inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . The IRS announced a plan to increase audits for small businesses by 50% for the 2020 tax year. Check out these blogs: Year-End, Capital Gains Tax and Iffy Choices.

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ThomsonReuters

JANUARY 21, 2022

It’s a new year and that means new tax laws and other tax changes. Below are changes that take effect this year, along with other tax planning information. First off, the deadline to file individual tax returns is April 18. Other deadlines are: January 17, 2022 : 4th quarter 2021 estimated tax payment due.

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CPA Practice

APRIL 11, 2024

Smith, Bloomberg Opinion (TNS) Back in 2017, the debate around President Donald Trump’s tax cuts was a case study in how quickly a discussion around legitimate policy can descend into partisan nonsense. On one side, Republicans spouted unfounded claims that the tax cuts would pay for themselves. In 2022, federal revenue came in at $4.9

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inDinero Tax Tips

MARCH 3, 2021

Whether you file your business’s taxes yourself or you have help, making sure your tax returns are right and on time is a lot easier when you. By outsourcing your business’s accounting and taxes with inDinero , you’re covered on both fronts. Are you still working on your 2019 business taxes? Partnership Tax Deadlines.

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Withum

AUGUST 23, 2022

According to the 2021 IRS Data Book , the IRS in Fiscal Year 2021 had about 79,000 full-time equivalent (FTE) employees, and about 35,000 of them were dedicated to enforcement activity. The IRS’s total budget for FY 2021 was about $13.7 The chart below shows the number of tax returns examined over a 10-year period.

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Withum

JANUARY 13, 2022

The COVID-19 pandemic created a vast network of small business relief programs in the form of loans, grants, tax credits and direct payments. Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns. Q8: Will PPP loan forgiveness be taxable on my state income tax return?

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LyfeAccounting

JANUARY 30, 2021

?. Tax season 2021 is here! And if you have been adhering to our suggestions or taken advantage of the tax system in 2020 then you likely know what to expect and excited for this tax year. On the other hand, if you’ve paid very little attention to some of the tax changes or programs then you’ve got a lot to catch up on.

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TaxConnex

DECEMBER 1, 2022

There’s always something changing in the world of tax, especially sales tax. An Arizona business challenging Louisiana’s remote seller sales tax structure is appealing to the U.S. The five worst states for business based on sales tax are Alabama, Washington, Louisiana, California and Tennessee. Back to court.

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CPA Practice

MARCH 12, 2024

By Laura Davison, Lauren Vella and Erin Schilling, Bloomberg News (TNS) President Joe Biden’s budget proposal—which calls for sweeping tax increases on corporations and the wealthy—is the opening round of a looming tax fight set to consume Washington next year. rate in Trump’s tax law.

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TaxConnex

APRIL 6, 2021

There’s always something changing in the world of tax, especially sales tax. And 2021 continues to prove that. The Alaska Remote Seller Sales Tax Commission has approved its “Remote Seller Sales Tax Code & Common Definitions” that would apply to local municipalities in Alaska that choose to adopt it.

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xendoo

JANUARY 12, 2022

You’ll thank yourself for filing business taxes according to the prescribed deadlines. Not only will this save you from sweating over a shoebox full of receipts, but making on-time tax payments will save you from any late fees or interest payments. What Is the Business Tax Filing Deadline for 2022?

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Withum

APRIL 28, 2022

For the latest news and updates on Nebraska state and local tax. Nebraska Implements Corporate Income Tax Rate Reductions. 873 which reduces Nebraska’s corporate income tax rate over the next five years. The return and payment deadlines are extended to May 17, 2021. of Revenue, 03/19/2021.).

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ThomsonReuters

JUNE 22, 2021

Indirect tax specialists in North America and Europe expect to see more digitized tax filing and real-time remittance requirements in the next two years — and they lack the technology and operational processes to meet these demands. That’s a key finding from the 2021 State of the Corporate Tax Department report from Thomson Reuters.

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Withum

MAY 5, 2023

For the latest news and updates on North Dakota state and local tax May 5, 2023 North Dakota Enacts Personal Income Tax and Property Tax Relief Authored by: George Gonzales , MST and Brandon Mejia On April 28, 2023, Governor Doug Burgum signed L.2023, Effective for tax years after December 31, 2022, L.2023,

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Withum

AUGUST 25, 2022

On August 24, 2022, the IRS issued Notice 2022-36 to announce broad-based penalty relief for certain failure to file penalties with respect to tax returns for taxable years 2019 and 2020 as long as they are filed by September 30, 2022. Penalties under §6698(a)(1) & (2) for form 1065 (partnership tax returns). Contact Us.

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Accounting Today

JANUARY 19, 2024

The city cites corporation business tax "deficiencies" for 2017 through 2021 and is also seeking interest and penalties from the failed bank.

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CPA Practice

JANUARY 23, 2023

By Marsha Mercer, Stateline.org (TNS) As inflation soared in the past year, families in some states suffered a double whammy—paying food sales taxes on top of higher-priced groceries. At least five of the 13 states where groceries were taxed as of last Jan. Grocery taxes that remain are “there for a reason. In 2021, about 13.5

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ThomsonReuters

JULY 9, 2021

Nearly half of the corporate tax departments participating in a new survey say they are under-resourced — and the problem is more pronounced among companies in North America than in Europe. The report is based on a survey of 821 tax specialists. Technology and automation lead the strategic response for indirect tax teams.

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Accounting Today

DECEMBER 13, 2023

Italy's finance police had claimed that the company failed to pay taxes on about €3.7 billion of rental revenue and claimed that the company owed about €779 million after an audit of the tax years from 2017 to 2021.

