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Corporate Transparency Act
Read more: Corporate Transparency ActWhat is the Corporate Transparency Act (“CTA”)? Starting January 1, 2024 each reporting company shall submit to FinCEN a report that identifies each beneficial owner of the applicable reporting company and each applicant with respect to that company. Existing companies have until January 1, 2025 to file its initial beneficial ownership information (“BOI”) report or […]
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Pass-Through Entity (PTE) Tax in Minnesota: Changes and Implications
Read more: Pass-Through Entity (PTE) Tax in Minnesota: Changes and ImplicationsMinnesota’s Pass-Through Entity (“PTE”) tax enables an entity to electively pay taxes on behalf of its partners, members, or shareholders. This election is available for tax years starting after December 31, 2020. With the introduction of H.F. 1938, effective for tax years beginning after December 31, 2022, there are several modifications to the PTE tax. […]
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Hawaii Allows Pass-Through Entities to Elect Entity-Level Taxation
Read more: Hawaii Allows Pass-Through Entities to Elect Entity-Level TaxationGovernor Josh Green, M.D. of Hawaii signed a bill on June 1, 2023, allowing partnerships and S corporations in the state to elect to pay income tax at the entity level. With this legislation, Hawaii aligns itself with the majority of states that already permit similar elections for pass-through entities. The law will be effective […]
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Tennessee’s Depreciation Treatment for Assets Pre- and Post-2023
Read more: Tennessee’s Depreciation Treatment for Assets Pre- and Post-2023Effective from January 1, 2023, Tennessee has adopted the provisions of IRC Section 168 as they were established by the 2017 tax reform legislation for assets purchased during that period. This means that bonus depreciation, previously not conforming with Tennessee tax laws, is now applicable. As a result, taxable income no longer requires a modification […]
Latest Posts
- Hold Your Horses (Taxes)
- New York ALJ Denies Refund Request for Remote Work Performed Before and During COVID-19 Pandemic – Follow Up on Zelinsky
- Business Expenses
- Corporate Transparency Act
- More VDA Updates – Pennsylvania Reduces Lookback Period for Corporate Tax VDA’s
- IRS Proposed Regulations – Reporting Digital Assets Transactions by Brokers
- Ohio – Recent Changes to CAT Exclusion and Annual Minimum Tax
- More Withholding Headaches – New Jersey Implements “Convenience of the Employer” Rule
- Tax Opportunities: 2023 Home Energy Tax Credits for Individuals
- Alabama Updates Procedure for Nexus Questionnaire and Voluntary Disclosure Agreement