Menzies

FEBRUARY 27, 2023

COP9 is relevant where HMRC either suspect, or the individual chooses to voluntarily disclose, that their deliberate action or inaction has led to an insufficient amount of tax being paid. How does the digital disclosure service work? When can the digital disclosure service be used?

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Inform Accounting

SEPTEMBER 20, 2022

During the run-up to the leadership election, the new Prime Minister promised tax cuts to stimulate economic growth, including the abolition of the 1.25% Health and Social Care Levy and cuts in corporation tax and income tax. It will be interesting to find out if and when those tax changes take effect.

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Menzies

MAY 19, 2023

Once the relevant time limit has elapsed and HMRC are out of time to raise an assessment, the taxpayer then enjoys some finality in their tax affairs. Unfortunately as with many aspects of the UK tax system, the answer to this question is not straightforward. Different rules may apply to other heads of tax.

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Menzies

AUGUST 17, 2022

Tax restrictions. The move to this business structure was mainly due to changes to tax that restricted the total tax relief that individual landlords could claim on the financing costs of their residential properties.

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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. There are three main classifications of GST/HST.

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Wellers Accounting

MARCH 15, 2023

Tom Biggs ACA CTA , summarises Chancellor, Jeremy Hunt's main tax and spending announcements in the Spring Budget.

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SkagitCountyTaxServices

AUGUST 26, 2021

Per the Treasury , the bill will target tax increases on big corporations (raising the corporate income tax — i.e. C-corps — to 28%, among other moves) while protecting the majority of small businesses (around 97%).

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LyfeAccounting

JANUARY 30, 2021

We recommend that by March 1, 2021, you have everything in place to actually file your taxes. The main thing you need to have is your bookkeeping done. But for now, we would recommend you have this done by March 1st, so your tax preparer has enough time to file your business taxes. Taxes and licensing fees.

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ThomsonReuters

SEPTEMBER 22, 2021

Tax compliance — and the reporting involved in maintaining that compliance — is one of the most stressful tasks a corporate tax team must complete. It should give teams complete control over company tax reporting, allowing them find the right level of data quickly. What is a tax data warehouse?

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ThomsonReuters

FEBRUARY 6, 2024

The differences between direct tax and indirect tax are important to understand. Direct tax is paid directly by the taxpayer to the government and cannot be shifted, like federal income tax. In contrast, indirect tax, such as business property taxes, can be passed on or shifted to others.

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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. Most wealthy countries make tax filing free, if the burden of preparation is even passed along to individuals at all.

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ThomsonReuters

JANUARY 17, 2023

What is the importance of an income tax treaty? What tax form does a nonresident alien file? Are nonresident aliens exempt from Social Security tax? FDAP — which is passive income such as interest, dividends, rents, or royalties — is taxed at a flat 30% rate, unless a tax treaty specifies a lower rate. .

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ThomsonReuters

FEBRUARY 8, 2024

How are LLCs taxed? LLCs are considered “pass-through entities,” which means the LLC itself does not pay federal income taxes on business income. Instead, income “passes through” to individual members of the LLC, who pay federal income tax earned from the LLC via their own individual tax returns.

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CPA Practice

OCTOBER 2, 2023

Affected taxpayers now have extended tax deadlines of Feb. 15, 2024, to file certain tax returns and make tax payments. The tax deadline extension for Louisiana follows tax relief for several other states this year, including tax extensions for Maine and Massachusetts. 16, 2024, are now due Feb.

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SingleTrackAccounting

MAY 13, 2021

We have been getting questions lately on how the new tax bill will affect small businesses. The main points the new tax bill proposes should not affect most small businesses and Biden has made it clear that he will only tax “the rich.” Corporate Tax Rate. It’s targeting Wall Street not Main Street.

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CPA Practice

MARCH 9, 2023

However, like the capital gains tax proposal, the Medicare tax rate increase is not likely to find enough support to pass, given congressional divides. Under Biden’s budget proposal, taxpayers making $400,000 would be taxed at a top rate of 39.6%. So, the seven tax rates that you are familiar with for the 2022 tax year (i.e.,

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CPA Practice

MARCH 15, 2023

However, like the capital gains tax proposal, the Medicare tax rate increase is not likely to find enough support to pass, given congressional divides. Under Biden’s budget proposal, taxpayers making $400,000 would be taxed at a top rate of 39.6%. So, the seven tax rates that you are familiar with for the 2022 tax year (i.e.,

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