In 2017, an extensive tax reform bill was enacted during the tenure of former President Trump, introducing a wide array of substantial alterations to the taxation system. These modifications included lowering individual income tax rates, an increase in the standard deduction, and a boost in the ...
Tax Credit
Big news for franchise owners in Oklahoma: Oklahoma House Bill 1039 enacted on June 2, 2023, repealed the franchise tax and the reporting requirements starting with tax year 2023.
IRS has taken action against ineligible claims for ERC, a refundable tax credit designed to support businesses and tax-exempt organizations that maintained employees payments during the COVID-19 pandemic. ERC is not available to individuals.
New Jersey Assembly Bill 5232 enacted on July 3, 2023 contains significant tax changes to Corporation Business Tax (CBT) and Gross Income Tax (GIT). New Jersey Division of Taxation has issued TB-107 to provide guidance on the amendments. Here are some of the major changes:
The Internal Revenue Service (IRS) recently unveiled proposed regulations aimed at establishing clear procedures and rules for eligible taxpayers to transfer or sell clean energy tax credits under the Inflation Reduction Act of 2022.
The IRS introduced Schedule K-2 and K-3 with the 2021 tax filing year. The forms were designed to provide more information to taxpayers about reporting foreign activities and more specifically to provide the taxpayer with more detailed information to correctly calculate and report their foreign tax ...
Why New York’s Convenience of the Employer Rule May Put a Damper on Your Plan to Work Remotely, and Avoid New York State Income Tax