Ronika Khanna CPA,CA

MAY 26, 2023

While submitting your tax return is accompanied by a significant sense of relief, one cannot completely relax until you receive the notice of assessment from Revenue Canada (and Revenue Quebec for those of you lucky enough to file two tax returns). It also provides information pertaining to future years.

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CPA Practice

AUGUST 22, 2023

Key industry findings from the report: Tax and Accounting Professionals: Freeing up time to deliver more value: Productivity is the highest priority for tax and accounting firms (59%), while internal efficiency (75%) tops the list in corporate tax and accounting departments. To access the full report, visit [link]

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Ronika Khanna CPA,CA

DECEMBER 2, 2022

If you do decide to pay yourself dividends, it is important to ensure that you prepare the proper documentation for Revenue Canada (CRA) and if you live in Quebec, Revenue Quebec (MRQ) since this must be reported as investment income on your personal tax return in the calendar year in which the dividends are paid. available at Amazon.

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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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Inform Accounting

JUNE 23, 2022

We appreciate agents' and claimants' patience while we handle these claims and continue to offer the guidance below: To help us process your R&D payment quickly, please ensure you have completed all entries on the R&D section of your Corporation Tax return (CT600 form). Taxing cryptoassets: what you need to know.

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Menzies

JANUARY 20, 2023

Business Tax Tax returns and iXBRL tagging Completion of corporate tax returns and electronic tagging is a necessary but administrative burden and ensuring that the correct amount of tax is paid and that available tax reliefs are maximised can be a complex process.

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Inform Accounting

SEPTEMBER 23, 2022

The Government has set an ambitious target to achieve a trend rate of growth of 2.5%, achieved by tax incentives to encourage investment in the UK. The Government was criticised in the lead up to today’s announcement for not allowing the Office for Budget Responsibility (OBR) to release forecasts with the mini budget.

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Xero

AUGUST 11, 2022

Frankly, you already have enough to remember, thanks to Making Tax Digital (MTD) for VAT and Income Tax Self Assessment (ITSA). The government legislation with the goal of digitising the tax process has been underway for some time, and the next step is looming large on the horizon. Where to find more information.

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CPA Practice

JUNE 1, 2023

BEPS also requires that companies itemize their revenues by country, and as taxation bodies develop more sophisticated models that compare BEPS data with corporate tax return data, there may be an increase in investigations. Further, teams need to adapt to a shifting landscape of rules as the framework evolves over time.

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Ronika Khanna CPA,CA

FEBRUARY 23, 2023

Life insurance premiums are not tax deductible unless the beneficiary is the business. Instead the government allows for what is referred to as CCA (capital cost allowance) which is essentially a depreciation charge over a period of time at specific rates. Corporations are required to file a separate corporate tax return.

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Inform Accounting

MARCH 21, 2023

On 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a plan to reduce inflation, grow the economy and get government debt falling all whilst avoiding a recession and tackling labour shortages. In this blog we set out some of the main tax rates.

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Menzies

AUGUST 8, 2023

While the UK Government recognises the role of R&D in driving economic growth through innovation, they have become increasingly concerned with the cost to the treasury of R&D tax reliefs. What are the changes to making R&D tax relief claims? Why is this happening?

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CPA Practice

APRIL 17, 2023

Still, the failure to recognize the importance of proper tax planning adds up. Depending on your state and business type, at least a third of your profits will go to various layers of government. A similar boost was the Tax Cuts and Jobs Act of 2017, which slashed corporate taxes to a 21% rate.

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ThomsonReuters

DECEMBER 20, 2020

Both sales tax and VAT are types of indirect tax – a tax collected by the seller who charges the buyer at the time of purchase and then pays or remits the tax to the government on behalf of the buyer. Sales tax and VAT are a common cause of confusion within the corporate tax community.

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Inform Accounting

MARCH 15, 2023

What was hoped was that the chancellor was going to stop the planned corporation tax rise from 19% to 25% for businesses earning between £50k and £250k in profits. Sadly, this tax rise and all its complications still take effect. Read more of Inform's tax blogs : Struggling to pay tax – What should you do?

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Inform Accounting

SEPTEMBER 20, 2022

So what actions can we expect from the government in the next few weeks? Chancellor Kwasi Kwarteng will outline how the government intends to fund the measures to help with the cost-of-living crisis on Friday 23rd September in what is described as a “fiscal event”. Remember to declare COVID-19 grants on your tax return.

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Menzies

JULY 26, 2022

If you want to be self-employed (also referred to as a ‘sole trader’) you need to notify HMRC by 5 October following the end of the tax year in which you started your new business. You’ll then need to file self-assessment tax returns and pay any income tax, Class 2 and Class 4 National Insurance Contributions due by 31 st January annually.

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CPA Practice

MARCH 26, 2024

economy, they also say the government system lacked safeguards and fell prey to widespread theft. Millions of government funds rolled into his bank accounts. Moore asked Bailyn how much of the pandemic loan proceeds were returned by Lorquet. government seized his four luxury cars and various pieces of jewelry he bought.

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PYMNTS

JANUARY 18, 2021

government's inability to curb the risk of fraud that emerged during the first round of PPP funding. This week's B2B Data Digest takes a look at the numbers behind the latest instances of fraud, including fraudulent invoices, corporate tax scams and more. $19 But new concerns are mounting over the U.S.

