By John P. Kandler, Staff Accountant In the 2025 Reconciliation Bill otherwise known as the “One Big Beautiful Bill” or OBBB, there are an abundance of tax provision updates for tax years starting after December 31, 2025. There are, however, several pre-existing provisions for businesses that were not impacted and remain unchanged by the final […]
By Jeffrey A. Redband, Staff Accountant The One Big Beautiful Bill (OBBB) brought sweeping changes to the U.S. tax code, which included a significant overhaul to the energy-related tax incentives that were enacted as part of the Inflation Reduction Act of 2022. The bill curbs many energy incentives available to both individuals and businesses by […]
By Amanda M. Ziehm, Staff Accountant The One Big Beautiful Bill (OBBB) brings sweeping tax changes to U.S. businesses. Below is a quick look at some of the key changes: Qualified Business Income Deduction Section 199A was set to expire after 2025, which is a 20 percent deduction for qualified business income. The QBID has […]
New York State recently enacted a budget bill for the fiscal-year 2024- 2025 that includes a new Commercial Security Tax Credit designed to help alleviate the burden on small businesses for implementing additional security measures. The credit is being offered to incentivize retail businesses operating in New York to invest in the necessary security equipment […]
The Inflation Reduction Act of 2022 extended and expanded many energy tax incentives. This article will focus on energy credits available to individuals for making qualified energy efficient or clean energy home improvements. Beginning January 1, 2023 and continuing through December 31, 2032, the Energy Efficient Home Improvement Credit provides a credit equal to 30 […]
Update – January 24, 2024 There have been several recent updates to the Employee Retention Tax Credit (ERTC) filing deadline along with important developments regarding the Special Withdrawal Process and the Voluntary Disclosure Program. This recorded webinar will provide you with an update on the status of these programs as of January 24, 2024. Click […]