2024 Tax Returns: What Businesses and Taxpayers Need to Know Now
With the start of the 2024 tax filing season, numerous changes and challenges lie ahead once again. In today’s post, we at Trimborn . Partner present the most important changes regarding income tax, corporate income tax, business tax, and sales tax.
2024 Income Tax Return: Return to the Regular Deadline
Since mid-March, tax authorities nationwide have been processing income tax returns for 2024. The start was delayed because employers, insurance companies, and other institutions had until February 28, 2025, to submit relevant data such as wage tax certificates or pension benefit statements. However, this deadline does not affect the statutory filing deadline: For taxpayers who do not use a tax advisor, the regular seven-month deadline applies again—the return must therefore be filed by July 31, 2025, at the latest. Taxpayers who use a tax advisor benefit from an extended deadline until April 30, 2026. Sowinski provides a summary of the relevant substantive changes based on new laws, administrative regulations, and case law.
2024 Corporate Income Tax Return: Important Legal Changes
Changes are also on the horizon for corporate income tax for the 2024 reporting year. The focus includes, among other things, the revised tax exemption for corporate reorganizations, new administrative principles on transfer pricing, and current BMF letters regarding the interest limitation rule pursuant to § 4h EStG and § 8a KStG. The regulations regarding Section 4k of the Income Tax Act (EStG) and the application of the Tax Haven Defense Act have also been amended and should be taken into account when preparing the return.
2024 Trade Tax Return: Current Case Law at a Glance
Companies must also pay close attention to key developments in trade tax law. Of particular note is the case law regarding the presumption of commercial activity under Section 2(2) of the Trade Tax Act (GewStG) in connection with the transfer of losses upon a business transfer to a corporation. In addition, the Federal Fiscal Court (BFH) has ruled that foreign withholding tax within a tax group cannot be credited against business income. Your tax advisor should be familiar with these changes and can advise you on them as needed.
2024 VAT Return: Focus on Electronic Invoices
In the area of sales tax, 2024 was heavily influenced by preparations for the mandatory introduction of electronic invoicing. For the 2024 sales tax return, significant changes arise primarily from current case law. It is already apparent that some rulings are yielding surprising results, and numerous cases are still pending before the Federal Fiscal Court (BFH) and the European Court of Justice (ECJ). Tax advisors and companies should closely monitor these developments to ensure compliance with the law.
Conclusion
The tax returns for the year 2024 entail numerous legal and administrative changes. Addressing the relevant issues early on and careful planning are crucial for meeting deadlines and making optimal use of available flexibility. Please feel free to contact us if you have any questions regarding your company, and let our tax advisors in Düsseldorf and Oberhausen advise you.