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Ronika Khanna CPA,CA

JANUARY 13, 2023

For those of you who are starting a new business, it is essential to know your tax obligations. Every business owner must report their net profits on a either their personal tax return if they are unincorporated or a corporation tax return if they are incorporated. You are simply an agent.

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Cheap Accounting

JANUARY 4, 2022

As well as doing all of the filing of accounts and Corporation Tax Returns for your Limited Company, if you have untaxed income such as Dividends upon which Dividend Tax is due, you will need to complete a Self Assessment Tax Return. What is the Self Assessment Tax Return? Declaring Dividends.

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Inform Accounting

APRIL 28, 2022

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. Rate of ‘Section 455’ tax. Section 455 tax is aligned with the dividend upper rate. Read more of Inform's tax blogs : Struggling to pay tax – What should you do?

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Cheap Accounting

FEBRUARY 4, 2022

Company Accounts and Corporation Tax Return – annual filing. You would do this in two places: Via your Business Tax Account with HMRC for VAT, Self Assessment, PAYE and Corporation Tax. If you do not have a Business Tax Account then this really is the time to get one.

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Going Concern

JULY 21, 2023

KPMG Rolls Out Generative AI to Tax Pros, Launches Audit Pilot [ Bloomberg Tax ] Inside KPMG, its tax professionals are leaning on generative artificial intelligence to help corporate tax departments prepare for new requirements to disclose their tax obligations by country.

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Inform Accounting

OCTOBER 27, 2022

By purchasing a company car, you can put all running costs through the business and gain tax relief on required services like road tax, insurance and repairs. Plus , if you opt for an electric vehicle, you can enjoy up to 100% relief on your corporation tax! Remember to declare COVID-19 grants on your tax return.

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Inform Accounting

NOVEMBER 18, 2022

The leaked and previously announced tax increases are still going ahead…. Corporation tax from April 1 2023 to increase to 25% for companies with profits over £250,000. Companies with profits under £50,000 will be taxed at 19%. Companies with profits between £50,000 and £250,000 will be taxed between 19% and 25%.

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PYMNTS

AUGUST 4, 2020

The majority of the misprinted checks were sent to businesses receiving corporate tax refunds. government accidentally sent to dead people. The IRS has reportedly gotten much of the money back, putting out instructions for those who received checks for dead family members on how to return it.

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inDinero Tax Tips

APRIL 11, 2023

And there’s no state corporate income tax on goods and services provided by Delaware corporations that operate outside of the state. Delaware holding companies benefit from no corporate tax on interest and other investments. The state also doesn’t impose personal property tax.

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Going Concern

APRIL 12, 2024

billion won in corporate taxes, but its management team recorded the amount as a receivable in its financial statements. Tesla Korea makes accounting errors [ The Chosun Daily ] Tesla Korea, the South Korean unit of U.S. Tesla Korea was subjected to 25.1

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PYMNTS

MARCH 12, 2020

Refunds can also be slowed down if there is incomplete or missing information in individual tax returns, further complicating an already complex process. Most consumers can see their refund amounts within 24 hours of filing their taxes, which makes this wait time even more harrowing for those who may depend on that money to pay bills.

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ThomsonReuters

SEPTEMBER 8, 2023

Both C and S corps: Provide limited liability protection for their owners and shareholders, so the business owners’ personal assets are protected against lawsuits and debt collection is leveled at the corporation. Are required to submit tax return filings for business income and profits. Instead, they pay up to 13.3%

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DMCL

APRIL 11, 2022

While previous years’ tax-and-spend budgets have been peppered with some more constraint and long-term plans for containing Canada’s growing deficit, this year’s budget takes aim at several of the Liberal campaign promises and was undoubtedly influenced by the recent announcement of a coalition with the NDP. billion for 2023/24.

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inDinero Tax Tips

NOVEMBER 15, 2021

The current business tax rate is 21% at the federal level, plus state corporate taxes that range anywhere from 0-11.5%. Each state has different tax laws , and it’s a good idea for businesses to get advice for tax preparation. Owners of “pass-through businesses” may choose to file with a standard deduction.

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Ronika Khanna CPA,CA

SEPTEMBER 28, 2021

Note that there are no fees to sign up for GST/QST, deductions at source or corporate taxes. Once set up, it is important to ensure that you maintain adequate records of revenues and expenses and file the necessary government returns thus ensuring that you can attend to the business of running your business.

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Going Concern

MARCH 24, 2023

Iris here~ Tax Heaven 3000 is a visual novel dating game that actually prepares your 2022 federal income tax return! It’s always been a dream of mine to meet that special someone…and file their tax return. The villainous corporation that controls the government from the shadows is a sadly mundane reality.

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Accounting Insight

FEBRUARY 1, 2024

A large business tax enquiry / corporate tax enquiry is carried out by HMRC’s ‘Large Business’ directorate and ‘Wealthy & Mid-sized Business Compliance’ directorate. Remember, a corporate tax enquiry is not routine, despite what HMRC may suggest. What is a business tax enquiry / hmrc corporate enquiry ?

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ThomsonReuters

APRIL 12, 2021

Changing tax rules and rates: Governments look to indirect taxes for revenue after COVID-19 stimulus packages. There’s so much flexibility with indirect taxes that we expect to see much more reliance on them as a source of revenue for these governments,” Reich said. Do More with More?

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