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ThomsonReuters

MAY 7, 2021

As technology transforms tax accounting, business schools are working hard to ensure the next generation of accountants are well-grounded in the digital tools and software that will be central to their professional lives. Increasingly, those leaders are finding solutions by employing new technologies that fuel tax innovation.”.

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ThomsonReuters

FEBRUARY 6, 2024

Jump to: What is direct tax? What is indirect tax? Direct tax and indirect tax. The differences between direct tax and indirect tax are important to understand. The differences between direct tax and indirect tax are important to understand. Direct tax is progressive in nature.

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CPA Practice

JANUARY 12, 2024

By Caitlin Reilly, CQ-Roll Call (TNS) A bipartisan, bicameral $70 billion tax agreement taking shape on the Hill is drawing mixed reviews, pointing to potential challenges ahead for Senate Finance Chair Ron Wyden and Ways and Means Chairman Jason Smith. said, referring to the child tax credit. “In Thom Tillis, R-N.C.,

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ThomsonReuters

MARCH 23, 2021

Strategies and tips to help you prepare for the next tax season. This past tax season was one for the record books. Tax professionals strove valiantly to match pace with constant business and regulatory changes while adopting new remote work and collaboration processes on the fly. Preplan the tax season with your internal teams.

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Menzies

SEPTEMBER 2, 2022

This was due to end in April 2021 and will now come to an end in April 2025. Overall, despite the AIA limit reducing and the removal of super-deduction in April 2023, there are still some generous tax treatments for energy efficient vehicles. Donna Kenyon. View profile.

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ThomsonReuters

APRIL 12, 2021

In a new episode of the Tax & Tech Talks podcast series, experts from KPMG and Thomson Reuters discuss how companies are turning to automation and analytics software to stay ahead of changes buffeting indirect tax management. _. Greater government scrutiny: Aggressive indirect tax audits are expected as soon as this year.

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ThomsonReuters

APRIL 12, 2021

International tax professionals can feel the winds shifting. Upcoming developments in international tax regulations — plus ongoing disruptions such as digital transformation, marketplace volatility, and remote work — are building the perfect storm. You need to prepare your tax team to keep your organization’s head above water.

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Withum

NOVEMBER 17, 2022

2022 Tax Brackets and Rates. 2022 Long-Term Capital Gains Tax Bracket. Year-End Tax Strategies for Individuals. Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. DEDUCTION AMOUNT: $19,400. Taxable Income Over.

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CPA Practice

JUNE 20, 2023

By Laura Weiss, CQ-Roll Call (TNS) House Democrats’ latest proposal to expand the child tax credit includes a new feature: a $2,000 payment for newborn babies. The two parties have been battling over the tax benefit since before a larger version of it lapsed after 2021. The new legislation from Democratic Reps.

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SingleTrackAccounting

MAY 13, 2021

The new presidential administration has proposed a large new tax bill to offset other priorities such as improving infrastructure, funding the American Rescue Plan, combating employment inequality and tackling climate change. These are expected to be financed with increased taxes targeted at high income brackets and corporations.

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ThomsonReuters

AUGUST 30, 2021

Even COVID-19 hasn’t derailed the march of globalization as multinational corporations continue to chase opportunities across borders — which requires their indirect tax teams to keep up with compliance obligations across multiple jurisdictions. How technologically sophisticated is your indirect tax team?

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CPA Practice

FEBRUARY 27, 2024

These processes often include accounting and CFO services, financial planning, transaction services, corporate tax compliance and, increasingly, state and local tax compliance, including sales and use tax reporting. One of its core growth services is sales tax management. Since the Supreme Court’s S.

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ThomsonReuters

JANUARY 17, 2023

Tax season can be a confusing and challenging time of year for businesses. This can be especially true for businesses who employ nonresident aliens, as nonresident alien tax can become complicated. . What is the importance of an income tax treaty? What tax form does a nonresident alien file? What is a nonresident alien?

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xendoo

AUGUST 9, 2021

It is also necessary to meet government regulations and for proper tax preparation. Corporate tax preparation . Tax preparation services. Among its services, Xendoo includes: Tax preparation and consulting. Tax preparation (with the option to include personal taxes for a fee). Financial statements .

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Going Concern

APRIL 12, 2024

ICYMI: These are the most-read articles on Going Concern this week: Tax Preparer Finds Out in the Worst Way Possible That ERC Wasn’t a Free Money Glitch Survey Says: Which Group of Auditors Are Most Satisfied With Their Salaries? With less than a week left before the federal tax filing deadline, Doug Blattman is in panic mode.

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ThomsonReuters

DECEMBER 16, 2022

In the first half of 2021, President Biden issued several climate change-related executive orders, such as E.O. In the first half of 2021, President Biden issued several climate change-related executive orders, such as E.O. What does this new ESG legislation mean for tax? What are the latest ESG laws? 13990 and E.O.

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CPA Practice

FEBRUARY 5, 2024

TNS) In a rare show of bipartisan lawmaking, the House of Representatives on Wednesday overwhelmingly passed a bill that would expand the child tax credit for parents and restore a set of tax breaks for businesses, but its fate in the Senate is uncertain. It also includes a change to the Low-Income Housing Tax Credit—championed by Sen.

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ThomsonReuters

OCTOBER 19, 2022

In this edition, we take a look at the recently enacted corporate alternative (book) minimum tax; new elections to convert credits to cash or tax payments; changes to the electric vehicle credit; recent legislation in Kansas, Kentucky, and Missouri; and state taxation of forgiven student loans.

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