Going Concern

JULY 6, 2023

When PwC Australia CEO Tom Seymour stepped down in May after it was confirmed he’d received tainted emails containing confidential government tax intel leaked by former partner Peter Collins, it seems the firm hoped sacrificing him was enough to settle the matter and move on. Spoiler: it was not. For posterity, natch.

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Withum

JANUARY 13, 2022

The COVID-19 pandemic created a vast network of small business relief programs in the form of loans, grants, tax credits and direct payments. Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns. A3: SVOG funds are recorded as tax-free grant income on the income statement.

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Withum

MAY 4, 2022

Many states across the nation have enacted electable PTETs in an effort to provide businesses a workaround to the federal state and local tax (“SALT”) deduction limitation that the Tax Cuts and Jobs Act (“TCJA”) put in place. PTET Income Tax Addback. State and Local Tax Services. Contact Us.

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PYMNTS

MARCH 12, 2020

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. tax disbursement process within the next couple of years, however. Checks are unlikely to disappear completely from the U.S.

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inDinero Tax Tips

NOVEMBER 15, 2021

After subtracting deductions, you’ll only need to pay taxes for your net revenue. 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.

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Withum

MARCH 21, 2022

As you may recall, the 199A deduction was incorporated in the TCJA as a compromise for pass-through entities owners after significant public comment following the proposed decline of the corporate tax rate 35% to 21%. This results in over $100,000 more cash for the C corporation. Aren’t federal income taxes grand?

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inDinero Tax Tips

MAY 24, 2023

You need to have a clear picture of what you’re spending on your business, not to mention the IRS requires documentation for all business expenses claimed on tax returns. Beyond that, certain industries, such as healthcare or businesses receiving government funding, also have legal documentation requirements.

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