Brainard vows corporate tax hike with Trump cuts set to expire
Accounting Today
MAY 10, 2024
President Biden's top economic advisor pledged Democrats would push to reverse Donald Trump's corporate tax cuts next year.
U.S. Corporate Taxes Likely to Rise to Tame Deficit, Buffett Says
CPA Practice
MAY 7, 2024
The Berkshire Hathaway chairman and chief executive officer, speaking Saturday at the company’s closely watched annual meeting in Omaha, sidestepped directly commenting on the partisan fight over corporate taxes taking shape. We always hope at Berkshire to pay substantial federal income taxes,” Buffett said. “We
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The top 5 AI terms corporate tax professionals need to know
ThomsonReuters
FEBRUARY 22, 2024
It is inevitable that in the next few years, it will impact – and even transform – how corporate tax professionals go about their work. So, what are the key aspects of AI that are likely to affect the world of corporate tax? Here are the top five AI terms corporate tax professionals need to know: 1.
Tax Expert at Wolters Kluwer Gives Opinion on Biden 2024 State of the Union Address
CPA Practice
MARCH 7, 2024
On Thursday night, President Joe Biden gave his 2024 State of the Union Address to a joint session of Congress. The President set out his plan to reduce the deficit by $3 trillion over 10 years by increasing taxes for the wealthiest individuals and corporations. Mark Friedlich , ESQ., Mark Friedlich , ESQ.,
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AICPA Submits Suggestions for the 2024-2025 Guidance Priority List
CPA Practice
MAY 24, 2024
The American Institute of CPAs (AICPA) submitted comments to the Internal Revenue Service (IRS) containing 189 recommendations regarding the 2024-2025 Guidance Priority Plan.
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States cut taxes in 2024
Accounting Today
JANUARY 3, 2024
Fifteen states are reducing either individual or corporate income taxes this year, with some states trimming both individual and corporate taxes, among 34 states starting the year with significant tax changes.
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Exploring key 2024 tax bill proposals
ThomsonReuters
FEBRUARY 9, 2024
As we step into a new year, the taxation realm is abuzz with discussions surrounding the Tax Relief for American Families and Workers Act of 2024. However, amidst this spotlight, there are other tax proposals quietly gaining momentum.
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Act now to mitigate the increase in the corporate tax rate
Menzies
DECEMBER 1, 2022
From 1 April 2023, the corporation tax rate will be increasing from 19% to 25% for companies with taxable profits over £250,000. Companies with taxable profits of less than £50,000 will continue to pay tax at 19%. However, if the company changed its year end to 31 March 2023 it would pay tax at 19%.
How are S corporations taxed? Tips for filing and reducing taxes as a pass-through entity
ThomsonReuters
MARCH 1, 2024
Jump to: How are S corporations taxed? How can S corporations reduce their taxes? You may wonder how the S corporation taxation generally works. The following guide offers numerous strategies and tips that owners of S corporations can use to lower their taxes, including deductions and credits.
Notable Tax Proposals in Biden’s 2024 Budget
CPA Practice
MARCH 9, 2023
Taylor, Kiplinger Consumer News Service (TNS) President Biden’s FY 2024 budget—released today—proposes several tax changes aimed at wealthier taxpayers. Among the tax proposals, which will likely stall in a divided Congress, are notable tax rate increases for Medicare and capital gains. By Kelley R.
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Notable Tax Proposals in Biden’s 2024 Budget
CPA Practice
MARCH 15, 2023
Taylor, Kiplinger Consumer News Service (TNS) President Biden’s FY 2024 budget—released today—proposes several tax changes aimed at wealthier taxpayers. Among the tax proposals, which will likely stall in a divided Congress, are notable tax rate increases for Medicare and capital gains. By Kelley R.
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How are C corporations taxed? Tips on how to avoid double taxation and reduce taxes
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.
Important 2024 Tax Deadlines You Don’t Want to Miss
KROST
FEBRUARY 2, 2024
As the tax season begins, it is crucial to gather all forms of tax documentation in preparation for the filing process. We understand that filing taxes can be a very stressful and time-consuming task, and without proper planning, Read the full article.
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Most Tax Pros, Corporate and Public, Believe AI Should Be in Their Toolbox
CPA Practice
MAY 9, 2024
More than three-fourths (77%) of tax professionals believe AI technology can be applied to their work, and more than half (56%) of in-house corporate tax teams think their external tax advisers’ firms should be using AI, shows a new report by Thomson Reuters.
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Janet Yellen Says America Won’t Back a Billionaire Tax
CPA Practice
MAY 23, 2024
The EU Tax Observatory, a Paris-based research laboratory, estimates that a 2% tax would raise close to $250 billion annually, coming from less than 3,000 individuals. The agreement imposes a minimum effective tax rate of 15% on corporate profits in the country where they operate. ©2024 Quartz Media Inc.
