Cheap Accounting

AUGUST 31, 2023

Whatever the size or structure of your business dealing with your accounts and tax returns comes with the territory. Keep receipts and invoices then record the amounts spent in the accounts. Directors have legal obligations bestowed on them when they are appointed including keeping accounting records and filing accounts.

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ThomsonReuters

DECEMBER 29, 2022

Companies are facing an ever-increasing burden of corporate tax compliance and the pace of complexities shows no sign of slowing. Helping companies ensure compliance by outsourcing for business processes represents a growth opportunity for today’s tax and accounting firms. . “ percent from 2022 to 2030.

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ThomsonReuters

NOVEMBER 2, 2021

As a corporate tax professional, you know the complexities of complying with business taxation requirements. Your company may have to file corporate tax returns in multiple states and local jurisdictions, as well as with federal — and perhaps international — tax authorities. is a C corporation.

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Ronika Khanna CPA,CA

AUGUST 13, 2024

This is a transcript from my YouTube Video on 5 Reasons Why Your Business Needs Accounting System Hello everyone! Today, I want to dive into a crucial topic for small business owners: accounting systems. So, what exactly is an accounting system? At its core, an accounting system is a method of organizing your financial data.

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Ronika Khanna CPA,CA

APRIL 26, 2024

Business tax instalment payments (including GST-QST instalments ) This means that instead of entering the data on the forms that are available via my business account at CRA and RQ and then going to your bank to make payment, either online or via mail, it can all be done at one time through one form that serves as both tax filing and payment.

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ThomsonReuters

SEPTEMBER 2, 2021

Simply put, a tax provision is the estimated amount of income tax that a company is legally expected to pay to the IRS for the current year. A tax provision is just one type of provision that corporate finance departments set aside to cover a probable future expense. How provision for tax is calculated.

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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.

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CPA Practice

FEBRUARY 14, 2023

The latest survey from Bloomberg Tax & Accounting shows the biggest issues faced by corporate tax departments, as well as trends in the industry. According to the new survey, three-quarters of tax departments report experiencing difficulties in recruiting and retaining talented tax professionals.

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Withum

OCTOBER 3, 2024

The current list of eligible localities is always available on the Tax Relief in Disaster Situations page on IRS.gov. Does disaster relief apply to a taxpayer that is not in a disaster area, but the tax preparer is? The most common filings and postponements are listed below. The most common filings and postponements are listed below.

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ThomsonReuters

OCTOBER 1, 2021

As the effects of the pandemic continue to reverberate through the economy, resource-constrained corporate tax departments are unceasingly adapting to change — including new regulatory requirements, new ways of working, extended tax deadlines, Covid tax relief provisions and, now, the demands of a busy tax-filing season.

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Xero

AUGUST 11, 2022

It would be no surprise to learn that many accounting practices and their small business, landlord and sole trader clients are currently suffering from confusion from overuse of acronyms (CFOA). Frankly, you already have enough to remember, thanks to Making Tax Digital (MTD) for VAT and Income Tax Self Assessment (ITSA).

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FusionCPA

NOVEMBER 24, 2020

It's that time of the year again where businesses are preparing their end-of-year tax. Corporate income tax is the third largest source of revenue for the federal government. While the amount collected for corporate income tax pales when compared to individual income tax or payroll tax, it still accounts for 1.1

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CPA Practice

SEPTEMBER 11, 2024

Bloomberg Tax & Accounting has released its 2025 Projected U.S. Tax Rates, which indicate inflation-adjusted amounts in the tax code will increase 2.8% Bloomberg Tax’s annual Projected U.S. The report accounts for changes made under the SECURE 2.0 increase in 2023.

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Cherry Bekaert

MAY 3, 2024

What Is Global Tax Minimization? Global tax minimization is the process that companies follow to fully comply with the tax law in each country in which they operate in such a manner that their worldwide income tax liability is reduced to the lowest possible amount. income tax return. income tax.

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Shay CPA

DECEMBER 7, 2022

Close your accounts. You’ve probably already thought about closing your bank accounts, but that’s not the only area where you need to get things sorted. Specifically, you should look at: Payroll accounts, including withholding, Department of Labor, and state unemployment insurance accounts. Sales tax accounts.

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Inform Accounting

OCTOBER 27, 2022

But what if we told you there are several strategies you can adopt to help reduce the amount of tax you pay? Because we are sharing six tips to help you save tax and get the most for your money! Hire an accountant First and foremost, we strongly recommend hiring an accountant. Have we piqued your interest yet?

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CPA Practice

AUGUST 21, 2023

Among the key survey findings: More than 92% of corporate tax accountants consider workpapers as critical or very important for supporting the overall tax lifecycle. However, only 36% of tax accountants expressed satisfaction with their current processes and tools for preparing and reviewing workpapers.

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ThomsonReuters

JULY 6, 2023

If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. Whether it’s advising on residential energy tax credits or restructuring a partnership, your knowledge and expertise beyond the tax return are valuable.

