Withum

JUNE 1, 2022

Unfortunately, a deteriorated supply chain and increased inflation most likely will increase the tax bill for businesses that use the LIFO method of accounting. That is true, LIFO and FIFO are not reality, but an agreed-upon method of how a business will calculate their Cost of Goods Sold (“COGS”). Business Tax Services.

business tax 119

business tax Tax income tax tax return 119

Withum

JUNE 6, 2022

The taxpayer in PLR 202221006 (March 3, 2022) is a pharmaceutical distributor that engages in the retail sale of a limited number of drugs. Conversely, if the business is not a QTB, then the shareholder will owe federal income tax of roughly $2,380,000 ($10 million times 23.8%). Business Tax Services.

Tax 127

Tax income tax Pharmaceutical Manufacturing 127

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.

Pharmaceutical 52

Pharmaceutical Tax accounting and finance income tax 52

KROST

NOVEMBER 24, 2020

Currently, a de minimis safe harbor under the repair regs allows taxpayers to deduct certain items costing $5,000 or less (per item or invoice) and that are deductible in accordance with the company’s accounting policy reflected on their applicable financial statement (AFS). Accelerating income and postponing deductions.

tax planning 52

tax planning Tax California income tax 52