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AICPA Submits Suggestions for the 2023-2024 Guidance Priority List
CPA Practice
MAY 22, 2023
The American Institute of CPAs (AICPA) submitted a letter to the Internal Revenue Service (IRS) containing 182 suggestions regarding the 2023-2024 Guidance Priority List.
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IRIS Updates Elements Professional Edition and Confirms Future Roadmap
Accounting Insight
MAY 9, 2024
2024 Updates to Elements Professional Edition: In May 2023, IRIS introduced Elements Professional Edition, which caters for start-ups practices, sole practitioners and bookkeepers as well as medium sized practices with more complex requirements. You can register for a free ticket here.
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Unlocking efficiency: The impact of AI on tax compliance and reporting
ThomsonReuters
MARCH 6, 2024
In the corporate tax space, just as the regulatory compliance landscape becomes more challenging and reporting requirements become more demanding, technology is advancing rapidly to crunch vast amounts of data in no time and streamline labor-intensive processes. AI is adept at supporting both.
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What are countries doing to implement OECD’s BEPS Pillar 2.0?
ThomsonReuters
AUGUST 2, 2023
As the Organization for Economic Co-Operation and Development’s (OECD) ground-breaking Base Erosion Profit Shifting (BEPS) framework for taxing the digital economy is being implemented, countries around the globe are beginning to roll out the second of the OECD’s two BEPS pillars—Pillar 2.0. regulation starting in 2024.
F in the Chat For All the Clients Losing Their CPAs to Higher Fees This Year
Going Concern
JANUARY 25, 2024
pic.twitter.com/UWbrbVpn1Z — Andrea MacDonald, CPA (@andreamacdcpa) January 17, 2024 This guy generated quite the buzz: My CPA just increased her service fee again by 30% Last year she increased her fee by 60% Must be nice — FourPlex Guy Carlos Gonzalez (@dig_deeper1) January 23, 2024 Accountants quit being stupid on fees.
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Get set up for the new tax year with Xero Payroll
Xero
MARCH 13, 2024
Investment Zone NI categories From 6 April 2024, HMRC are introducing new NI categories for employees that work in the specified Investment Zones. If your business is in the construction industry, we recommend you review and reconcile your Construction Industry Scheme (CIS) Suffered report for the tax year. Aged 18 to 20 £8.60
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Your Essential Guide to the Delaware Annual Filing – 2024
Shay CPA
FEBRUARY 8, 2024
The post Your Essential Guide to the Delaware Annual Filing – 2024 appeared first on Shay CPA. Reach out to us for a consultation to ensure your startup is prepared and well-positioned for the upcoming filing season.
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Biden Will Push Higher Taxes For the Wealthy in State of the Union
CPA Practice
MARCH 4, 2024
Republicans, who abhor any tax increase, narrowly control the House and Democrats have a slender hold over the Senate. The White House didn’t offer additional details, but on the campaign trail lately, Biden has been advancing the idea of raising the corporate tax rate from 21% to 28% as well as a tax hitting capital gains for billionaires.
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New report shows opportunities and risks for tax professionals with GenAI
ThomsonReuters
APRIL 17, 2024
T raining and policies The future of work New Report: 2024 Generative AI in Professional Services Explore all the latest comprehensive insights into how GenAI is shaping professional services. Conducted in early 2024, the survey gathered valuable insights from respondents across the United States, United Kingdom, and Canada.
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Is President Biden On the Right Track With His Billionaire and Business Tax Increase Plans?
CPA Practice
MARCH 15, 2024
He said the moves would reverse many large tax breaks enacted by the Trump administration. The president said he would like to see the corporate tax rate rise to 28%, and what’s known as the corporate minimum tax rate increased to 21%. ©2024 The San Diego Union-Tribune. Visit sandiegouniontribune.com.
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Thomson Reuters Adds Generative AI to SurePrep
CPA Practice
NOVEMBER 9, 2023
New features and enhancements in SurePrep TaxCaddy, Cloud Audit Suite, and ONESOURCE support the automation of tax workflows, driving efficiency and saving time for professionals in firms and corporate tax departments. Checkpoint Edge AI Assistant is in beta in the USA from November 2023, with general availability in 2024.
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Manufacturing: Spring Budget Predictions & Wish List
Menzies
FEBRUARY 13, 2024
Andrew England highlights what we could expect from the Chancellor’s Spring Budget 2024 this year, and what could benefit the Manufacturing sector. What could we expect to see from the Spring Budget 2024? Corporation Tax A reduction in the headline rate of corporation tax to support UK business in a challenging economic climate.
Louisiana Tax Relief Granted by IRS After Seawater Intrusion
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. 16, 2024, are now due Feb.
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New Trump Tax Cuts Could Cost U.S. $4.6 Trillion, Bipartisan Watchdog Agency Says
CPA Practice
MAY 9, 2024
trillion cost of the original Trump tax cuts — a more expansive bill which also included permanent reductions in corporate taxes. The anticipated cost of extending the tax cuts could move lawmakers to seek ways to offset the deficit impact through spending cuts or by scaling back the size of the rate reductions.
