Technology

Donald Trump wins presidential election, fate of TCJA looking up

Published

2 weeks ago

November 6, 2024

Crowe shares what a Trump administration could mean for tax policy and the Tax Cuts and Jobs Act

CHICAGO, Nov. 6, 2024 /PRNewswire/ — Donald Trump has been elected the 47th president of the United States. Throughout the election season, Trump took to the campaign trail with tax proposals that include making many of the expiring Tax Cuts and Jobs Act (TCJA) provisions permanent. Now the fate of these provisions is in the hands of Congress. Crowe LLP, a public accounting and consulting firm, reveals more on his tax proposals.

“Even though the House is still up for grabs, with Republicans controlling the Senate, Trump is significantly more likely to make good on many of the tax policies he has been campaigning on, including making popular provisions of the expiring TCJA permanent and increasing tariffs,” said Rochelle Hodes, Crowe Washington national tax principal. “Time is ticking for the TCJA, which will take center stage in Congress over the next year. With a Trump win and the Senate on his side there is a better chance of extending TCJA, but without offsets, the cost of making its expiring provisions permanent is significant. For a party that is generally opposed to increased government spending, getting to a consensus on how to address that cost might be difficult. Taxpayers should continue to monitor developments and evaluate their current tax position to prepare for change – nothing is certain and there will be a lot on the table leading up to the TCJA cliff at the end of next year.”

Below are key aspects of the Trump campaign’s tax proposals, which may shed light on the tax policies he’ll advocate for in his administration. It will also be important to keep an eye on tariffs under a Trump administration.

Individual tax (including estate tax and gift tax)

Make most of the expiring TCJA provisions permanent, including the higher standard deduction, the lower top marginal tax rate, the lower capital gains rate, and the higher estate and gift tax exemptionAllow the TCJA limit on the deduction for state and local taxes to expireAllow a deduction for interest on loans to purchase automobiles made in the U.S.Allow a deduction for the cost of home generators in states hit by natural disastersExpand qualifying tuition programs to cover homeschoolingEliminate income tax on Social Security benefitsExclude tips from income tax and payroll taxExclude overtime pay from tax, though it is unclear whether this applies solely to income tax or to both income and payroll taxEliminate double taxation for U.S. citizens overseas

Business tax

Decrease the corporate tax rate from 21% to 15%Make the TCJA Section 199A pass-through business deduction permanent

Energy tax and real estate tax

Repeal energy tax incentives enacted under the Inflation Reduction ActProvide tax incentives for first-time homebuyers

For more information, visit Election 2024: Tracking tax issues.

About Crowe
Crowe LLP is a public accounting and consulting firm that uses its deep industry expertise to provide audit, tax, and consulting services to public and private entities. Crowe is recognized by many organizations as one of the best places to work in the U.S. As an independent member of Crowe Global, one of the largest global accounting networks in the world, Crowe serves clients worldwide. The network consists of more than 200 independent accounting and advisory services firms in more than 130 countries around the world.

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SOURCE Crowe LLP

Technology

Oberon Securities Advises Keens Steakhouse in Sale Transaction

Published

2 hours ago

November 23, 2024

Oberon Securities acted as exclusive advisor to Keens Steakhouse in the sale transaction.

NEW YORK, Nov. 23, 2024 /PRNewswire-PRWeb/ — Oberon Securities, a New York-based middle market investment banking firm, acted as exclusive advisor to Keens Steakhouse in the sale transaction announced yesterday.

With more than 70 senior bankers serving businesses across the country and around the world, Oberon is one of the fastest growing New York City based middle-market investment banking firms. Its clients benefit from the market credibility associated with the firm’s longstanding relationships with many of the nation’s largest and most prestigious institutional investors. Oberon’s approach has generated numerous long-term, multi-transaction client engagements and attracted investment bankers who have spent their careers working with middle-market companies.

Media Contact

Steven Alschuler, Oberon Securities, 1 917-647-2151, steve@alschulerpr.com, https://oberonsecurities.com/

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SOURCE Oberon Securities; Oberon Securities

Technology

Specified Technologies Inc. Unveils Firestop Clash Management and Locator Updates

Published

5 hours ago

November 23, 2024

SOMERVILLE, N.J., Nov. 23, 2024 /PRNewswire/ — Specified Technologies Inc. has announced their latest Firestop Clash Management (FCM) and Firestop Locator (FSL) releases. FCM automates the process of locating and assigning firestop solutions to conditions within Autodesk® Revit®, enabling firestop novices to find firestop solutions like a firestop expert. In this latest release, STI has further expanded the capabilities of FCM by integrating it with their firestop documentation and compliance tool, Firestop Locator (FSL). FSL enables contractors and facilities’ teams to document the status, location, and products used for any and all fire life safety services across a building.

In the latest update for FSL, teams can now create custom items to track any service on their project beyond the base six (Penetration, Joint, Extinguisher, Door, Damper, and Barrier). Teams can also modify the base six items to include project specific inspection and maintenance requirements and any other details that they would like to be tracked.

With this new integration, decisions made during the design phase of a building using FCM are seamlessly passed into FSL during the construction phase, giving implementation teams a jump start on work to be done. This integration also improves data integrity and eliminates the guesswork in the field of determining what firestop systems and products are to be used where.

“We’re proud of the latest releases of FCM and FSL and look forward to continuing to support the fire life safety community,” says Justin Pine, Sr. Manager of Software & Services.

Specified Technologies Inc. promotes life and building safety by developing innovative fire protection systems and accompanying digital tools that help stop the spread of fire, smoke, and hot gases. Our SpecSeal® and EZ Path® product lines are engineered for easy installation and deliver powerful performance, often resulting in lower installed costs. Since firestopping is our only business, we concentrate all our resources on providing the highest quality, fully tested, innovative firestopping solutions.

Contact: Jess Bern; jbern@stifirestop.com

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SOURCE Specified Technologies, Inc.

Technology

ZICC: Internet Experts Pay Attention to the Development of Artificial Intelligence

Published

6 hours ago

November 23, 2024

BEIJING, Nov. 23, 2024 /CNW/ — During the Wuzhen Summit of the World Internet Conference, ZICC interviewed Internet experts from all over the world.

Lampros Sterg, UNESCO Chair in AI & Data Science, said that AI can accelerate social progress, but it needs to be used properly to avoid its negative effects in order to benefit citizens and society. Latif Ladid, the president of the IPv6 Forum, called for the establishment of a global governance system to allow artificial intelligence technology to serve humanity for good. South Korean computer scientist Kilnam Chon shared insights on AI’s positive role in healthcare. He urged global efforts to ensure AI safety and prevent its misuse in weapons. Indian entrepreneur Bibin Babu said he believes that AI will not replace humans, but will create more new jobs.

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SOURCE ZICC