DuctTapeMarketing

JULY 14, 2018

Small Business Finances. Cloud-based accounting software can provide a whole suite of tools to help business owners get ahead. Handle payments and manage accounts payable. Prepare the books for tax season. If you liked this post, check out our Guide to Managing Your Small Business Finances. Content Marketing.

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Cheap Accounting

FEBRUARY 4, 2022

Some times accountancy data can be lost. It’s worth knowing that HMRC may accept a reasonable excuse where your returns are filed late. They say that “a reasonable excuse is something that stopped you meeting a tax obligation that you took reasonable care to meet”. Company Accounts and Corporation Tax Return – annual filing.

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Ronika Khanna CPA,CA

MAY 26, 2023

While submitting your tax return is accompanied by a significant sense of relief, one cannot completely relax until you receive the notice of assessment from Revenue Canada (and Revenue Quebec for those of you lucky enough to file two tax returns). It also provides information pertaining to future years.

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TaxConnex

APRIL 6, 2021

Use tax remittances are paid by the purchaser to Nebraska using one of two returns. Businesses with sales tax permits may use Nebraska and Local Sales and Use Tax Return, Form?10 10 to report use tax. Individuals may report their use tax liability using Nebraska and Local Individual Use Tax Return, Form 3.

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xendoo

FEBRUARY 15, 2022

The National Society of Accountants (NSA) reports that tax consultants typically charge between $176 and $457. It may cost more if you are filing more complex and specialized tax forms. It costs $323 on average for an individual filing a tax return Form 1040 and a state return with itemized deductions.

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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. Remember, a corporate tax enquiry is not routine, despite what HMRC may suggest. What is a business tax enquiry / hmrc corporate enquiry ?

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Going Concern

APRIL 12, 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. While the average mean salary for accountants in the U.S.

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Shay CPA

MARCH 22, 2023

If your company receives the R&D Tax Credit, for example, this would mean that those costs will now be capitalized. Founders and their finance teams will need to provide an analysis of their research and experimental expenses (Section 174 Costs) to accurately prepare corporate tax returns. Okay, what’s next?

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ThomsonReuters

OCTOBER 24, 2023

Data is king in today’s fast-paced world of finance and tax. Yet, for many companies, the journey of data from disparate sources to financial close, tax returns, and reporting can be torturous. Fortunately, tax departments are not powerless. accounting software, payroll, etc.)

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Ronika Khanna CPA,CA

JANUARY 5, 2024

The idea of using an accounting software can be a bit intimidating for some new business owners. While a spreadsheet makes sense when you have a simple business with very few transactions per year, accounting software has significantly more functionality. There are two options here – accrual or cash.

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CPA Practice

JUNE 1, 2023

BEPS also requires that companies itemize their revenues by country, and as taxation bodies develop more sophisticated models that compare BEPS data with corporate tax return data, there may be an increase in investigations. Further, teams need to adapt to a shifting landscape of rules as the framework evolves over time.

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Ronika Khanna CPA,CA

FEBRUARY 23, 2023

Probably the most popular question posed to accountants and tax preparers (especially around this time of year) is “what types of expenses are deductible?”. Automobile Expenses including lease costs, interest on financing, repairs, gas and rental of vehicles for business purposes are deductible but are subject to specific rules.

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PYMNTS

SEPTEMBER 20, 2017

ctrl is a cloud-based platform providing accounting, payroll and analytics solutions for Canadian SMBs. Compliance and accounting are commonly viewed as obligations that businesses prefer to complete in the most efficient and smooth way possible,” said Deloitte private audit partner Mark Wayland in another statement. “By

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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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Inform Accounting

APRIL 28, 2022

This can be an easy source of finance, and also one that can be tax efficient as, if you time it correctly, it is possible to borrow up to £10,000 for up to 21 months tax-free. However, there are tax consequences if the loan remains outstanding nine months and one day after the end of the accounting period in which it was made.

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ThomsonReuters

NOVEMBER 16, 2023

In the second installment of our three-part series on e-invoicing, we will explore how e-invoicing and continuous transaction control (CTC) regulations impact tax compliance, and examine some of the challenges and considerations that corporate tax teams may encounter.

