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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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. ©2024 CQ-Roll Call Inc.,

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CPA Practice

FEBRUARY 5, 2024

The bill restores corporate tax breaks created by the tax law Republicans passed in 2017 that have expired or are set to expire soon. They include tax credits for research and development, as well as capital projects like building factories or manufacturing equipment. c)2024 The Spokesman-Review (Spokane, Wash.).

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ThomsonReuters

MARCH 9, 2023

Congress passed the Inflation Reduction Act of 2022 which extends, through 2024, the credit for electricity produced from certain renewable resources; the energy credit; and other energy-related credits (with various extension dates) The Act also introduces two new corporate taxes and various new clean energy-related tax credits.

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Inform Accounting

MARCH 15, 2023

What was hoped was that the chancellor was going to stop the planned corporation tax rise from 19% to 25% for businesses earning between £50k and £250k in profits. Sadly, this tax rise and all its complications still take effect. These will prove very punitive if you run multiple businesses. Reduce your overheads?

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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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ThomsonReuters

JANUARY 9, 2024

Jump to: How are C corporations taxed? When are C corp taxes due? How do C corps file taxes? How can C corporations reduce their taxes? But what does that mean for your taxes? How are C corporations taxed? In 2024, the extension deadline for calendar-year businesses is Oct.

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ThomsonReuters

FEBRUARY 8, 2024

LLC members are considered self-employed individuals, and self-employed individuals do not have FICA taxes (e.g., Instead, self-employed people pay FICA taxes directly to the IRS—which is known as the self-employment tax. In 2024, the self-employment tax is 15.3%, which includes 12.4% for Social Security and 2.9%

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