Agriculture, income tax and Sales

Tax Breaks for Businesses: Discovering the Benefits of the IC-DISC

CTP

DECEMBER 28, 2023

in foreign markets, you may want to introduce this lucrative tax incentive: the interest charge domestic international sales corporation, more commonly known as the “IC-DISC.” The benefit of creating an IC-DISC is that some or all of the taxable income from export sales will be taxed at a lower rate—namely, the qualified dividend rate.

Tax

Tax Manufacturing Agriculture income tax

Some States Are Considering Shelving the Grocery Tax

CPA Practice

JANUARY 23, 2023

By Marsha Mercer, Stateline.org (TNS) As inflation soared in the past year, families in some states suffered a double whammy—paying food sales taxes on top of higher-priced groceries. At least five of the 13 states where groceries were taxed as of last Jan. So, SNAP participants do pay the tax on those items.

Idaho

Idaho South Dakota Tax Kansas

Here’s All of the 1099 Form Types, From A to SB

CPA Practice

APRIL 12, 2023

By Dawn Moser Tax forms are notoriously confusing, and with such high stakes, important to get right. We all know the IRS is keen on collecting the right amount of income tax, but determining that amount can get tricky. Especially when one considers everything that counts as income.

income tax

income tax Real Estate Non-Profits Tax

Webinars

Live Demo: How to Achieve Reconciliation Zen

MORE WEBINARS

Andersen Expands Presence in SoCal, Adds New Offices in Des Moines and Pittsburgh

CPA Practice

FEBRUARY 8, 2023

Collectively, the professionals joining Andersen deepen the firm’s expertise serving high net worth individuals, families, and businesses across a range of industries, including real estate, manufacturing, construction, professional services, hospitality, entertainment, technology, retail, financial planning, and agriculture.

Real Estate

Real Estate Agriculture Iowa income tax

Hawaii to Offer Tax Amnesty to Switch Short Term Rentals to Long Term

CPA Practice

MAY 3, 2024

All outstanding taxes for gross income, gross rental, or gross rental proceeds received for furnishing the property as a Hawaii short-term rental must be paid. However, the income tax exemption was struck. Meaning they would be regulated and taxed as such.

Hawaii

Hawaii Tax income tax Agriculture

What Cannabusinesses Need to Know About the Potential Schedule III Drug Classification

CPA Practice

NOVEMBER 9, 2023

That classification has placed cannabis alongside drugs like heroin, ecstasy, and methamphetamines, which has made tax filing for legal sale of cannabis a nuanced, difficult process. Credits will also be made available for research related to technology, agriculture, and medical advancements.

Non-Profits

Non-Profits Real Estate Agriculture Legal

Last Week in Payroll: Backup Withholding

ThomsonReuters

JULY 13, 2021

The IRS requires the payer of certain income payments to be reported on information returns (e.g., Generally, the payer does not withhold taxes from these types of payments, as it is assumed that the payee will report and pay taxes on this income when the federal income tax return is filed.

payroll

payroll income tax Vermont tax return

The Certified Payroll Professional Corner

ThomsonReuters

MAY 6, 2022

A full-time life insurance sales agent whose principal business activity is selling life insurance or annuity contracts, or both, primarily for one life insurance company. Federal income tax withholding. Employers should not withhold federal income tax from the wages of a statutory employee.

payroll

payroll income tax Agriculture payroll tax

How Exporting Goods Can Lead to Tax Savings: Discovering the IC-DISC

CTP

DECEMBER 28, 2023

to foreign countries, you will want to familiarize yourself with this tax incentive: the interest charge domestic international sales corporation, more commonly known as the “IC-DISC.” This IRS election can allow some or all of the taxable income from your export sales to be taxed at a lower rate.

Tax

Tax Manufacturing Agriculture income tax

Professionals on the Move – January 2023

CPA Practice

JANUARY 31, 2023

DiAndria “Dee” Green supports clients in all aspects of sales tax compliance in the firm’s State and Local Tax practice, which includes implementing and managing a sales tax compliance automation process using tax software.

New Hampshire

New Hampshire Georgia Virginia public accounting

Last Week in Payroll: Federal Employment Taxes

ThomsonReuters

JULY 7, 2021

Federal Employment Taxes. The United States first imposed a federal income tax briefly during the American Civil War and also in the 1890s. Constitution in 1913 that permanently legalized a federal income tax. And in 2013, the Additional Medicare tax (0.9%) on wages in excess of $200,000 took effect.

payroll

payroll Tax income tax payroll tax

Last Week in Payroll: Localization of Work

ThomsonReuters

JUNE 14, 2021

The H-2B temporary non-agricultural worker program is designed to serve U.S. workers to perform non-agricultural work of a temporary nature. The Iowa legislature passed a significant tax bill modifying the state’s income tax laws. businesses unable to find a sufficient number of qualified U.S.

payroll

payroll Missouri Virginia Delaware

What Cannabusinesses Need to Know About the Potential Schedule III Drug Classification

CPA Practice

NOVEMBER 7, 2023

That classification has placed cannabis alongside drugs like heroin, ecstasy, and methamphetamines, which has made tax filing for legal sale of cannabis a nuanced, difficult process. Credits will also be made available for research related to technology, agriculture, and medical advancements.

Non-Profits

Non-Profits Real Estate Agriculture Legal

2022 Year-End Tax Planning Checklist

Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Postpone income until 2023 and accelerate deductions into 2022. If you do have a wash-sale, the loss will be deferred until the replacement investment is sold.

tax planning

tax planning Tax Construction income tax

Retailers Raise Concerns Over Potential Border Tax

PYMNTS

JULY 24, 2017

Supporters of the tax like Archer Daniels Midland’s chief executive have lamented this with comments to The Washington Post earlier the year. If voted into law and implemented, the corporate tax rate will go from its current 35 percent down to 20 percent and any U.S. economy.”.

Retail

Retail Tax corporation tax Agriculture

Accountant Advocate

Tax Breaks for Businesses: Discovering the Benefits of the IC-DISC

Some States Are Considering Shelving the Grocery Tax

Webinars

Trending Sources

Here’s All of the 1099 Form Types, From A to SB

Webinars

Andersen Expands Presence in SoCal, Adds New Offices in Des Moines and Pittsburgh

Hawaii to Offer Tax Amnesty to Switch Short Term Rentals to Long Term

What Cannabusinesses Need to Know About the Potential Schedule III Drug Classification

Last Week in Payroll: Backup Withholding

The Certified Payroll Professional Corner

How Exporting Goods Can Lead to Tax Savings: Discovering the IC-DISC

Professionals on the Move – January 2023

Last Week in Payroll: Federal Employment Taxes

Last Week in Payroll: Localization of Work

What Cannabusinesses Need to Know About the Potential Schedule III Drug Classification

2022 Year-End Tax Planning Checklist

Retailers Raise Concerns Over Potential Border Tax

Stay Connected