As we approach year-end, savvy business owners and high-income individuals should consider one important strategic move: accelerating charitable donations in 2025. Why? Because starting in tax year 2026, the tax benefit for many large donors will shrink under new federal legislation. Beginning with the 2026 tax year, donors who itemize will only be able to
When Congress passed the American Rescue Plan Act (ARPA) in 2021, it lowered the Form 1099-K reporting threshold to $600 — with no transaction minimum. That rule, even if delayed several times, would have drastically expanded the number of Forms 1099-K issued, pulling in even casual transactions like splitting rent or selling used personal items.
After our previous post for taxpayers and how the One Big Beautiful Bill impacts individuals, we are covering today how it affects business owners: Firstly, this bill makes permanent or extend some of the Tax Cuts and Jobs Act (TCJA) benefits that were to sunset in 2026. Bonus depreciation - 1st year 100% depreciation if
From January 1st, 2024, any new company (exemptions are listed below) will have 30 days to file their initial Beneficial Ownership information (BOI) report. For the companies already in business before that date, the BOI has to be filed before January 1st, 2025. Also, you should be reporting any changes in the BOI within the
Since Connecticut enacted the first Pass Through Entity (PTE) tax in April 2018, more States have enacted or proposed this tax tool. It was around 14 in June 2021, around 30 in January 2023 and at the date of this article is 36 States and one localty (NYC) according to the AICPA listing (link below).
