State Corporate Income Tax Rates and Brackets, 2025
By: Abir Mandal Forty-four states levy a corporate income tax. Top rates range from a 2.25 percent flat rate in North Carolina to a 11.5 percent top marginal rate in New Jersey. Four states—Louisiana, Nebraska, North Carolina, and Pennsylvania—reduced corporate income tax rates on January 1, 2025, while two states—New Mexico and New Jersey—increased tax […]
Why Am I Being Audited and What is the Process?
What is an audit? An audit is an examination of a taxpayer’s financial books and records to ensure that the information the taxpayer provided on their tax return is accurate and that the amount of tax reported on their tax return is correct. How are taxpayers selected for an audit? The IRS uses different methods […]
Unclaimed Property Expert Talks Audit Trends
By Tim Shaw for Checkpoint. Cathleen Bucholtz, tax principal with Baker Tilly’s unclaimed property practice, spoke with us about how unclaimed property compliance has evolved, what to expect at audit, and record-keeping best practices. Generally, unclaimed (or ‘abandoned’) property refers to tangible or intangible assets a state government takes ownership of after a “dormancy” period. Property is […]
Newlyweds Tax Checklist
Summer wedding season has arrived, and newlyweds can make their tax filing easier by doing a few things now. A taxpayer’s marital status as of December 31 determines their tax filing options for the entire year, but that’s not all newlyweds need to know. Report a Name Change Report any name changes to the Social […]
The Gift Tax Annual Exclusion
With the holidays and year-end approaching, you might be considering making gifts of stock or cash to family members and other loved ones. By using your gift tax annual exclusion, those gifts can reduce the size of your taxable estate. For 2022, the annual exclusion is $16,000. The exclusion will increase to $17,000 for 2023. […]
6 Key Tax Questions for 2023
Right now, you may be more concerned about your 2022 tax bill than you are about how to handle your finances in the new year. However, as you deal with your annual tax filing, it’s a good idea to familiarize yourself with appropriate amounts that may have changed for 2023. Not all tax figures are […]
