ThomsonReuters

FEBRUARY 1, 2024

Jump to: What is a reverse sales tax audit? What is a reverse sales tax audit? There are many reasons why a company might overpay sales or use taxes without knowing it. What information is necessary for a reverse audit?

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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.

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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. What is an IC-DISC?

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ThomsonReuters

JULY 13, 2021

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. Form 1099-NEC took effect for the 2020 tax year. The draft forms include information related to the COVID-19 tax credits.

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ThomsonReuters

JULY 7, 2021

For example, Form 941 , Employer’s Quarterly Federal Tax Return, is used by most employers (agricultural employers use Form 943 , small employers use annual Form 944 and Form 945 for annually reporting nonpayroll payments) each quarter to report employment taxes. Form 941 is typically updated annually by the IRS.

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Withum

NOVEMBER 17, 2022

Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2022 that are phased out over varying levels of adjusted gross income (AGI). Postponing income also is desirable for taxpayers who anticipate being in a lower tax bracket next year due to changed financial circumstances. Innovative businesses.

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ThomsonReuters

JUNE 14, 2021

The IRS has posted a June 2021 draft version of the Form 941 , Employer’s Quarterly Federal Tax Return, instructions that take into account the amended and expanded coronavirus (COVID-19) pandemic tax credits and the new COBRA premium assistance credit from the American Rescue Plan Act (ARPA). Federal News.

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