Accounting Insight

MAY 19, 2023

Accounting software specialist, Bright, has launched its new cloud tax and compliance product at Accountex 2023. Accountants will be able to access client information in-browser to work on and submit Individual Tax Returns, VAT returns and Corporation Tax returns to HMRC as well as annual accounts to Companies House.

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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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Wellers Accounting

NOVEMBER 7, 2023

Tom Biggs examines the Autumn Statement 2023 rumours and assesses what the Chancellor is likely to announce.

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Shay CPA

MARCH 22, 2023

If your company receives the R&D Tax Credit, for example, this would mean that those costs will now be capitalized. Founders and their finance teams will need to provide an analysis of their research and experimental expenses (Section 174 Costs) to accurately prepare corporate tax returns. Okay, what’s next?

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Withum

APRIL 28, 2022

For taxable years beginning 2022, the top corporate tax rate is 7.5%; For taxable years beginning 2023, the top corporate tax rate is 7.25%; . The Department of Revenue has alerted taxpayers that it is following the federal extension for the 2020 individual income tax return and payments.

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Ronika Khanna CPA,CA

DECEMBER 2, 2022

Note that the T5 slips for calendar year (ended December 31st) 2022 are due by February 28, 2023. This post and the T5 calculator have been updated to reflect If you are the owner of a Canadian corporation, you can choose to pay yourself (and other shareholders) dividends instead of a salary. For 2022, this is date falls on a Tuesday.

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Withum

SEPTEMBER 2, 2022

This legislation does not apply to New York City Unincorporated Business Tax or General Corporation Tax. However, it is possible New York City still asserts broad economic nexus provisions to either of these tax types. New York City Pass-Through Entity Tax. Let’s Talk.

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Inform Accounting

OCTOBER 14, 2022

In this press conference, the September tax cuts as promised in the mini-budget have been watered down even further. What we know so far is that: The Corporation Tax will rise from 19% to 25% in April 2023. Read more of Inform's tax blogs : Struggling to pay tax – What should you do? We are here to help.

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Inform Accounting

SEPTEMBER 23, 2022

These taxpayers will now pay at the current ‘higher rate’ of 40% from 6 April 2023. The planned reduction in the basic rate of income tax from 20% to 19%, has been brought forward by a year to 6 April 2023. Announced ahead of the budget, the Health and Social Care Levy, due to be introduced on 6 April 2023, has been cancelled.

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Menzies

AUGUST 8, 2023

HMRC have introduced new rules for the submission of R&D tax relief claims. From 8 August 2023. This is with reference to the date the claim is filed, not the accounting period date, so any claims filed from 8 August 2023 onwards will need to comply with these new rules. When is this happening? Why is this happening?

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Menzies

NOVEMBER 3, 2023

For example, a nudge letter campaign in August 2023 targeted nursing and care homes submitting R&D claims, as the industry is not one usually associated with R&D. HMRC can use their powers to ‘correct’ your company’s CT600 tax return. If this happens, HMRC might simply remove the R&D claim from the tax return.

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Ronika Khanna CPA,CA

FEBRUARY 9, 2024

Box 29 then requires the NAICS code that relates to the business which can usually be found on the corporate tax return Salary and wages subject to the QHSF (FSS) contribution Box 30 requires the gross payroll amount QHSF Contribution Rate on box 36 is the QHSF rate that applies to the business which is 1.65

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Inform Accounting

MARCH 21, 2023

On 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a plan to reduce inflation, grow the economy and get government debt falling all whilst avoiding a recession and tackling labour shortages. In this blog we set out some of the main tax rates.

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Cheap Accounting

AUGUST 31, 2023

Whatever the size or structure of your business dealing with your accounts and tax returns comes with the territory. In the past the attraction of a limited company had been enhanced due to lower taxes on the profits extracted from the business. Limited Company Taxes A limited company pays corporation tax on its profits.

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Cheap Accounting

NOVEMBER 12, 2022

Corporation Tax Don’t forget that you also have to file the Accounts and Corporation Tax Return (known as the CT600) at HMRC. If you are late paying your Corporation Tax then you will incur interest. If you are late paying your Corporation Tax then you will incur interest.

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CPA Practice

APRIL 17, 2023

The dramatic impact that a favorable turn in tax-related flows can have was demonstrated by the Employee Retention Credit, the refundable tax credit given to companies during the COVID-19 pandemic. A similar boost was the Tax Cuts and Jobs Act of 2017, which slashed corporate taxes to a 21% rate.

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Inform Accounting

APRIL 28, 2022

However, there are tax consequences if the loan remains outstanding nine months and one day after the end of the accounting period in which it was made. Rate of ‘Section 455’ tax. Section 455 tax is aligned with the dividend upper rate. This will save the company tax of £8,437.50. Need tax planning support?

