Withum

AUGUST 17, 2022

The Inflation Reduction Act of 2022 signed into law by President Biden on August 16, 2022 includes significant changes related to electric vehicle tax credits. Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Contact Us.

Tax 124

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CPA Practice

JUNE 14, 2023

The IRS and the Treasury Department proposed guidance on Wednesday for companies that elect to receive a direct payment in lieu of the tax credit for the manufacturing of semiconductor chips in the U.S. The CHIPS Act allows eligible taxpayers to make an election to treat the credit as a payment against federal income tax.

Tax 52

Tax Manufacturing income tax tax return 52

Cherry Bekaert

MAY 3, 2024

Expanding business operations globally allows companies access to new markets, more efficient manufacturing options, new technologies, a larger workforce and new sources of inventory. Therefore, a well-thought-out global tax management strategy will be imperative to the success of your global business activities.

Tax 96

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CPA Practice

JUNE 13, 2023

While it was billed as a lifeline for some companies, the reality is that businesses are waiting months for these credits because of the excessive backlogs pummeling the IRS. Take the case of Alicia Chapman, CEO of the Portland, Oregon-based metal manufacturer Willamette Technical Fabricators.

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TaxConnex

AUGUST 9, 2022

Exemptions have also been broadened for items and services used by a manufacturer to produce food. Louisiana will exempt many prescription drugs from local sales taxes. Iowa has modified its sales tax base. Maryland has revised Business Tax Tip #29 to acknowledge exclusion of certain business purchases of digital products.

Sales 130

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Withum

JUNE 8, 2022

The Notice identifies an additional 101 taxable substances that are subject to the excise tax and requires reporting on Form 6627 , relating to Environmental Taxes, which is attached to Form 720 , the quarterly Federal excise tax return. Business Tax Services. See Exhibit B for a list of these substances.

Tax 121

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MyIRSRelief

MAY 22, 2023

In this article, we will explore the benefits of professional tax help for Chicago taxpayers facing tax audits, back taxes, and 941 payroll tax problems. Contact us for tax help today. Tax audits can be time-consuming and require a significant amount of documentation.

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inDinero Accounting

DECEMBER 5, 2023

However, the IRS rules surrounding this tax break are complicated and go beyond what we’ve covered in this article. If you want to dive deeper into this topic, you can connect with one of the experts on our business tax services team. This would come to a capital gains tax bill of $140,000 ($500,000 * 0.28).

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xendoo

SEPTEMBER 2, 2021

Adopting a proactive strategy can help you stay ahead of business tax filing deadlines, avoiding the rush and the headache during tax season! . To help business owners with their tax preparation , we’ve prepared a business tax filing guide to walk you through the process. Corporate Income Tax Returns.

Tax 52

Tax income tax tax return tax preparation 52

ThomsonReuters

DECEMBER 19, 2023

If your client needs more lines for any part of the form, prepare a continuation sheet using the same format and attach it with Form 6627 to Form 720, Quarterly Federal Excise Tax Return. 510, Excise Taxes, for more information on environmental taxes. What is Form 6627?

Tax 52

Tax income tax tax return Manufacturing 52

Withum

OCTOBER 31, 2023

2023-33 on October 6, 2023, with additional information on how individuals buying used or new electric vehicles (EVs) can transfer a federal income tax credit to the auto dealership at the time of purchase, as opposed to claiming the credit on their federal income tax return.

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income tax tax return Tax Sales 72

Ronika Khanna CPA,CA

FEBRUARY 9, 2024

Quebec Income Tax Box 10 (Impot du Quebec) is the amount of income taxes deducted from employee's paycheques Health Services Fund (FSS) Box 28 This represents the gross payroll and is generally only required if the corporation is in the primary and manufacturing sectors as there is a reduced rate for these types of business.

payroll 98

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ThomsonReuters

FEBRUARY 1, 2024

Unlike a traditional audit, which is conducted by tax authorities and aimed at identifying tax underpayments , a reverse audit is a proactive audit conducted to identify instances when a company has inadvertently overpaid on its sales tax obligations and is entitled to a refund.

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audit Sales Tax Manufacturing 52

ThomsonReuters

DECEMBER 19, 2023

The Inflation Reduction Act of 2022 includes a variety of tax provisions aimed at saving families money on their energy bills and accelerating the deployment of clean energy, vehicles, buildings, and manufacturing for businesses. You must claim the credit for the tax year when the property is installed, not merely purchased.

