CPA Practice

OCTOBER 13, 2023

By Clint Rainey, Fast Company (TNS) Way back in 2012, the IRS launched the largest-ever audit in history, accusing Microsoft of stashing billions in offshore tax havens to dodge U.S. It possessed documents where giddy executives had reveled in their “pure tax play.” billion in back taxes plus penalties and interest.

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ThomsonReuters

APRIL 21, 2024

For corporate tax professionals, navigating the ever-evolving landscape of tax codes and regulations is often a daunting task. This straightforward task becomes a monumental challenge when dealing with complex tax codes, global operations, and time constraints. To illustrate the scale of the challenge, in the U.S.

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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. Unlike the OECD’s Pillar 1.0,

corporation tax 98

corporation tax Tax financial statements Government 98

ThomsonReuters

MARCH 1, 2024

Jump to: How are S corporations taxed? How can S corporations reduce their taxes? You may wonder how the S corporation taxation generally works. You may wonder how the S corporation taxation generally works. Are you really doing everything you can to reduce your tax burden?

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corporation tax Tax tax return income tax 52

Xero

MARCH 13, 2024

These include changes to National Insurance (NI) contributions effective from 6 January (followed by a second change effective 6 April), a new Scottish tax band and holiday pay reform. Once passed through Parliament, all new pay runs processed in FY25 will apply the new rate. Here’s an overview of these changes. Aged 18 to 20 £8.60

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payroll Tax corporation tax Construction 80

Shay CPA

JANUARY 17, 2024

The beginning of a new calendar year means every business owner needs to put some thought into tax filings. Beyond filing for your own company, you also have fast-approaching responsibilities pertaining to your employee’s taxes and their ability to file. A big change went into effect for your contractors for the 2023 tax year.

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BuildYourFirm

OCTOBER 28, 2020

Some of this is evidenced by our current unemployment rate, which is 7.9%. Beyond the unemployment rate, many local businesses have been severely impacted. are crippled, and large corporations are reducing their commercial footprint. Accounting for Cyber Security and Technology. Accounting for Film Production.

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ThomsonReuters

DECEMBER 1, 2023

Therefore, helping business clients save money and reduce their tax burden by expensing property they’ve purchased for their company and claiming deductions for  depreciation  or  amortization  of assets is critical. Under the Tax Cuts and Jobs Act (TCJA), the 100% write-off of eligible property expired Dec. What is Form 4562?

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tax return Tax Transportation Non-Profits 97

ThomsonReuters

JULY 6, 2023

Tax teams prepare tax provisions by gathering data, performing calculations, and entering the results into forms. However, corporate tax teams find it difficult to automate this process. This includes authentication methods, transmission protocols, and rate limits. What are the benefits of tax provision software?

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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. DISCLAIMER Rates are for guidance only.

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ThomsonReuters

FEBRUARY 6, 2024

Jump to: What is direct tax? Examples of direct tax Understanding tax provision Understanding state apportionment Differences between direct and indirect taxes When a taxpayer must pay taxes directly to the government, meaning the taxes cannot be shifted to other entities or individuals, it is known as direct tax.

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DuctTapeMarketing

JULY 14, 2018

Cloud-based accounting software can provide a whole suite of tools to help business owners get ahead. Handle payments and manage accounts payable. Prepare the books for tax season. A growing number of small business owners are outsourcing their bookkeeping to cloud-based companies that wrap around accounting software.

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Cheap Accounting

AUGUST 31, 2023

Whatever the size or structure of your business dealing with your accounts and tax returns comes with the territory. Keep receipts and invoices then record the amounts spent in the accounts. Directors have legal obligations bestowed on them when they are appointed including keeping accounting records and filing accounts.

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ThomsonReuters

DECEMBER 19, 2023

Jump to: What are green taxes? How are environmental taxes calculated? Current ESG tax credits and initiatives What are the benefits of an ESG tax strategy? Accountants play a critical role in helping their clients navigate ESG tax credits and green taxes. What are green taxes?

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ThomsonReuters

SEPTEMBER 8, 2023

What is a C corporation? What is an S corporation? Choosing the right business structure for entrepreneurs Business owners can structure their companies in several different ways , depending on the size of the business, its growth potential, how the business is managed, how the owners want to be taxed, and many other variables.

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income tax Tax Legal tax return 75

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. Efficiency gains for indirect tax team: $468K saved.

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ThomsonReuters

JANUARY 4, 2024

Jump to: Utilize short-term staffing solutions Incorporate AI and automation into your workflow Become a strategic advisor As accounting firms usher in 2024, it’s important to take a fresh look at the business landscape — both its challenges and its opportunities — to best prepare for the year ahead.

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tax planning Tax Technology tax return 78

ThomsonReuters

FEBRUARY 6, 2024

Jump to: What is indirect tax? Types of indirect tax The value of indirect tax to tax professionals Differences between direct and indirect tax Tax planning and management is one of the primary areas accountants help their clients. Taxes are either direct tax or indirect tax.

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ThomsonReuters

DECEMBER 29, 2022

Companies are facing an ever-increasing burden of corporate tax compliance and the pace of complexities shows no sign of slowing. Helping companies ensure compliance by outsourcing for business processes represents a growth opportunity for today’s tax and accounting firms. . “ percent from 2022 to 2030.

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corporation tax Tax income tax tax return 59

ThomsonReuters

JANUARY 21, 2022

It’s a new year and that means new tax laws and other tax changes. Below are changes that take effect this year, along with other tax planning information. First off, the deadline to file individual tax returns is April 18. Other deadlines are: January 17, 2022 : 4th quarter 2021 estimated tax payment due.

