corporation tax, CPA and Washington

Los Angeles-Based CPA Firm Receives High Praise from Accounting Today

KROST

APRIL 9, 2021

KROST is a full-service certified public accounting and consulting firm serving clients across various industries in the areas of tax , accounting , consulting, assurance and advisory , M&A and capital markets , corporate tax incentives , and wealth management. New to the list, KROST, ranked No. KROST ranked No.

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Ex-IRS Agent Accused of Filing Error-Filled Returns, Costing $42M in Lost Taxes

CPA Practice

APRIL 5, 2024

(TNS) A Kennewick tax preparer cost the United States $42 million in lost tax revenue between 2017 and 2020 after filing tax returns that were riddled with errors, fabrications and fraudulent entries, alleges the Department of Justice. The Department of Justice filed a civil complaint in Eastern Washington District U.S.

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What’s new in sales tax?

TaxConnex

AUGUST 15, 2023

Among highlights: In some cases, local sales taxes exceed state rates. The five states with the highest average combined state and local sales tax rates are Tennessee (9.548%), Louisiana (9.547%), Arkansas (9.44%), Washington (9.4%) and Alabama (9.24%). California has the highest statewide sales tax rate, at 7.25%.

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

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4 Ways Finance and Accounting Pros Can Adapt Now to Working With Generative AI

CPA Practice

DECEMBER 19, 2023

Start with the fundamentals You didn’t become an accountant or CPA overnight. Consider recent research conducted by Thomson Reuters Institute that found one in 10 professionals in accounting firms and corporate tax departments are already using some form of generative AI on a widescale basis. Here are four ways to do it: 1.

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How Should a Small Business Owner Plan for Rising Taxes?

CPA Practice

APRIL 17, 2023

By Bruce Willey, JD, CPA, Kiplinger Consumer News Service (TNS) A buzzword appeared in the world of small business about a decade ago: the accountant as “most trusted advisor.” As a certified public accountant, I’m flattered that we’re consulted for a growing range of business needs, including rising taxes.

Tax

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Shutting Down a Tech Company – Some Tax/Accounting Tips

Shay CPA

DECEMBER 7, 2022

Washington. Don’t assume you’re off the hook until you have written confirmation from the appropriate authorities that your tax accounts are shut. . File away R&D tax credit and pandemic aid documentation. File a final corporate tax return. You’re not filing just another tax return here. New Jersey.

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Selling Your Business? Personal Goodwill Can Reduce Your Tax Burden

CPA Practice

JANUARY 22, 2024

If $2 million is instead allocated to personal goodwill, then this amount is taxed to the business owner as a capital gain, resulting in a savings of over $1 million because the personal goodwill is not subject to the corporate tax rate of over 30% and is taxed at the individual level only as a capital gain.

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How the Inflation Reduction Act Impacts Corporate AMT and Bonus Depreciation

CPA Practice

MARCH 8, 2023

= Ryan Sheehan is a Senior Product Lead for Bloomberg Tax & Accounting. He is responsible for Bloomberg Tax & Accounting’s corporate tax products, including Fixed Assets. Prior to Bloomberg Tax & Accounting, Ryan was a CPA at KPMG’s Washington D.C.

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Business Tax Rates: How Much Do Small Businesses Pay in Taxes?

xendoo

JANUARY 16, 2023

From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate. For example, LLCs that opt for the IRS to tax them as corporations are subject to corporate tax rates.

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Louisiana Tax Relief Granted by IRS After Seawater Intrusion

CPA Practice

OCTOBER 2, 2023

By Katelyn Washington, Kiplinter Consumer News Service (TNS) The IRS has granted Louisiana tax relief to areas of the state impacted by seawater intrusion. Affected taxpayers now have extended tax deadlines of Feb. 15, 2024, to file certain tax returns and make tax payments. 15, 2024, to file 2022 tax returns.

Louisiana

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Tax Expert at Wolters Kluwer Gives Opinion on Biden 2024 State of the Union Address

CPA Practice

MARCH 7, 2024

In his State of the Union speech, President Biden announced a proposal to deny corporations a tax deduction when they pay more than $1 million to any employee. He also described his plans to bump the corporate tax rate up to 28 percent from the level set by former President Trump’s 2017 tax cuts, which put it at 21 percent.