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Ronika Khanna CPA,CA

FEBRUARY 23, 2023

Tax Administration: Sole proprietorships and unincorporated businesses are required to include their business income and expenses in their personal tax returns by filling out the T-2125. This form can be found in most online tax filing software including Ufile and TurboTax. Similar interest and penalty provisions apply.

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Inform Accounting

NOVEMBER 18, 2022

Oh, and inflation is still going to be running at 10% across 2023. 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%.

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Wellers Accounting

JANUARY 22, 2024

Tom Biggs explains the various end of tax year considerations, and strategies, that form effective tax planning to potentially reduce your liability.

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Menzies

OCTOBER 21, 2022

But they might be unaware that most of the cost of the refurbishment may be eligible for tax relief under the capital allowances regime. With the super-deduction deadline of 31 st March 2023 round the corner, it is important that companies make tactical choices now that may possibly save them money.

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Going Concern

APRIL 12, 2024

We broke that record in 2023. This situation worsened in 2023,” says the report, which was tabled in council in March. billion won in corporate taxes, but its management team recorded the amount as a receivable in its financial statements. This Board set a goal to strengthen PCAOB enforcement, and we are doing just that.

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ThomsonReuters

DECEMBER 17, 2021

The Global Minimum Tax is the latest initiative spinning off of the Base Erosion and Profit Shifting (BEPS) initiative from the Organisation for Economic Co-operation and Development (OECD). Countries would have to write new laws, adopt new tax treaty language, and repeal some policies that conflict with the new rules.”.

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CPA Practice

MARCH 26, 2024

Here’s how Lorquet, who pleaded guilty to money laundering in 2023 and was sentenced this month to six years in prison, pulled off his pandemic loan scheme, according to federal court records. Kickback’ scheme Federal court records show that Lorquet helped process pandemic loan applications for 36 individuals and businesses in South Florida.

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Going Concern

JULY 21, 2023

Waldref said between 2020 and 2023, 25-year-old Carol Casilla of Spokane worked for Spokane Dermatology Clinic (SDC) as an accountant, during which time she allegedly stole over $715,000 via fraud. PwC, which triggered the inquiry with its tax leaks scandal, has provided its agreement but asked the committee to keep it confidential.

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DMCL

APRIL 11, 2022

billion for 2023/24. Annual contributions to the FHSA will be available starting sometime in 2023. Increase to the First-Time Home Buyer’s Tax Credit. The budget increases the First-Time Home Buyer’s Tax Credit to $1,500 for eligible first-time home buyers. Effective January 1, 2023. of GDP for 2022/23.

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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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Xero

JUNE 18, 2023

New practices in the UK who joined the Xero partner program after 6 March 2023, and those who have only ever used Xero HQ, can now enjoy a single client record. We’ve also included a Capital Gains report to show breakdown of disposals for Capital Gains Tax.

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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. For example, LLCs that opt for the IRS to tax them as corporations are subject to corporate tax rates.

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ThomsonReuters

OCTOBER 19, 2022

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). Client letter: 2164, Tax credit for buying a plug-in electric vehicle.

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ThomsonReuters

FEBRUARY 6, 2024

Here are the main differences between direct and indirect taxes: Direct taxes Levied on people and entities Are typically proportionate to the taxpayer’s income or assets Considered a progressive tax. levies income tax rates that range and kick in at specific income thresholds. In short, there are U.S.

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CPA Practice

OCTOBER 2, 2023

By Katelyn Washington, Kiplinter Consumer News Service (TNS) The IRS has granted Louisiana tax relief to areas of the state impacted by seawater intrusion. Affected taxpayers now have extended tax deadlines of Feb. 15, 2024, to file certain tax returns and make tax payments. 20, 2023, to Feb.

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Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Postpone income until 2023 and accelerate deductions into 2022. The estate tax is once again becoming a hot button issue even with the lifetime exemption currently set at $12.06

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xendoo

DECEMBER 11, 2022

Corporation Income Tax Return, is an IRS form that certain businesses use to file taxes. It helps businesses report their yearly profits and losses to determine their tax liability. Businesses can also use Form 1120 to report the gains or losses from the sale of assets and any taxes due from foreign income.

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Menzies

NOVEMBER 27, 2023

The super-deduction, full expensing, and first year allowances The super-deduction scheme, that provided up to 130% tax relief on qualifying capital expenses, is no more. To retain the UK’s appeal to business owners and stimulate further investment, the government initiated ‘full expensing’ from April 2023.

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CPA Practice

JUNE 20, 2023

That’s up from the current maximum $2,000 benefit, which is only paid out at tax time. There was also an option to take some or all of the credit as a lump sum when filing annual tax returns. Policymakers should not put corporate interests ahead of the interests of children,” the groups wrote in their June 14 letter.

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