xendoo

JANUARY 16, 2023

From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate. A professional tax advisor or CPA can accurately file your business taxes on time.

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Withum

SEPTEMBER 2, 2022

New York City’s tax code was amended on August 31, 2022, to harmonize a number of the City’s provisions with New York State. New York City Corporate Economic Nexus. Under the factor-based nexus standard, a C corporation has nexus with New York City if it derives $1 million or more in receipts from activity in the state.

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inDinero Tax Tips

MARCH 3, 2021

By outsourcing your business’s accounting and taxes with inDinero , you’re covered on both fronts. We’ll provide the information you need to create the appropriate 2021 business tax calendar to keep up with your tax filing responsibilities and avoid late penalties. Are you still working on your 2019 business taxes?

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Withum

MAY 4, 2022

Some of the major PTET highlights include amplifying the benefits for resident S corporation shareholders, as well as establishing a New York City PTET. For context, in January 2022, New Jersey revised its PTET, resulting in it being more uniform with New York’s PTET. PTET Income Tax Addback.

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TaxConnex

DECEMBER 1, 2022

The plaintiffs have reportedly said that Louisiana’s patchwork sales tax compliance system is a labyrinth filled with audit traps and now say the case belongs in federal court because Wayfair was ultimately decided in the U.S. The five worst states for business based on sales tax are Alabama, Washington, Louisiana, California and Tennessee.

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CPA Practice

MARCH 8, 2023

In August 2022, the landmark Inflation Reduction Act (IRA) was signed into law. The plan also calls for $238 billion in deficit reduction, three years of Affordable Care Act subsidies and prescription drug reform to lower prices. = Ryan Sheehan is a Senior Product Lead for Bloomberg Tax & Accounting. By Ryan Sheehan.

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CPA Practice

JULY 12, 2024

Without this relief, the 2017 tax cuts would have almost entirely benefited Wall Street corporations. The small business deduction was designed to help Main Street continue to compete. The law’s corporate tax cuts are permanent, while the relief for small businesses is temporary. But there’s a problem.

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Withum

MARCH 21, 2022

As you may recall, the 199A deduction was incorporated in the TCJA as a compromise for pass-through entities owners after significant public comment following the proposed decline of the corporate tax rate 35% to 21%. This results in over $100,000 more cash for the C corporation. Aren’t federal income taxes grand?

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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. dismissed it as a giveaway to corporate donors. Elizabeth Warren, D-Mass.,

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ThomsonReuters

MARCH 9, 2023

In this post, we will highlight 3 of our top resources included in our Tax Season Toolkit : Year-End Tax Planning for individuals and businesses, How APIs can help transform your practice, and a Case Study detailing how GoSystem Tax RS and GoFileRoom helped a firm. But these will not go into effect until 2023. What’s new?

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Wellers Accounting

MARCH 2, 2023

Tom Biggs ACA CTA , highlights the different considerations and strategies that need to be reviewed for effective end of year tax planning.

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Accounting Insight

FEBRUARY 1, 2024

A large business tax enquiry / corporate tax enquiry is carried out by HMRC’s ‘Large Business’ directorate and ‘Wealthy & Mid-sized Business Compliance’ directorate. This calls for increased resources being required at the business’ end (i.e. more people and time resources and so costs too).

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ThomsonReuters

FEBRUARY 20, 2024

To ensure tax compliance and resolve tax questions that may arise when conducting business-related transactions, it is critical that corporate tax specialists keep pace with local and international anti-avoidance legislation in today’s ever-changing legislative environment.

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Inform Accounting

NOVEMBER 18, 2022

The leaked and previously announced tax increases are still going ahead…. Corporation tax from April 1 2023 to increase to 25% for companies with profits over £250,000. Companies with profits under £50,000 will be taxed at 19%. Companies with profits between £50,000 and £250,000 will be taxed between 19% and 25%.

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LyfeAccounting

APRIL 22, 2021

Business Energy Tax Investment Credit. Here’s a full list of business tax credits from the IRS website. Amazon makes business decisions that will provide them with the biggest tax benefit. In 2019, Amazon broke its streak of paying $0 Federal taxes and actually owed money to the federal government.

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inDinero Tax Tips

NOVEMBER 15, 2021

After subtracting deductions, you’ll only need to pay taxes for your net revenue. The current business tax rate is 21% at the federal level, plus state corporate taxes that range anywhere from 0-11.5%. Each state has different tax laws , and it’s a good idea for businesses to get advice for tax preparation.

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DMCL

APRIL 11, 2022

On April 7, 2022, the Honourable Chrystia Freeland tabled her second budget as federal Minister of Finance and Deputy Prime Minister. billion for 2022/23 and $39.9 of GDP for 2022/23. Budget 2022 focuses on several key initiatives: Addressing housing affordability. Increase to the First-Time Home Buyer’s Tax Credit.

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ThomsonReuters

OCTOBER 19, 2022

Who needs to know: Corporate taxpayers and their advisors. The Inflation Reduction Act of 2022 imposes a new 15% corporate alternative (book) minimum tax on the adjusted financial statement income of applicable corporations (those with 3-year average financial statement income of at least $1 billion).

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ThomsonReuters

DECEMBER 14, 2020

Business Tax Professionals. The tax rules and regulations U.S. Biden’s corporate tax policy agenda calls for increasing the corporate income tax rate from 21% to 28%, changing the way GILTI is calculated, creating onshoring incentives, and more. The New Year Brings Fresh Uncertainty for U.S.

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CPA Practice

AUGUST 2, 2024

The measure wouldn’t affect separate R&D credits, but it would restore companies’ ability to claim full deductions for research expenses in the first year, something a broad coalition of industries has been angling for since that tax break got less generous at the start of 2022. That is not a good deal for working families.”

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