Accounting Today

AUGUST 30, 2023

The Financial Accounting Standards Board voted to require companies to tell the public more about the taxes they pay, starting as early as 2025.

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Shay CPA

OCTOBER 21, 2024

Specifically, if you can get certified as a qualified emerging tech company (QETC), you and your investors can claim some meaningful credits to lower your tax liability. Plus, your company will qualify for a lower corporate tax rate on your New York State taxes. So, does your startup count as a QETC? Let’s dig in.

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Accounting Insight

MARCH 3, 2023

As digital transformation continues to accelerate the evolution of tax and accounting, the players who expedite their embrace of these six tech trends will have an early mover advantage. And governments around the world – 136, to date – have also already agreed to adopt the 15% minimum corporate tax.

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Going Concern

OCTOBER 25, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. LLP, with WAMY and its counsel, engaged in wrongful conduct during Marks’ engagement with WAMY.

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Cherry Bekaert

MAY 3, 2024

blocker corporations for U.S. individual taxpayers and partnerships began following the Tax Cuts and Jobs Act of 2017, when the corporate income tax rate was reduced from 35% to 21%. This made the corporate tax rate significantly less than the maximum individual tax rate of 37%. tax return.

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Menzies

SEPTEMBER 2, 2022

Menzies LLP - A leading chartered accountancy firm. This was due to end in April 2021 and will now come to an end in April 2025. The government has extended the availability of 100% first year allowances on the acquisition of cars, zero-emissions goods vehicles and equipment.

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Going Concern

OCTOBER 18, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. Firm Watch Accountancy firm BDO fined €1.3 BDO is going to appeal the decision.

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Xero

MARCH 13, 2024

Here are some key updates you need to know about, as well as our tips for a smooth transition into the 2025 financial year. These include changes to National Insurance (NI) contributions effective from 6 January (followed by a second change effective 6 April), a new Scottish tax band and holiday pay reform.

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Menzies

SEPTEMBER 19, 2024

Menzies LLP - A leading chartered accountancy firm. However, the 2022/23 tax gap figures that have recently been published overwhelmingly demonstrate that it’s small businesses that account for the majority of the tax gap at 60% (approximately £24 billion) of lost tax in 2022/23.

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TaxConnex

NOVEMBER 10, 2022

I graduated in 1985 with a Masters in Tax. I was trained in income tax and expected to have a career in public accounting, but I only lasted a few years in a couple of different large CPA firms. I then went to the BellSouth Corporation tax department and had various roles.

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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. global minimum tax regime.

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ThomsonReuters

FEBRUARY 9, 2024

Under this act, if a corporation’s CEO or highest-paid employee’s compensation exceeds 50 times the median worker’s pay, the corporate tax rate would be increased by a penalty determined by the legislation.

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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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Shay CPA

NOVEMBER 14, 2023

Specifically, if you can get certified as a qualified emerging tech company (QETC), you and your investors can claim some meaningful credits to lower your tax liability. Plus, your company will qualify for a lower corporate tax rate on your New York State taxes. So, does your startup count as a QETC? Let’s dig in.

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CPA Practice

JUNE 13, 2024

This strategy balances the benefits of current tax law with the need for financial flexibility and security. Core Estate Tax Planning Techniques Regardless of estate value, there are numerous techniques and account structures available to help your clients minimize estate tax consequences—here’s a summary of the most common ones.

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Menzies

JANUARY 4, 2024

Menzies LLP - A leading chartered accountancy firm. The historical ability for non-residents to avoid UK tax on property sales and potentially benefit from reduced stamp duty has undergone significant changes.

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CPA Practice

NOVEMBER 9, 2023

Thomson Reuters, a global content and technology company, has added several updates to its suite of tax, accounting and audit products, it announced at its annual customer event, SYNERGY. These solutions help accounting firms increase productivity and profitability with AI-powered automation of tax workflows.