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LyfeAccounting

JANUARY 30, 2021

On the other hand, if you’ve paid very little attention to some of the tax changes or programs then you’ve got a lot to catch up on. Regardless of where you are our team at, LYFE Accounting specializes in business tax returns and we’re ready to help you this year. Wrapping Up Tax Season 2021. February 12, 2021.

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LyfeAccounting

NOVEMBER 4, 2020

Form Schedule C is not actually a separate business tax return. Instead, it is a form that is attached to your personal tax return. The reason why it has the same due date as personal tax returns, April 15th. In addition, there would be an approximate 15% self-employment tax due on your business profits.

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Menzies

APRIL 4, 2023

Menzies LLP - A leading chartered accountancy firm. To allow HMRC to check that the correct amounts of tax have been paid by taxpayers, they have been afforded formal legal powers to request information and documents from taxpayers. These powers are contained within Schedule 36 to Finance Act 2008.

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LyfeAccounting

MAY 18, 2021

7 Tax Mistakes Business Owners Make. Tax Mistake #1: Not having a separate bank account. The first tax mistake that we see new business owners make is not having a separate bank account for just their business. You can open a business account at any major banking institution. Tax Mistake #5: Filing late.

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Going Concern

JUNE 10, 2022

This time, however, the statement goes further in describing both the application of the general independence standard and common recurring issues from auditor independence consultations with the Office of the Chief Accountant (“OCA”). accounting firm is not prohibited by a White House executive order regarding U.S.

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Ronika Khanna CPA,CA

JANUARY 13, 2023

For those of you who are starting a new business, it is essential to know your tax obligations. Every business owner must report their net profits on a either their personal tax return if they are unincorporated or a corporation tax return if they are incorporated. How do you file your GST/HST returns?

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LyfeAccounting

NOVEMBER 9, 2020

In this post, I’m going to explain all of the tax benefits related to LLCs. It is not meant to take the place of legal and accounting advice specific to your business. The tax loopholes associated with LLCs. If your tax rate is 25%, then you would only pay $25,000.00 in taxes as a LLC.

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CPA Practice

MARCH 26, 2024

Although Lorquet fabricated the claims and paperwork, his loan request was approved by BlueVine and $215,645 was deposited into his account at TD Bank on June 5, 2020. Millions of government funds rolled into his bank accounts. He also transferred $17,000 into his TD Ameritrade account, according to court records.

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ThomsonReuters

DECEMBER 13, 2021

If the business sells goods in any state — even if there is no physical presence in that state and the transaction is conducted entirely online — the company may still be obligated to register, collect sales tax, and file a sales tax return in that state if the economic nexus threshold is exceeded.

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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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LyfeAccounting

MAY 12, 2021

Then it’s taxed again on your personal return for any amount you took out of the business as a dividend, or in other words, a distribution. The current corporate tax rate is 21%, and the Federal deadline to file and pay is April 15th on Form 1120. For multi-member LLCs or S-Corp LLCs, those tax returns are due March 15th.

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ThomsonReuters

AUGUST 5, 2022

Forrester also built in an additional 5% risk adjustment to account for potential differences in cost, raising the total estimated implementation cost to $873,600. During the implementation phase, licensing for ONESOURCE Indirect Tax costs nothing, because licensing costs only kick in once the product is up and running.

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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. A fair tax system should produce similar outcomes. Corporate Tax Rates.

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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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ThomsonReuters

MARCH 2, 2021

The disruptions of 2020 — a pandemic, related regulatory changes, a remote workforce — have changed the business and tax landscape. Decide whether to buy or build your tax data software. Biden Tax Policies Take Center Stage: What to Expect in 2021 and Beyond. Entering a New Era: The Future of Corporate Tax Management.

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DMCL

APRIL 11, 2022

On April 7, 2022, the Honourable Chrystia Freeland tabled her second budget as federal Minister of Finance and Deputy Prime Minister. Introduction of the new Tax-Free First Home Savings Account (FHSA). for eligible transportation storage and use equipment with lower tax credit rates applicable from 2031 to 2040.

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Wellers Accounting

JANUARY 22, 2024

Tom Biggs explains the various end of tax year considerations, and strategies, that form effective tax planning to potentially reduce your liability.

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