Tax 110

Tax accounting and finance Manufacturing income tax 110

ThomsonReuters

OCTOBER 19, 2022

Nonrefundable credits, as the name implies, are only applied against tax and may not be refunded. 48D advanced manufacturing (“CHIPS”) credit. Tax professionals need to determine if their business clients are eligible for these elections, whether making the elections is appropriate for each client, and how to make the elections.

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ThomsonReuters

AUGUST 25, 2023

Take this example: Your business client purchased software in December 2022 to process payroll, accounts payable, and accounts receivable, but they didn’t put that software into service until January 2023. Since the bonus depreciation phase out begins January 2023, the business would then be eligible for 80% bonus depreciation (not 100%).

Tax 97

Tax Technology Manufacturing payroll 97

Withum

AUGUST 17, 2022

The Inflation Reduction Act of 2022 signed into law by President Biden on August 16, 2022 includes significant changes related to electric vehicle tax credits. Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Contact Us.

Tax 52

Tax income tax Manufacturing tax return 52

xendoo

APRIL 3, 2023

For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. Which should you claim to get the most tax savings? You might be unaware that you qualify for multiple credits that will lower your total tax burden significantly.

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xendoo

APRIL 3, 2023

For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. Which should you claim to get the most tax savings? You might be unaware that you qualify for multiple credits that will lower your total tax burden significantly.

Tax 52

Tax tax preparation business tax income tax 52

ThomsonReuters

JUNE 15, 2022

Top CPA firms have long understood the need to elevate their staff from being tax preparers to tax advisors. While a preparer focuses on churning out tax returns, an advisor tries to evaluate broader implications of tax code changes by considering: What are the recent tax law changes my clients should know about?

Tax 98

Tax Technology audit tax preparation 98

ThomsonReuters

DECEMBER 7, 2023

Tangible assets are physical assets like inventory, manufacturing equipment, and business vehicles. To claim depreciation and amortization deductions, Form 4562 must be filed with the client’s annual tax return. However, being able to properly manage the costs and navigate the tax complexities can be challenging.

Non-Profits 98

Non-Profits Tax tax return Account 98

ThomsonReuters

JANUARY 9, 2024

For C corps, double taxation refers to the taxation of corporate profit at two different times: First, the corporation itself is taxed on their corporate income at the federal corporate tax rate of 21%. For fiscal year businesses, the deadline is the 15th of the month six months after the initial fiscal deadline.

corporation tax 52

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Withum

JULY 26, 2023

Any adjustment needed for a 2022 federal income tax return already filed which included the capitalization of research and experimental expenditures can either be amended or, at the taxpayer’s election, be treated as an automatic change in the method of accounting in the 2023 taxable year.

Tax 52

Tax income tax Manufacturing accounting and finance 52

Withum

AUGUST 11, 2022

When trying to understand whether the Superfund Excise Tax is applicable, companies must decipher whether the substance is deemed a taxable chemical under §4661 or a taxable substance under §4672. The IRS provides three acceptable approaches when determining the excise tax imposed on imported §4672 taxable substances. Contact Us.

Tax 72

Tax Manufacturing tax return Sales 72

ThomsonReuters

JANUARY 18, 2024

Preparing tax returns. For instance, accountants may specialize in serving nonprofits, manufacturers, restaurants , or dental offices. Recording disbursements and payments. Ensuring that systems are up to date. Examining financial documents and financial transactions to ensure compliance and rectify any discrepancies.

Account 59

Account accountant accounted tax preparation 59

ThomsonReuters

DECEMBER 19, 2023

How to claim energy efficient tax credits from ENERGY STAR To claim the Energy Efficient Home Improvement Credit for appliances that meet applicable  ENERGY STAR requirements , you must f ile Form 5695, Residential Energy Credits Part II , with your tax return to claim the credit.

Tax 52

Tax accounting and finance tax return Manufacturing 52

Withum

JULY 26, 2023

An eligible taxpayer can transfer any portion of an eligible credit on its original tax return. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. For example, a taxpayer that purchases a credit cannot subsequently sell the same credit.

Tax 52

Tax tax return Alaska Tennessee 52

Going Concern

NOVEMBER 10, 2023

Errors made by the academics included failing to identify the correct firm as the auditor — both Deloitte and KPMG had been named as auditors of entities that are audited by PwC — and there were scandals manufactured in the artificial intelligence output. One customer says their business tax documents haven’t been filed since 2019.

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KROST

NOVEMBER 24, 2020

The PATH Act also allows startup businesses with no federal tax liability and gross receipts of less than $5 million to take the R&D tax credit against their payroll taxes for tax years beginning after December 31, 2015, essentially making it a refundable credit capped at $250,000 for up to five years.

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