article thumbnail

Southern Illinois University Wins 21st Annual Deloitte FanTAXtic National Case Study Competition

CPA Practice

A team of students from the Southern Illinois University, Carbondale, claimed victory at the Deloitte FanTAXtic national case study competition by presenting the best analysis on a complex, issues-driven business tax case.

article thumbnail

Milestones for S Corporation Election

CPA Practice

For example, it makes sense to suggest electing S Corp status to your clients when their self-employment tax burden exceeds the tax burden if the corporation converted to an S Corp. Other factors to consider include which states do or do not recognize S Corps at the state level.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

How to File Income Tax Return: Tax Filing Preparation Guide 2022

Snyder

Note: The important thing is that the United States income tax rates are marginal , which just means that each tax rate applies to only one part of your income. . Income tax calculations are reflected in the business tax return. In the USA, the IRS or local tax agencies play the role of such authority.

article thumbnail

How Online Sales Tax Impacts Different eCommerce Models

PYMNTS

States can now tax sales by companies that do not have a physical presence within the state. One state might tax a product that another excludes from levies, for example, and not all states offer the same small business tax exemptions. Will this increasingly regulated online sales tax environment affect this growth?

article thumbnail

More Than a Loophole: Delaware Sales Tax and Other Benefits of Incorporation in DE

inDinero Tax Tips

County-level real estate property tax can exist, but it’s typically very low in comparison to property taxes in other states. In addition, the state has no value-added taxes (VATs), use taxes, or an inheritance tax. The amount of franchise tax and how each state calculates the tax varies.

article thumbnail

Shrinking the Delaware Tax Loophole: Other U.S. States to Incorporate Your Business

inDinero Tax Tips

The Delaware Division of Corporations offers electronic (in-person is suspended during the COVID-19 emergency) submission of business entity documents between the hours of 7:45 a.m. Delaware does tax companies. The Delaware franchise tax. A franchise tax is a charge by states on corporations to conduct business in their state.

article thumbnail

Are Interstate Telecommuters During COVID-19 a Sales Tax Liability for Your Company?

ThomsonReuters

In response to the fluid and uncertain situation that many businesses are facing, Checkpoint Catalyst conducted a comprehensive survey of state tax agencies to find out how individual states are managing tax issues related to COVID-19 worker displacement. appeared first on Tax & Accounting Blog Posts by Thomson Reuters.