ThomsonReuters

APRIL 8, 2024

The accounting profession is no exception. Given these findings, it is no surprise that staying on top of tax regulations and legislation, as well as risk identification and mitigation , ranked as among the top priorities for both tax firms and corporate tax departments.

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Menzies

AUGUST 1, 2023

Menzies LLP - A leading chartered accountancy firm. A fundamental question for most corporate owner managers is how to most efficiently extract profits from their company, especially in light of the frequently changing rules and tax rates / thresholds.

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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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Menzies

JANUARY 18, 2024

Menzies LLP - A leading chartered accountancy firm. When it comes to accounting year ends, most UK companies tend to fall into one of three categories. They choose a 31 March year end as it broadly ties up with the UK tax year. When do I need to pay my corporation tax? When does my cash position look the strongest?

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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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Menzies

AUGUST 8, 2023

Menzies LLP - A leading chartered accountancy firm. HMRC have introduced new rules for the submission of R&D tax relief claims. This is with reference to the date the claim is filed, not the accounting period date, so any claims filed from 8 August 2023 onwards will need to comply with these new rules. What is happening?

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Menzies

JANUARY 29, 2024

Menzies LLP - A leading chartered accountancy firm. Cashflow is critical The main purpose of a business is generally the pursuit of profit, with business owners focusing on levels of turnover and profit and how these can be maximised. As sales dip after the festive season, maintaining cash flow becomes crucial.

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SingleTrackAccounting

MAY 13, 2021

We have been getting questions lately on how the new tax bill will affect small businesses. The main points the new tax bill proposes should not affect most small businesses and Biden has made it clear that he will only tax “the rich.” Corporate Tax Rate. It’s targeting Wall Street not Main Street.

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CPA Practice

SEPTEMBER 18, 2023

Sidney Kess, a nationally renowned tax lawyer and accountant, author of hundreds of tax books on financial and estate planning, educator, and a friend to many in the profession, passed away on Sunday at the age of 97. He also had been a senior consultant to top 25 accounting firm Citrin Cooperman.

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Menzies

NOVEMBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. Understanding the differences between the available allowances is crucial for enhancing tax savings and bolstering cash flow, particularly in the early stages of a tech enterprise, where capital investments may be significant.

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Menzies

OCTOBER 6, 2023

Menzies LLP - A leading chartered accountancy firm. This new allowance enables companies to claim a 100% deduction for tax purposes in the year of spend on particular capital investments. For example, consider a company that has a corporation tax liability of £1 million for the 12-month period ending on 31 March 2024.

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Menzies

MARCH 15, 2024

Menzies LLP - A leading chartered accountancy firm. It directly aligns the objectives of the main shareholders with the employees, to grow the value of the business. The popularity of this scheme reflects its tax efficiency and the flexibility in how it can be structured. At this point the value of the company has risen to £5m.

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ThomsonReuters

JUNE 28, 2022

Corporate tax teams that want to invest in an automated indirect tax solution can’t simply declare to decision-makers that efficiencies, cost savings, and a host of other benefits will magically start boosting the bottom line once the software is activated. what the return on technology investment (ROI) is going to be.

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Menzies

OCTOBER 21, 2022

Menzies LLP - A leading chartered accountancy firm. But they might be unaware that most of the cost of the refurbishment may be eligible for tax relief under the capital allowances regime. What’s in the Main pool? These items will also qualify for the 100% AIA up to the annual limit of £1 million limit and 6% afterwards.

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Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. GAINING R&D KNOWLEDGE CAN BRING REWARDS FOR YOUR PROPERTY BUSINESS Relatively few surveyors claim research and development (R&D) tax relief, despite the fact that many activities meet the scheme’s eligibility criteria. The main reason is a lack of awareness.

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ThomsonReuters

SEPTEMBER 22, 2021

Tax compliance — and the reporting involved in maintaining that compliance — is one of the most stressful tasks a corporate tax team must complete. It should give teams complete control over company tax reporting, allowing them find the right level of data quickly. What is a tax data warehouse?

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Menzies

AUGUST 21, 2023

Menzies LLP - A leading chartered accountancy firm. This relief is temporary and will end on 31 March 2026 but for companies that take advantage of it will enable up to £250 of each £1,000 of capital spend to be recovered against their tax bill and so potentially significant tax savings are available.

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Inform Accounting

MARCH 21, 2023

In this blog we set out some of the main tax rates. INCOME TAX The personal allowance and basic rate band threshold are now frozen in place until 5 April 2028. As earnings increase, individuals will move into higher tax bands. These allowances are in addition to the personal allowance and attract a 0% rate of income tax.

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ThomsonReuters

MARCH 28, 2023

Compliance may not be the most glamorous task facing indirect tax (IDT) teams, but the rapid pace of change in global regulations and reporting requirements is turning the humble compliance function into a rapid-fire gauntlet of continuous challenges.

