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Cannabusiness Tax Liabilities and How to Navigate Filing

CPA Practice

147 ensured that these critical costs incurred by cannabusinesses be classified as deductibles for income tax purposes. Her industry focuses include cannabis, commercial, construction, healthcare, manufacturing and distribution, privately held companies, and public companies.

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Take Advantage of New Section 45L Tax Credit Opportunities Under IRA

Cherry Bekaert

The Inflation Reduction Act (IRA) significantly altered the 45L Energy Efficient Home Credit (45L) credit and the Section 179D Energy Efficient Commercial Buildings Deduction (179D) amounts and qualification criteria, creating more tax-saving opportunities for home builders and multi-family developers constructing energy-efficient homes.

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Friday Footnotes: Fired Accountant Spills the Dirty Laundry; Scandals of Yore; Gen AI For Good | 1.26.24

Going Concern

Wade is accused of failing to perform the work he’d been paid for by multiple clients, which included bookkeeping, tax preparation and filing, payroll work, and more, according to police.

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HMRC Business Enquiry/ HMRC Corporate Enquiry

Accounting Insight

The CCM will ask for a meeting with the business owner(s) if they’re involved in the business as well as those responsible for the record keeping and accounting and tax preparation. Armed with huge volumes of business accounting records, HMRC will identify tax risks for pursuit.

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Tax Credits You May Claim Now

MyIRSRelief

That’s why so many people choose to hire a tax preparer/ EA, Attorney, CPA, they don’t want the hassle of doing it themselves, and they trust an expert to handle their business. Tax credits to look out for. Earned Income Tax Credit (EITC).

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Best Tax Breaks: 12 Most-Overlooked Tax Breaks & Deductions (2021)

LyfeAccounting

Short-term capital gains are taxed as ordinary income based on your federal income tax bracket. The credit is known as the Child and Dependent Care tax credit and the limit is $3,000 for one qualifying child or $6,000 for two or more. Pro Tip: Both existing homes and new construction qualify.

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