business tax Government income tax tax planning 
CPA Practice
SEPTEMBER 19, 2023
When owners of a company plan to sell their business, there is very often a desire to minimize the resultant income tax. This tax is effectively taxing the increase in the value of the business often earned over many years and decades into a single year. This leaves net proceeds of $14 million.
MyIRSRelief
DECEMBER 1, 2023
A C Corporation is a legal structure for a corporation in which the owners, or shareholders, are taxed separately from the entity. C Corporations, named for the subsection of the IRS code that governs them, have a distinct tax structure that differs from other business entities. How can a C Corporation save on taxes?
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Withum
JUNE 1, 2022
It is not uncommon for businesses to utilize First-In-First-Out (“FIFO”) for internal reporting purposes but use the Last-In-First-Out (“LIFO”) method for external reporting purposes, such as for US GAAP and federal income tax. Businesses may intentionally choose to stay on the LIFO method. Business Tax Services.
MyIRSRelief
OCTOBER 3, 2022
Taxes can be broken down into three categories: what you purchase, what you own, and what you earn. They contribute to resources such as our government, educational systems, law enforcement, libraries, and others. However, individuals who fail to pay taxes can suffer penalties and potential criminal charges.
ThomsonReuters
NOVEMBER 12, 2021
Corporate international tax planning is a major challenge for companies that do business in multiple countries. To be aware of pitfalls such as international double taxation — being taxed for the same income in two different countries — they must plan strategically.
Withum
MAY 4, 2022
The budget bill, which was signed into law on April 9, 2022, also accelerates individual income tax rate reductions, adds new or modifies some existing tax credits, among other provision changes. A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax.
ThomsonReuters
FEBRUARY 20, 2024
International GAAR rules Keeping up with tax avoidance regulation Abusive tax planning is not just a concern among U.S. tax authorities, it is a global concern. Governments around the world have long taken steps to crack down on tax evasion, such as using general anti-avoidance rules, better known as GAAR.
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