ThomsonReuters

DECEMBER 19, 2023

To encourage this shift, the IRS offers a range of renewable energy tax credits for alternative energy sources like solar, wind, and geothermal power. For accountants, understanding renewable energy tax credits and how they relate to individuals and businesses is essential in helping clients maximize their tax benefits.

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Withum

NOVEMBER 29, 2023

Federal income tax or information return reporting more than $5 million in U.S.-source Entities created in 2024 have until January 1, 2025, to file the report. Generally does not include a business’s accountants or lawyers, Board members, or partnership representative. 5 & FAQ J.1. When is reporting required?

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Withum

SEPTEMBER 15, 2023

Many companies are experiencing unfavorable cash tax payments when filing their 2022 federal income tax returns this fall, as federal law no longer allows an immediate deduction for Section 174 Research and Experimental (“R&E”) expenses incurred for taxable years beginning after 2021. appeared first on Withum.

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Inform Accounting

NOVEMBER 18, 2022

Companies with profits between £50,000 and £250,000 will be taxed between 19% and 25%. Income tax and National Insurance contributions thresholds are staying the same until April 2028. The Upper rate tax band threshold will be lowered from £150,000 to £125,140 from 6th April 2023. Still support for energy bills.

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Withum

OCTOBER 11, 2023

The Internal Revenue Service (“IRS”) released Notice 2023-63 , on September 8, 2023, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year.While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal.

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CPA Practice

JANUARY 25, 2023

Beginning in 2025, the new law increases the limit from $7,500 to the greater of $10,000 or 150% of the regular catch-up limit for those aged 60-63 (indexed for inflation). These contributions are made with after-tax dollars, but future payouts are generally tax-free.

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Withum

DECEMBER 23, 2023

While all this start and stop is understandable in a deeply divided Congress, business owners remain stuck with dysfunctional tax law that is forcing them to make high, unexpected tax payments on their research and experimental (“R&E”) expenditures while paying 20-year high-interest rates to finance their increasing tax bills.

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LyfeAccounting

JULY 1, 2021

But in 1931, Capone was found guilty of 22 counts of federal income tax evasion and was convicted to 11 years in federal prison, in addition to $215,000 plus interest due on back taxes. You see, despite publicly displaying his wealth, Capone never filed a Federal tax return. And, we also offer tax resolution services.

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xendoo

JANUARY 16, 2023

Filing taxes as a small business owner can be complex, with numerous factors to consider. 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.

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CPA Practice

MARCH 8, 2023

Corporate Alternative Minimum Tax is Back Congress originally introduced the corporate AMT in 1986 to prevent large companies from using tax exemptions to avoid paying income taxes, despite high earnings. The new corporate AMT applies a 15 percent tax to a company’s  adjusted financial statement income  (AFSI).

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ThomsonReuters

OCTOBER 19, 2022

PPC Tax Planning and Advisory Guide: Closely-Held C Corporations, Section 600 Introduction to the Corporate Alternative Minimum Tax (AMT). New Elections to Convert Certain Business Credits to Cash or Deemed Income Tax Payments. Who needs to know: Business taxpayers and tax professionals who advise businesses.

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inDinero Tax Tips

JANUARY 16, 2024

Due dates for business taxes can change from year to year based on a variety of factors, including weekends and federal holidays. So, if you’re wondering when are taxes due in 2024, you’re asking the right question at the right time. Missing these tax payment deadlines might result in penalties or interest charges.

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CPA Practice

JANUARY 10, 2024

The report says the IRS virtually eliminated its backlog of unprocessed original individual income tax returns (Forms 1040) and substantially improved telephone service. Delays in processing amended tax returns and taxpayer correspondence. million users accessed individual online accounts. That’s just over 10%. “To

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xendoo

FEBRUARY 13, 2023

If you’re wondering how to pay less in taxes, you’re not alone. Everyone—from individuals to business owners—wants to know how to lower their taxes. Tax laws are complicated and they can change each year. Our tax accountants know all the tax breaks for business owners and how to leverage them.

Tax 59

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xendoo

MARCH 14, 2023

With the qualified business income deduction (QBI), small business owners and self-employed workers could deduct up to 20% of their taxable income. The QBI deduction is only available to pass-through entities between the tax years 2018-2025.

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xendoo

MARCH 14, 2023

With the qualified business income deduction (QBI), small business owners and self-employed workers could deduct up to 20% of their taxable income. The QBI deduction is only available to pass-through entities between the tax years 2018-2025.

tax return 52

tax return Real Estate bookkeeping Tax 52

ThomsonReuters

JUNE 10, 2021

Among the book’s provisions include: (1) increasing the employer provided childcare tax credit for businesses, (2) creating a new general business credit equal to 10% of the eligible expenses paid or incurred in connection with onshoring a U.S. in 2025, and a base rate of $16.00 per hour starting in 2022, $14.25

payroll 98

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Withum

JULY 26, 2023

The Build It In America Act (HR 3938) addresses business taxpayer concerns regarding rising interest expense rates and deduction limitations on research and experimental expenditures, which could lead to drastically increased cash federal income tax payments.

Tax 52

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CPA Practice

JANUARY 2, 2024

If there is a tax package, let’s look at what could potentially be included. Republicans want to fully restore three popular business tax breaks: Research and development: Before 2022, firms could fully expense R&D costs in the year incurred. It drops to 60% in 2024, 40% in 2025, and so forth.

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CPA Practice

JUNE 30, 2023

Also, the package omits provisions that Democratic lawmakers are passionate about, such as expansions to the child tax credit and earned income tax credit. It could jump-start negotiations on a potential year-end tax package. Upper-income individuals wouldn’t get the extra bump.

Tax 122

Tax income tax Washington Start-ups 122

LyfeAccounting

OCTOBER 29, 2020

With the US presidential election is right around the corner, and since we’re an accounting firm that loves taxes, it’s only right that we make a post discussing President Trump’s Tax Plan vs Former Vice President Joe Biden. What an Effective Tax System Looks Like. A fair tax system should produce similar outcomes.

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