Tax

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Notable Tax Proposals in Biden’s 2024 Budget

CPA Practice

MARCH 9, 2023

Note: Several states have proposed so-called “wealth taxes” and Massachusetts enacted a “millionaires tax” this year. Biden’s budget also proposes restoring the corporate tax rate to 28%, which is currently 21% because of the 2017 Tax Cuts and Jobs Act. __ All contents copyright 2023 The Kiplinger Washington Editors Inc.

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Notable Tax Proposals in Biden’s 2024 Budget

CPA Practice

MARCH 15, 2023

Note: Several states have proposed so-called “wealth taxes” and Massachusetts enacted a “millionaires tax” this year. Biden’s budget also proposes restoring the corporate tax rate to 28%, which is currently 21% because of the 2017 Tax Cuts and Jobs Act. __ All contents copyright 2023 The Kiplinger Washington Editors Inc.

Tax

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Some States Are Considering Shelving the Grocery Tax

CPA Practice

JANUARY 23, 2023

Almost all states have seen their budget surpluses grow in the past two years, thanks to federal COVID-19 relief funds and increasing corporate tax revenues as the economy recovers from the pandemic. Efforts failed in several other states.

Idaho

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Democrats’ Latest Child Tax Credit Plan Pushes Bonus for Babies

CPA Practice

JUNE 20, 2023

There was also an option to take some or all of the credit as a lump sum when filing annual tax returns. Rosa DeLauro of Connecticut, Suzan DelBene of Washington and others would increase the size of the credit in the month a baby is born to $2,000. The new legislation from Democratic Reps. Ritchie Torres, D-N.Y.,

Tax

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Why Idaho Senator Mike Crapo Largely Controls Bipartisan Tax Bill’s Fate

CPA Practice

FEBRUARY 5, 2024

The bill restores corporate tax breaks created by the tax law Republicans passed in 2017 that have expired or are set to expire soon. They include tax credits for research and development, as well as capital projects like building factories or manufacturing equipment.

Idaho

Idaho Tax Iowa Kentucky

Capital Gains Hikes at the Center of Biden’s Second-Term Tax Agenda

CPA Practice

MARCH 12, 2024

By Laura Davison, Lauren Vella and Erin Schilling, Bloomberg News (TNS) President Joe Biden’s budget proposal—which calls for sweeping tax increases on corporations and the wealthy—is the opening round of a looming tax fight set to consume Washington next year. rate in Trump’s tax law.

Tax

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Taxing the Rich is a Popular Bipartisan Stance, Poll Shows

CPA Practice

MARCH 26, 2024

The preference for taxing billionaires, which Senator Elizabeth Warren helped popularize during her 2020 presidential campaign, has grown in recent years from a fringe, left-wing wish-list item to a centerpiece of Biden’s economic policy.

North Carolina

North Carolina Wisconsin Nevada Tax

Accountant Advocate

Los Angeles-Based CPA Firm Receives High Praise from Accounting Today

Ex-IRS Agent Accused of Filing Error-Filled Returns, Costing $42M in Lost Taxes

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What’s new in sales tax?

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4 Ways Finance and Accounting Pros Can Adapt Now to Working With Generative AI

How Should a Small Business Owner Plan for Rising Taxes?

Shutting Down a Tech Company – Some Tax/Accounting Tips

Selling Your Business? Personal Goodwill Can Reduce Your Tax Burden

How the Inflation Reduction Act Impacts Corporate AMT and Bonus Depreciation

Business Tax Rates: How Much Do Small Businesses Pay in Taxes?

Louisiana Tax Relief Granted by IRS After Seawater Intrusion

Tax Expert at Wolters Kluwer Gives Opinion on Biden 2024 State of the Union Address

Notable Tax Proposals in Biden’s 2024 Budget

Notable Tax Proposals in Biden’s 2024 Budget

Some States Are Considering Shelving the Grocery Tax

Democrats’ Latest Child Tax Credit Plan Pushes Bonus for Babies

Why Idaho Senator Mike Crapo Largely Controls Bipartisan Tax Bill’s Fate

Capital Gains Hikes at the Center of Biden’s Second-Term Tax Agenda

Taxing the Rich is a Popular Bipartisan Stance, Poll Shows

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