ThomsonReuters

APRIL 25, 2024

As an accountant, advising your clients on retirement income taxes and related strategies can help them to optimize their financial planning in their golden years. Let’s take a look at some commonly asked questions on retirement income taxes and how your firm can best advise clients as they approach their retirement years.

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CTP

NOVEMBER 16, 2023

A partnership is simply a formal agreement between two or more parties to manage a business together and share the profits. From a tax perspective, partnerships are often viewed as too complicated and can come with tax disadvantages when you have non-passive partners involved. How does this work?

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xendoo

AUGUST 2, 2023

Fewer options for raising capital compared to corporations Offer greater flexibility in management and ownership structure The multi-member structure can become complex How LLC taxes work LLCs don’t pay corporate income tax. Instead, they pass through their tax liability to the business owners. tax savings.

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xendoo

AUGUST 2, 2023

Fewer options for raising capital compared to corporations Offer greater flexibility in management and ownership structure The multi-member structure can become complex How LLC taxes work LLCs don’t pay corporate income tax. Instead, they pass through their tax liability to the business owners. tax savings.

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Ronika Khanna CPA,CA

DECEMBER 2, 2022

Alternatively, some shareholders also take dividends in addition to a salary depending on their tax planning strategy. If you are paying dividends to a Canadian shareholder, you must issue a T5 slip while non resident shareholders receive an NR4 slip. Small business dividends are non eligible and should be reflected on box 10.

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Cherry Bekaert

AUGUST 10, 2023

By leveraging PPA, the acquiring company can strategically utilize the acquired supply chain capabilities to improve their own operational efficiency, expand market reach and ultimately drive greater profitability. Goodwill is included in a company’s balance sheet as a non-current asset.

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Menzies

JUNE 5, 2022

The purpose of this article is to set out some fundamental principles, not least when one is subject to income tax instead of capital gains tax. HM Revenue and Customs outline the 9 badges of trade which will be considered when determining if an activity is treated as ‘trading’ and therefore subject to Income Tax.

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CPA Practice

JANUARY 31, 2023

Gabe Rivers focuses on providing income tax planning and tax compliance services to high-net-worth individuals and families, partnerships, S corporations, trusts, and private foundations.Gabe holds a Bachelor of Business Administration and a Master of Accountancy from the University of Tennessee.

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ThomsonReuters

JANUARY 18, 2024

Additionally, depending on the type of firm, accountants may be involved in more advisory-centric responsibilities, such as analyzing financial data and providing clients with strategic guidance and recommendations on how to reduce costs and boost profitability. In other words, a specific license is not needed to become a preparer.

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CPA Practice

APRIL 17, 2023

The Readers’ Choice awards also give professionals the chance to see which technologies and workflow systems their peers are using and trust, which can help them build more efficient and profitable workflows for their own practice. But even basic tax planning can make a big difference in reducing future tax liability.

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Nancy McClelland, LLC

APRIL 9, 2024

For one, the immense number of changes to our tax code since the Tax Cuts & Jobs Act (TCJA) took effect in 2018 has made tax planning substantially more complex than it used to be. Or, at the very least, having to pay us at tax-time to fill out the complicated annualization schedule on the tax return.

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xendoo

OCTOBER 20, 2021

Your profitability depends on your ability to generate revenue and sustain growth over time. Non-profits. Tax preparation. Tax Planning. The specialized skills of an outsourced accountant typically include experience in tax planning and preparation. Scaling as Your Business Grows. IT auditing.

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ThomsonReuters

SEPTEMBER 7, 2023

The child and dependent care tax credit provides financial relief for families who pay for child or dependent care expenses. To claim the child and dependent care tax credit, taxpayers must file their Form 1040 federal income tax return using Form 2441. If the child’s unearned income (i.e.,

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Withum

MAY 10, 2024

Assuming the shareholder has a long-term holding period in the stock, the gain will be subject to a maximum tax rate of 20%, plus the 3.8% net investment income tax (NIIT), regardless of whether the shareholder is active in the business. After the 5-year period, only one level of tax applies.

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CPA Practice

JUNE 16, 2023

TCJA brought sweeping changes to the tax code for both businesses and individuals. All these “non-permanent” changes, however, are set to expire on Dec. So, how exactly might this impact your financial plan? In addition, the death benefit paid out to your beneficiaries is income that’s also considered tax-free.

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KROST

FEBRUARY 23, 2021

Taxpayers need tax planning to determine the best strategy to mitigate the CFC’s tax liabilities. In 2019, the IRS and Department of Treasury introduced the Global Intangible Low-Taxed Income (GILTI) tax. For any international tax planning services , please contact evelyn.fernandez@krostcpas.com.

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CPA Practice

MARCH 16, 2023

Previously, all employer contributions to 401(k), 403(b) and or 457(b) plans were required to be made pre-tax with no tax on the contribution or related earnings until distribution. Advisors should note this to clients who want to balance pre-tax, Roth and non-retirement accumulations. Another Secure 2.0

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LyfeAccounting

MARCH 5, 2021

So by the end of this post, we hope that you’re saving thousands and not paying thousands more than you have to in taxes. We typically charge this information as a part of our tax planning service , but today, you’ll get this information for free. Legal vs Tax Entity. So, you’re taxed twice. State income tax.

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KROST

MAY 19, 2022

Tax Long-Term Capital Gains at the Ordinary Income Rate. Under current tax law, long-term capital gains and qualified dividends are taxed at a maximum income tax rate of 20%. This means that the tax rate for such gain can go up to 37% or potentially to 39.6%

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