…are specifically adopted by the Virginia General Assembly and to federal tax extensions. Individual income tax rebates The 2025 Appropriation Act authorizes an income tax rebate for the 2024 taxable…
…partnership, and trust tax engagements from planning through delivery Provide strategic tax advice on compliance, planning, and multi-state taxation Cultivate trusted advisor relationships with clients and their businesses Develop and…
Section 451(b): Overview and Tax Planning Considerations for Businesses Key Takeaways TCJA implemented a new income recognition metric for accrual basis taxpayers “All-events” test had been the applicable standard for…
…proposed amendments to section 1061 would have been effective for taxable years beginning after December 31, 2022. Tax planning opportunities The proposed carried interest tax changes were taken off the…
…to make the tax laws work for you Learn about key tax provisions including the latest OBBBA tax implications. Identify strategies for minimizing your taxes in the current tax environment….
Tax Benefits for Hiring Employees that Face Barriers to Employment The Work Opportunity Tax Credit (WOTC) may enable both taxable businesses and qualifying not-for-profit organizations to meet their hiring needs…
…another for tax reporting. Income and expenses are reported on tax returns based on one of two accounting methods, which include either the cash method or the accrual method. Either…
Conforming to federal tax code is a legislative win for Virginia taxpayers and practitioners Many states based their income tax laws on Federal tax laws. Conforming to federal tax code…
…U.S. Income Tax Return for Estates and Trusts and others 3) Forms 1120 including – Form 1120, U.S. Corporation Income Tax Return; Form 1120-C, U.S. Income Tax Return for Cooperative…
…may impact individual taxpayers. High-income taxpayers are now subject to limitations on itemized deductions. The limitation may be applicable to taxpayers in the tax brackets of 35%-37% and would generate…