ThomsonReuters

FEBRUARY 20, 2024

International GAAR rules Keeping up with tax avoidance regulation Abusive tax planning is not just a concern among U.S. tax authorities, it is a global concern. Governments around the world have long taken steps to crack down on tax evasion, such as using general anti-avoidance rules, better known as GAAR.

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ThomsonReuters

JULY 6, 2023

research and development credits) Trade and customs tax services and guidance Transfer pricing evaluation , documentation, and modification of existing policies Tax valuation services What does a tax advisor do?

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Withum

APRIL 5, 2023

The magical application of Section 1202 for C corporation shareholders seems too good to be true, with millions of tax dollars being saved. The C corporation shareholder can benefit not only from a reduced 21% corporate income tax rate, but the 1202 exclusion on the sale of their stock as well.

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ThomsonReuters

FEBRUARY 9, 2024

Under this act, if a corporation’s CEO or highest-paid employee’s compensation exceeds 50 times the median worker’s pay, the corporate tax rate would be increased by a penalty determined by the legislation. Firms must prepare for potential shifts in tax liabilities and advise clients accordingly.

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Withum

MAY 4, 2022

Some of the major PTET highlights include amplifying the benefits for resident S corporation shareholders, as well as establishing a New York City PTET. A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax. PTET Income Tax Addback. Contact Us.

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ThomsonReuters

FEBRUARY 6, 2024

Jump to: What is indirect tax? Types of indirect tax The value of indirect tax to tax professionals Differences between direct and indirect tax Tax planning and management is one of the primary areas accountants help their clients. Taxes are either direct tax or indirect tax.

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xendoo

AUGUST 2, 2023

Fewer options for raising capital compared to corporations Offer greater flexibility in management and ownership structure The multi-member structure can become complex How LLC taxes work LLCs don’t pay corporate income tax. Instead, they pass through their tax liability to the business owners. tax savings.

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xendoo

AUGUST 2, 2023

Fewer options for raising capital compared to corporations Offer greater flexibility in management and ownership structure The multi-member structure can become complex How LLC taxes work LLCs don’t pay corporate income tax. Instead, they pass through their tax liability to the business owners. tax savings.

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CPA Practice

JANUARY 22, 2024

This goodwill property right provides some unique planning alternatives to minimize income tax related to a corporate or company acquisition. This article illustrates how planning with personal goodwill can be used to minimize tax arising from the sale of a corporation or company.

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CTP

JUNE 10, 2022

Since the sale has already occurred, these are taxed at ordinary income tax—a rate that taxpayers likely want to avoid since it can be as high as 37%. If the asset is sold at a gain, that recapture can be taxed at ordinary income tax rates of up to 25%.

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Ronika Khanna CPA,CA

DECEMBER 2, 2022

This post and the T5 calculator have been updated to reflect If you are the owner of a Canadian corporation, you can choose to pay yourself (and other shareholders) dividends instead of a salary. Alternatively, some shareholders also take dividends in addition to a salary depending on their tax planning strategy.

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Withum

OCTOBER 18, 2023

The QBI deduction was adopted primarily to keep pass-through business owners on a level playing field with large corporations that are enjoying a permanent flat 21% federal tax rate. However, unlike the reduced corporate tax rate, the QBI deduction is only temporary and no longer available after December 31, 2025.

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Wellers Accounting

JANUARY 22, 2024

Tom Biggs explains the various end of tax year considerations, and strategies, that form effective tax planning to potentially reduce your liability.

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CTP

JUNE 10, 2022

Business owners looking to sell their S corporation may start to get tangled up in all the details, especially if they are a first-time seller. This can lead to overlooking one key part of the sales process: tax planning.

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ThomsonReuters

SEPTEMBER 8, 2023

This means that the corporation itself is first taxed at the federal corporate tax rate of 21%, and any dividends or profits the company passes on to its shareholders are taxed a second time as personal income. state and local income taxes, plus S corp owners may pay between 10-39.6%

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Wellers Accounting

MARCH 2, 2023

Tom Biggs ACA CTA , highlights the different considerations and strategies that need to be reviewed for effective end of year tax planning.

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xendoo

FEBRUARY 15, 2022

If you own a business or earn a significant income, you may be wondering how to manage your tax situation and how much a tax consultant costs. There is a lot to consider when weighing the costs and benefits of hiring a tax consultant. A tax consultant can help with any of these issues.

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MyIRSRelief

APRIL 22, 2024

Discuss Payment Options: If you owe taxes, discuss payment options with your advisor. Form 941 is used by employers to report income taxes, social security tax, or Medicare tax withheld from employees’ paychecks. Problems with payroll taxes are serious and require immediate attention.

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Wellers Accounting

MARCH 11, 2022

Tom Biggs ACA CTA , highlights the different considerations and strategies that need to be reviewed for effective end of year tax planning.

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xendoo

SEPTEMBER 10, 2021

Corporate tax preparation . These bookkeeping solutions not only take the hassle out of tax season, but their tax strategy and planning services can help you keep more of your profits. Bookkeeping services can also assist you with your personal income tax preparation. Financial statements .

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Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Postpone income until 2023 and accelerate deductions into 2022. Estate Tax Planning. 2022 Year-End Tax Planning Resources. million in 2023).

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ThomsonReuters

DECEMBER 17, 2021

The Global Minimum Tax is the latest initiative spinning off of the Base Erosion and Profit Shifting (BEPS) initiative from the Organisation for Economic Co-operation and Development (OECD). This international alignment on corporate taxation will come with unprecedented global transparency and reporting requirements,” she said. “It

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LyfeAccounting

APRIL 22, 2021

This basically means Amazon got a federal tax refund for millions of dollars. Over 91 Fortune 500 companies, including Nike, Netflix, and FedEx, don’t pay much in federal income tax, if at all. In this post, we’ll be uncovering how Amazon was able to completely write off taxes. How to Write Off Taxes Like Amazon.

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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

OCTOBER 19, 2022

The Inflation Reduction Act of 2022 imposes a new 15% corporate alternative (book) minimum tax on the adjusted financial statement income of applicable corporations (those with 3-year average financial statement income of at least $1 billion). Tax-exempt organizations may make this election for twelve credits.

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ThomsonReuters

APRIL 12, 2021

Tax document management software brings you automation, fast access to real-time data, accurate and easy-to-use reports, analytics, and collaboration tools to help your tax team navigate the new international tax regulations. Corporate Tax Technology: Stepping into the Future. Do More with More?

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Wellers Accounting

MARCH 24, 2022

Tom Biggs ACA CTA , summarises Chancellor, Rishi Sunak's key announcements from the Spring Statement.

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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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SingleTrackAccounting

MAY 13, 2021

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. The proposed corporate tax rate would see an increase from 21% to 28%. million dollars in annual profit or over $400,000 in individual income.

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CPA Practice

JUNE 20, 2023

That feature hasn’t been included in prior iterations of the bill, nor is it part of a Senate companion bill that also includes an expansion of earned-income tax credits for low-income workers. who held a hearing last week on family and household tax benefits. ©2023 CQ-Roll Call Inc., All Rights Reserved.

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LyfeAccounting

OCTOBER 29, 2020

?. President Trump vs Biden Tax Plan. With the US presidential election is right around the corner, and since we’re an accounting firm that loves taxes, it’s only right that we make a post discussing President Trump’s Tax Plan vs Former Vice President Joe Biden. Individual Tax Rates. Corporate Tax Rates.

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