On May 10, 2024, Governor Bill Lee enacted Public Chapter 950 which resulted in the removal of the property measure component from the franchise tax computation for tax years ending on or after January 1, 2024. Under this legislative amendment, taxpayers who previously remitted taxes based on the ...
Tax Information
From the enactment of the Tax Cuts and Jobs Act of 2017 (TCJA), California was one of the handful of states that did not conform to a number of provisions in the law. Most notably, the state continued to allow taxpayers to take full advantage of the net operating loss (NOL) deduction and ignore 80% ...
When you decide it’s time to sell your company, you will have to sell the assets of your company to the prospective buyer. Based on the agreed purchase price between the buyer and seller, the purchase price needs to be allocated among the various asset categories. Upon the sale of a business, the ...
The Internal Revenue Service (IRS) utilizes various forms to ensure compliance with the United States tax laws, especially regarding information reporting and withholding requirements. Navigating the complexities of IRS forms and compliance is crucial for both individuals and businesses engaged in ...
IRS released Notice 2024-11 on December 28, 2023, updating the list of countries with tax treaties meeting Section 1(h)(11)(C)(i)(II) criteria. Under section 1(h)(11) (qualified dividends), a dividend paid to an individual shareholder from either a domestic corporation or a "qualified foreign ...
During tax season, individuals are faced with a pivotal decision: whether to take the standard deduction or opt for itemizing deductions. This choice holds substantial implications for financial decisions, affecting everything from charitable contributions to homeownership. In this article, we ...
On January 31st, 2024, the House of Representatives passed bill H.R.7024 Tax Relief for American Families and Workers Act of 2024 which aims to provide tax relief and support for American families and workers. The bill now heads to the Senate for consideration. This legislation encompasses a wide ...
In July 2023, the Texas legislature passed Senate Bill 3, which increased the no tax due threshold and eliminated reporting requirements for certain entities. In response, the Texas Comptroller's office has issued guidance and changed the way some entities have to report for franchise tax purposes ...
Effective January 1, 2024, the Ohio Commercial Activity Tax (CAT) will undergo major changes following the enactment of Am. Sub. H.B. 33 of the 135th Ohio General Assembly.
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 ...