EK CPA FIRM LLC

2024 tax revision

It is expected that there is going to be tax revision in 2024 mainly targeting businesses and high-income individuals. For example, the corporate income tax rate (which is currently 21%) is about to increase to 28%. As a result, corporate income tax will most likely increase for businesses in 2024.

For more information, refer to the following article:

https://taxfoundation.org/biden-budget-tax-proposals-analysis/#:~:text=President%20Biden’s%20Fiscal%20Year%202024%20Budget%20outlines%20several%20major%20tax,in%20new%20taxes%20on%20net