Atlanta, launched two new tax practices: site selection + incentives, led by Shelly Carmichael, and state and local income tax consulting, led by Brandee Tilman. All rights reserved. Read the full story.) ILLINOIS Jason Van de Loo was appointed CEO at Choreo, Chicago.

Oklahoma

Withum

DECEMBER 17, 2024

If these provisions are extended, nonprofits might continue to see reduced donations from middle-income donors who no longer find it beneficial to itemize. Reduced Taxation Corporate Tax Changes One of the hallmark policies of the first Trump administration was the reduction in corporate tax rates.

Tax

Accounting Today

JULY 15, 2025

The February deadline applies to: Any individual, business or tax-exempt organization that has a valid extension to file their 2024 return due to run out on Oct. 15, 2025; Quarterly estimated income tax payments normally due on Sept. 15, 2026; Quarterly payroll and excise tax returns normally due on July 31, Oct.

Texas

Accounting Today

JULY 10, 2025

By Jeff Stimpson 5h ago Tax Smith+Howard starts new tax practices Smith + Howard, an Atlanta-based Top 100 Firm, has opened two new tax practices: Site Selection + Incentives and State and Local Income Tax Consulting. All rights reserved.

Technology

MyIRSRelief

DECEMBER 1, 2023

C Corporations are a common choice for many businesses, offering a range of tax benefits that can lead to significant savings. This article will answer some of the most frequently asked questions about C Corporation tax savings. What is a C Corporation? This can significantly reduce a corporation’s taxable income.

corporation tax

MyIRSRelief

NOVEMBER 17, 2023

S Corporations are a popular choice for many business owners due to their unique tax benefits. This article will answer some of the most frequently asked questions about S Corporation tax savings. What is an S Corporation? We assist in business tax compliance, preparation, planning and representation.

corporation tax

MyIRSRelief

JULY 17, 2023

Tax planning is a vital aspect of financial management, both for individuals and businesses. It involves a proactive approach to legally reduce tax liabilities by optimizing financial decisions throughout the year. Section 1: The Importance of Tax Planning 1.1. Section 2: Tax Planning for Individuals 2.1.

tax planning

ThomsonReuters

OCTOBER 24, 2024

We will explore the key tax policy issues at stake, including the potential shift in corporate tax rates, bonus depreciation provisions, and the treatment of research and development (R&D) expenses. One of the key proposals from the Republican side is to reduce the corporate tax rate to 15%.

corporation tax

Cherry Bekaert

JULY 14, 2023

More and more states treat software-as-a-service (SaaS) or platform-as-a-service (PaaS), hosting services and other data-processing services as taxable services and subject to sales tax, which shouldn’t be ignored. However, state income tax issues for PTEs generally receive less attention in the technology industry.

income tax

Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Postpone income until 2023 and accelerate deductions into 2022. Estate Tax Planning. 2022 Year-End Tax Planning Resources. million in 2023).

tax planning

FusionCPA

NOVEMBER 24, 2020

It's that time of the year again where businesses are preparing their end-of-year tax. Corporate income tax is the third largest source of revenue for the federal government. While the amount collected for corporate income tax pales when compared to individual income tax or payroll tax, it still accounts for 1.1

corporation tax

Cherry Bekaert

MAY 3, 2024

Therefore, a well-thought-out global tax management strategy will be imperative to the success of your global business activities. With proper tax planning a company is able to reduce its worldwide effective tax rate as it expands overseas. What Is Global Tax Minimization? income tax return.

Tax