AI-powered finance marketplace provides proactive solutions to confidently navigate new tax regulations
CHICAGO, Aug. 27, 2024 /PRNewswire-PRWeb/ -- As of July 1, 2024, a wave of new state tax laws went into effect across the United States, introducing changes that could significantly impact businesses of all sizes. From adjustments to income tax rates and sales tax rules to new compliance requirements, these updates present both challenges and opportunities for companies.
For example, Illinois House Bill 4951 limits the utilization of net operating loss (NOL) deductions to $500,000 for tax years ending on or after Dec. 31, 2024 and prior to Dec. 31, 2027. The NOL carryforward period is extended for any tax year in which the taxpayer was limited by the $500,000 cap. The bill also makes changes to the sourcing of receipts from investment and trading activities of financial organizations.
In this evolving regulatory environment, it is crucial for businesses to stay informed and ensure they are fully compliant with the latest tax laws to avoid costly penalties, lost revenue, and missed opportunities for tax savings. To support success in this area, many companies are turning to freelance finance professionals who have specialized tax expertise and are up to date on the latest state tax regulations.
Paro, a leading AI-powered growth platform that delivers finance and accounting solutions to businesses through its network of freelance talent, identifies and matches businesses with the precise financial expertise needed 20 times faster than traditional recruitment. These professionals can provide tailored advice, help optimize tax strategies, and mitigate risk while allowing internal teams to remain focused on their core operations.
"Businesses that fail to adapt to these new regulations risk not only financial penalties but also long-term strategic disadvantages," said Anita Samojednik, CEO of Paro. "Given the CPA shortage, it's vital for business leaders to proactively seek out specialized expertise to effectively navigate these complex tax landscapes. Freelance finance professionals have that expertise and offer a cost-effective way to stay ahead of regulatory changes and align tax strategies with business goals."
To learn more about the qualified finance and accounting experts at Paro who can help provide year-round tax and growth strategies, visit https://paro.ai/.
About Paro
Paro is an AI-powered marketplace that delivers finance and accounting solutions to businesses through a combination of expert fractional talent, data-driven tools and guiding insights. By harnessing the power of people and technology, its growth platform provides flexible options, ranging from transaction processing support to corporate development and financing strategy, to solve core business challenges and drive growth. The result enables businesses and experts to go beyond even their loftiest goals.
Media Contact
Addie Reed, Paro, 1 312-766-5515, [email protected], www.paro.ai
SOURCE Paro
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