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MyIRSRelief

JULY 17, 2023

Understanding Taxation Before delving into tax planning strategies, it’s crucial to comprehend the basics of taxation. This section will provide an overview of different types of taxes, including income tax, capital gains tax, and corporate tax, and explain how they impact individuals and businesses.

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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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Ronika Khanna CPA,CA

JUNE 7, 2024

FAQ on GST/HST Income/Corporate Tax Obligations Incorporated Businesses All incorporated businesses are required to file Corporate Tax Returns also referred to as the T2 *and CO-17 in Quebec). Ultimately, the onus is on the business owner to ensure that tax reports are filed on time and related amounts are paid.

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xendoo

JANUARY 25, 2021

S Corporation Tax Filing. for a calendar tax year). March 15 Submit Form 1120S Income Tax Return. Partnership Tax Filing. for a calendar tax year). March 15 Submit Form 1065 Income Tax Return. C Corporation Tax Filing. for a calendar tax year). Individual Tax Filing.

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CPA Practice

JUNE 26, 2023

on July 1, after the sixth largest accounting firm in the nation by revenue officially changes from its current partnership structure to a professional services corporation based in Delaware. Even though partnerships aren’t taxed, they must file a tax return each year unless the partnership has no income or expenses.

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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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MyIRSRelief

OCTOBER 11, 2024

This includes understanding their income, expenses, assets, and liabilities. Identifying Tax-Saving Opportunities: Enrolled Agents can help identify tax-saving opportunities. This might include contributing to retirement accounts, making charitable contributions, and taking advantage of tax credits.

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Withum

JANUARY 13, 2022

Q5: How is PPP loan forgiveness reported on S corporation tax returns – AAA or OAA? A5: The draft instructions to IRS Form 1120-S (released December 22, 2021) provide that the PPP tax-free income and the expenses giving rise to forgiveness in the Other Adjustments Account (OAA), and not in the Accumulated Adjustment Account (AAA).

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CPA Practice

OCTOBER 18, 2023

Some key factors to evaluate include: Tax rates Tax rates vary widely across states. Some states have higher corporate income tax rates, while others offer lower rates or no tax at all. Property tax rates can vary significantly, impacting the cost of owning or leasing business space.

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Menzies

SEPTEMBER 19, 2024

Menzies LLP - A leading chartered accountancy firm. Labour’s manifesto pledged not to increase income taxes, so we can expect other taxes to be in the firing line – for example inheritance tax and stamp duties may be impacted.

Technology 52

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Menzies

AUGUST 21, 2024

Menzies LLP - A leading chartered accountancy firm. Further information has now been made available in respect of the abolition of the Furnished Holiday Lettings (FHL) tax regime that will take effect from April 2025. Capital gains tax reliefs – access to reliefs from taxes on chargeable gains.

Tax 52

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ThomsonReuters

FEBRUARY 6, 2024

To help companies better understand the nuances, this article will take a deeper dive into the layers of direct tax and the tools and resources to help firms better serve their clients. What is direct tax? Direct tax is a tax paid directly by the taxpayer to the government and cannot be shifted, like federal income tax.

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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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Ronika Khanna CPA,CA

FEBRUARY 9, 2024

While there are numerous payroll software that handle the filing of the T4 and RL1 slips , the RL1 summary is usually left to the employer (and/or their accountants) to file. However, most accounting software, will only produce a non official summary report that then has to be transcribed onto the actual form which can then be mailed.

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CPA Practice

SEPTEMBER 8, 2023

Conversely, S corporation items of gain or loss are passed through to shareholders and taxed once on their individual returns. Prior to the Tax Cuts and Jobs Act (TCJA), corporate tax rates reached as high as 35% under a graduated tax rate structure. There are other factors to take into account.

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xendoo

AUGUST 2, 2023

Your business structure impacts your tax savings, accounting practices, and how you pay yourself. Examples of business structures include: Sole proprietorship Partnership Limited liability company (LLC) S corporation (S corp) C corporation (C corp) Businesses often weigh the pros and cons of forming an LLC vs. S corp.

Tax 52

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ThomsonReuters

FEBRUARY 20, 2024

To ensure tax compliance and resolve tax questions that may arise when conducting business-related transactions, it is critical that corporate tax specialists keep pace with local and international anti-avoidance legislation in today’s ever-changing legislative environment. The post What are general anti-avoidance rules?

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CPA Practice

AUGUST 23, 2023

When it comes to a corporation’s relationship with its accounting firm, the firm itself is less important than the partner who leads its engagement team in lowering its tax rate, according to a new study from Iowa’s Tippie College of Business. The answer is that it’s the partner that matters much more than the accounting firm.”

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Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. Losses are entitled to corporation tax credits by offsetting a trading loss against profits from gains from the same or previous periods, with remaining losses being available for offset in the future. Tax An LLP is not liable to tax, with partners taxed as individuals.

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