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CPA Practice

MARCH 8, 2023

The new corporate AMT applies a 15 percent tax to a company’s  adjusted financial statement income  (AFSI). AFSI is a company’s net income or loss reported on its applicable financial statements (AFS), such as a Form 10-K filed with the SEC, including tax and accounting adjustments.

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CPA Practice

OCTOBER 9, 2023

ONESOURCE E-invoicing brings together the best in global tax compliance and e-invoicing into a single solution. Today, more than 80 countries have mandated e-invoicing or continuous transaction control requirements, and this figure could potentially surge by 2025 as governments prioritize tax reform and real-time reporting.

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ThomsonReuters

DECEMBER 11, 2023

The purpose of this series is to help readers gain a better understanding of e-invoicing and CTC, and their impact on corporate tax teams. Meanwhile, the United Arab Emirates is waiting until July 2025 to start the “mandatory” part of its CTC e-invoicing program for B2B transactions.

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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). Who needs to know: Accounting firms and other tax professionals.

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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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Dent Moses

MAY 8, 2024

Soon after The President’s State of the Union Address, the proposed fiscal year 2025 budget was released. This outlines how the administration would implement the President’s tax policy, indicating a gross tax hike of approximately $5.3 Estate Exemption: Reduce the exemption levels, which were doubled in the 2017 tax overhaul.

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Dent Moses

MAY 1, 2024

Soon after The President’s State of the Union Address, the proposed fiscal year 2025 budget was released. This outlines how the administration would implement the President’s tax policy, indicating a gross tax hike of approximately $5.3 Estate Exemption: Reduce the exemption levels, which were doubled in the 2017 tax overhaul.

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Withum

NOVEMBER 17, 2022

For example, common states where people move to reduce state taxes are Florida, Texas, Wyoming, and Nevada. Consider increasing the amount you set aside for next year in your employer’s health flexible spending account (FSA). Tax-Advantaged Accounts. Year-End Tax Planning for Businesses. Capital Gain Planning.

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Menzies

JUNE 26, 2024

Menzies LLP - A leading chartered accountancy firm. With business rates relief set to end in March 2025, the sector is hoping for a review and reform which will help ease the burden of business rates on a more permanent basis. See below what has been proposed.

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Menzies

JUNE 26, 2024

Menzies LLP - A leading chartered accountancy firm. With business rates relief set to end in March 2025, the sector is hoping for a review and reform which will help ease the burden of business rates on a more permanent basis. See below what has been proposed.

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Cherry Bekaert

OCTOBER 23, 2024

. · 60% tariff on imports from China · No details on tariffs released · Maintain Section 301 tariffs on China · Expand Section 232 tariffs on steel and aluminum for certain imports from Mexico Corporate Tax Rate · Lower from 21% to 15% for companies with U.S. Several provisions of the TCJA are set to expire at the end of 2025.

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KROST

OCTOBER 9, 2020

No tax increases for taxpayers under $400,000 threshold. Proposes increase in estate and gift tax rates. Considering other tax liabilities, accelerate taxes for retirement accounts for Roth Conversions, Secure Act provisions. Corporate Tax Rates. KROST Insight. Consider accelerating income for 2020.

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CPA Practice

MARCH 7, 2024

In his State of the Union speech, President Biden announced a proposal to deny corporations a tax deduction when they pay more than $1 million to any employee. He also described his plans to bump the corporate tax rate up to 28 percent from the level set by former President Trump’s 2017 tax cuts, which put it at 21 percent.

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ThomsonReuters

OCTOBER 31, 2024

These shifts have introduced uncertainties and challenges for tax professionals, necessitating swift adaptation to maintain compliance and efficacy. The expiration of provisions under the Tax Cuts and Jobs Act (TCJA) adds another layer of complexity, with many of its reforms set to expire at the end of 2025.

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ThomsonReuters

SEPTEMBER 13, 2024

The passage of the TCJA in December 2017 was significant as it overhauled the tax landscape for both individuals and corporations. The Act shifted millions of Americans to the standard deduction and reduced both individual and corporate tax rates, to name just a few of the reforms. What are the expiring TCJA provisions?

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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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