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ThomsonReuters

MARCH 5, 2024

tax system, including provisions affecting both individuals and businesses. “The TCJA, like most big tax laws, is like the spokes of a wheel,” John Rose, J.D., Director of Federal Tax Quality Control at Aprio, began. “The TCJA, like most big tax laws, is like the spokes of a wheel,” John Rose, J.D.,

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ThomsonReuters

APRIL 4, 2024

The pace of change experienced by today’s tax departments feels unprecedented. And, amid this transformation, tax departments are facing a host of challenges, including growing complexity, talent shortages, and financial constraints. This is only increasing the pressure on tax departments, many of whom are struggling to keep up.

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Technology Tax tax return Government 52

Withum

SEPTEMBER 14, 2022

Before this new funding, taxpayers of all stripes and income brackets enjoyed a period of very low audit rates due to the IRS’s shrinking workforce, which further exacerbated the audit statistics. While we’re waiting on the IRS to ramp up, now is a good time to take the opportunity to reassess your tax “strategies” and compliance.

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Tax tax return audit Entertainment 105

ThomsonReuters

SEPTEMBER 25, 2023

Jump to: Key findings for tax professionals AI and internal efficiencies AI and role evolution AI and the tax profession The new Future of Professionals report examines how the combination of AI and human expertise will shape the roles, skills, and work of tax professionals in the future.

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ThomsonReuters

NOVEMBER 10, 2022

Tax departments must also take into account external factors such as inflation and rising interest rates, which add pressure to contain costs and minimize leakage. Are you underpaying or overpaying some taxes? The perfect tax tool. Reducing error rates on invoices. Are manual processes slowing you down?

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Ronika Khanna CPA,CA

JUNE 30, 2023

As an accountant and small business financial consultant, one of the most common areas of confusion and questions by small business corporation owners revolves around how to pay themselves and if one way is preferable to another. These amounts are reported as employment income on your personal tax return.

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tax return Non-Profits income tax Tax 52

Inform Accounting

APRIL 28, 2022

This can be an easy source of finance, and also one that can be tax efficient as, if you time it correctly, it is possible to borrow up to £10,000 for up to 21 months tax-free. However, there are tax consequences if the loan remains outstanding nine months and one day after the end of the accounting period in which it was made.

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corporation tax Tax tax planning accounting and finance 52

ThomsonReuters

FEBRUARY 24, 2023

Schedule K-1s, which are tax forms used to report a partner’s or shareholder’s income, losses, capital gain, dividends, etc., K-1s, however, are quite different and can come with some complexities for tax and accounting firms. from the partnership for the tax year. from the partnership for the tax year.

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Non-Profits tax return Tax income tax 59

ThomsonReuters

NOVEMBER 21, 2023

Jump to: Set engagements and expectations for next year Address economic pressures that are top of mind Advise on tax planning topics As the year comes to a close, most accounting firms are guiding clients through the complexities of year-end tax planning. Create consumable content on-demand.

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tax planning Tax payroll tax Education 52

ThomsonReuters

OCTOBER 19, 2023

corporation, government, or municipality ) and the bond holder. For those issuing the bond, amortization is an accounting tactic that has beneficial tax implications. Accountants can treat the bond like an amortized asset. For investors, there can be tax implications for the amortization of bond premiums or discounts.

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auditor Tax accounting and finance Account 52

ThomsonReuters

NOVEMBER 16, 2023

In the second installment of our three-part series on e-invoicing, we will explore how e-invoicing and continuous transaction control (CTC) regulations impact tax compliance, and examine some of the challenges and considerations that corporate tax teams may encounter.

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ThomsonReuters

DECEMBER 19, 2020

The Tax Cuts and Jobs Act (TCJA) changed the rules for deducting net operating losses in 2017. An NOL is the excess of a business’s tax deductions for the tax year over its taxable income for that year. For tax year 1, A has $100,000 of gross income and $125,000 of tax deductions. What is an NOL?

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ThomsonReuters

DECEMBER 19, 2023

Jump to: What environmental tax breaks are available? Helping your clients with claiming environmental tax credits As sustainability initiatives gain momentum, the IRS continues to encourage environmentally conscious actions through a range of tax incentives. What environmental tax breaks are available? 

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ThomsonReuters

DECEMBER 19, 2023

Jump to: What are the tax credits available for electric vehicles? How does the electric vehicle tax credit work? For accountants, understanding these tax credits is essential in ensuring clients make the most of their investment in clean vehicles. What are the tax credits available for electric vehicles?

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Snyder

JUNE 9, 2022

For e-commerce business owners, income tax filing season marks the start of a highly stressful time. Among the taxes that e-commerce businesses need to file, income tax is the most common one. To help you meet the income tax filing season fully armed and prepared, we have compiled a step-by-step guide. What is income tax?

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income tax tax return Tax E-commerce 52

ThomsonReuters

FEBRUARY 1, 2023

Competitive corporations are now expanding their focus to become more proactive and cost-efficient in their trade management strategy, by taking advantage of special programs that allow them to find significant savings. They are specialized areas applied for by corporations and other organizations and approved by U.S.

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Cheap Accounting

MARCH 28, 2022

It’s that time of the year when I update our annual blog advising those operating via a Limited Company on how to extract money from their business to pay themselves. This year the blog is different. I am not going to be setting out what you should pay yourself in a salary and how much tax you’ll pay on this and your dividends.

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