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Menzies

FEBRUARY 27, 2023

Menzies LLP - A leading chartered accountancy firm. COP9 is relevant where HMRC either suspect, or the individual chooses to voluntarily disclose, that their deliberate action or inaction has led to an insufficient amount of tax being paid. How does the digital disclosure service work? When can the digital disclosure service be used?

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ThomsonReuters

FEBRUARY 6, 2024

So, it’s important that companies understand the different taxes to help ensure compliance. Here are the main differences between direct and indirect taxes: Direct taxes Levied on people and entities Are typically proportionate to the taxpayer’s income or assets Considered a progressive tax.

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Menzies

MAY 19, 2023

Menzies LLP - A leading chartered accountancy firm. The UK tax system is designed in such way as to provide the taxpayer with important safeguards. To balance HMRC’s power to raise an assessment with protecting the taxpayer, specific time limits are imposed on HMRC to raise an assessment for a loss of tax.

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ThomsonReuters

NOVEMBER 30, 2020

Schwieterman says the level to which you can optimize your tax function really comes down to how your tax & finance departments adapt to four main factors: changing talent needs; data and technology; legislative and regulatory changes; and budget constraints. Evolving talent requirements. Changing rules.

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inDinero Tax Tips

APRIL 11, 2023

And there’s no state corporate income tax on goods and services provided by Delaware corporations that operate outside of the state. Delaware holding companies benefit from no corporate tax on interest and other investments. The state also doesn’t impose personal property tax.

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Menzies

AUGUST 17, 2022

Menzies LLP - A leading chartered accountancy firm. Tax restrictions. The move to this business structure was mainly due to changes to tax that restricted the total tax relief that individual landlords could claim on the financing costs of their residential properties. Is now the best time to incorporate?

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ThomsonReuters

FEBRUARY 8, 2024

Most can organize expenses to make things easier when taxes are due, and some are really full-blown accounting programs that LLC owners can use to manage their entire business. Set up retirement accounts LLCs can set up their own retirement accounts and use them to either reduce or defer taxes.

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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. The main thing you need to have is your bookkeeping done.

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ThomsonReuters

DECEMBER 20, 2020

Wayfair on your business’s sales tax obligations. Many large companies are already registered and collecting sales tax in every state, so the effect of these changing policies is mainly on the procurement side. Companies also need to ensure that they can support these tax collection and reporting decisions potentially years later.

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ThomsonReuters

SEPTEMBER 8, 2023

Jump to: What are the main types of business ownership? What is a C corporation? What is an S corporation? What are the main types of business ownership? New companies can be set up in five different structures: Partnership, Limited Liability Company (LLC), Sole Proprietorship, S Corporation or C Corporation.

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ThomsonReuters

NOVEMBER 30, 2020

Schwieterman says the level to which you can optimize your tax function really comes down to how your tax & finance departments adapt to four main factors: changing talent needs; data and technology; legislative and regulatory changes; and budget constraints. Evolving talent requirements. Changing rules.

Finance 52

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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. There are three main classifications of GST/HST.

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SkagitCountyTaxServices

AUGUST 26, 2021

But opposing sources argue that this doesn’t take into account the many small C corporations that could possibly be affected by the proposed corporate tax rate increase. In fact, according to the Tax Foundation “more than half of the pass-through business income could face tax increases.”.

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ThomsonReuters

DECEMBER 1, 2021

Indirect tax professionals actively involved in strategic decision-making reported they were able to take on this role because most or all regulatory tax compliance processes had been automated , freeing up time for various types of strategic analysis. Entering a new era: The future of corporate tax management.

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Menzies

MARCH 6, 2023

Menzies LLP - A leading chartered accountancy firm. The use of trusts The main issue with gifting assets is that control over the assets is fully removed from the donor, and the donee is free to do as they please with the assets. Note that these are the top rates of tax for an individual.

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Ronika Khanna CPA,CA

SEPTEMBER 28, 2021

If you they accept your application they will provide you with an NEQ number which is the official number of your business (and can be used to establish that you are a registered business, set up bank accounts etc.). Note that there are no fees to sign up for GST/QST, deductions at source or corporate taxes.

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ThomsonReuters

JANUARY 17, 2023

Helping business owners navigate the complexities is an ideal opportunity for tax and accounting professionals to strengthen their role as a trusted advisor. There are three main instances when an individual would not need to file a 1040-NR: . Are nonresident aliens exempt from Social Security tax?

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PYMNTS

SEPTEMBER 5, 2016

Safari accounts for roughly 5 percent of search on the web. Despite some media accounts, “Apple Crushes Earnings” was probably a bit too enthusiastic a headline. This has not been a winning formula for Apple so far. Those were about the only upward-facing numbers to report. billion a year ago to $7.8 Apple may be soaking the $14.5

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