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7 in 10 Accountants Say AI Benefits the Profession, Survey Finds
CPA Practice
DECEMBER 14, 2023
corporate tax and auditing professionals, conducted between Oct. Despite reservations, 67% of accountants predicted their firms will increase AI investment in 2024 through expanded implementation, partnerships with AI software companies, or further research. “AI The survey of 500 U.S. 27 and Nov.
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Trump Considers Making Permanent 2017 Tax Cuts for Individuals
CPA Practice
JANUARY 8, 2024
By Stephanie Lai and Jennifer Jacobs, Bloomberg News (TNS) Donald Trump plans to make permanent the 2017 individual tax cuts that he enacted as president while keeping corporate tax levels unchanged in an appeal to working- and middle-class voters should he retake the White House, according to people familiar with the matter.
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IRS e-file rejection grace period of timely-filed returns and extensions
ThomsonReuters
MARCH 4, 2024
E-file program information IRS Publication 4163 (containing Modernized e-File Information) IRS Publication 1345 2024 spring deadline due dates for transmitting e-filed returns 7 steps for an accurate and successful corporate tax return filing The post IRS e-file rejection grace period of timely-filed returns and extensions appeared first on Tax (..)
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How corporate trade and tax professionals can be smart about mapping and product classification
ThomsonReuters
APRIL 21, 2024
For corporate tax professionals, navigating the ever-evolving landscape of tax codes and regulations is often a daunting task. 7024 Tax Relief in American Families and Workers Act of 2024 , which relates to the tax treatment of domestic versus overseas research expenses, could muddy the water even more.
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Cohen & Co. to Move Into Buffalo After Acquiring CPA and Consulting Firms
CPA Practice
NOVEMBER 13, 2023
will have approximately 80 partners, 800 employees, and projected revenue for the fiscal year ending May 31, 2024 surpassing $170 million. The firm also provides outsourced corporate tax and accounting advisory services. This includes the firms’ five partners and approximately 30 team members. said in a press release.
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2023 Top 3 tax management webcasts
ThomsonReuters
DECEMBER 22, 2023
As emerging technologies continue to reshape industries, tax departments are not exempt from the transformative power of innovation. In this era of rapid change, corporate tax professionals must stay ahead of the curve and leverage the latest tools and strategies to navigate the complex landscape of tax compliance.
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2024 UK tax deadlines and other important financial dates
Wellers Accounting
JANUARY 22, 2024
Tom Biggs ACA CTA, provides a comprehensive list of the tax and financial dates you need marked up in your calendar.
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Biden’s Budget and Potential 2nd Term Tax Legislation
Dent Moses
MAY 8, 2024
This outlines how the administration would implement the President’s tax policy, indicating a gross tax hike of approximately $5.3 trillion from 2024 to 2034. Notable Provisions: Increased Taxes on High Earners: Increase income taxes for individuals earning more than $400,000 per year.
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BEPS 2.0 Pillar Two – What Tax Teams Need To Succeed
CPA Practice
JUNE 1, 2023
Before early 2024, tax teams must learn how to balance the additional requirements of the Base Erosion and Profit Shifting (BEPS) 2.0 Pillar Two will impose new data reporting requirements and additional global tax compliance challenges for multinational business with turnover greater than 750M EUR. By David Woodworth.
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Have you received an HMRC nudge letter about filing ATED returns?
Menzies
MAY 22, 2024
HMRC have an ongoing campaign to tackle non-compliance connected with offshore corporate entities owning UK property, and we are seeing an increase in this activity in 2024. The Annual Tax on Enveloped Dwellings (ATED) is an annual tax due where corporate entities – whether UK resident or not – own UK residential properties.
R&D Tax Relief Changes
Menzies
JANUARY 29, 2024
Tax saving increases by up to £2.80 per £100 of spending to £46.50. per £100 of spending to £46.50. per £100 of qualifying spending Repayment credit rate for most loss-making companies 14.5% of enhanced amount = £33.35 per £100 10% of enhanced amount = £18.60
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Biden’s Budget and Potential 2nd Term Tax Legislation
Dent Moses
MAY 1, 2024
This outlines how the administration would implement the President’s tax policy, indicating a gross tax hike of approximately $5.3 trillion from 2024 to 2034. Notable Provisions: Increased Taxes on High Earners: Increase income taxes for individuals earning more than $400,000 per year.
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Nebraska State Tax Updates
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. April 3, 2020.
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6 states with corporate income tax changes for 2024
Accounting Today
FEBRUARY 12, 2024
Corporations will be the beneficiaries of a reduction in the top marginal rate in all six states.
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Taxing the Rich is a Popular Bipartisan Stance, Poll Shows
CPA Practice
MARCH 26, 2024
By Laura Davison, Bloomberg News (TNS) The progressive rallying cry of “tax the rich” has morphed into a popular policy stance with voters in the key states that will decide the 2024 election, enjoying support even among those who prefer billionaire Donald Trump, according to the latest Bloomberg News/Morning Consult poll.
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