article thumbnail

Form 1120: U.S. Corporation Income Tax Return

Canopy Accounting

Corporation Income Tax Return, plays a crucial role in the world of taxation for corporations. In this blogpost, we will explore the key aspects of Form 1120 and its significance in filing corporate taxes. Form 1120, the U.S.

article thumbnail

How are S corporations taxed? Tips for filing and reducing taxes as a pass-through entity

ThomsonReuters

Jump to: How are S corporations taxed? How can S corporations reduce their taxes? You may wonder how the S corporation taxation generally works. The following guide offers numerous strategies and tips that owners of S corporations can use to lower their taxes, including deductions and credits.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

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

CPA Practice

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. Taylor prepared 779 returns for S corporations between tax years 2017 and 2020.

article thumbnail

Tax Partner Matters More Than Firm on Business Taxes

CPA Practice

Wilde’s team analyzed more than 94,000 tax returns of U.S. businesses with at least $10 million in assets that used an external tax preparer between 2005 and 2016. Wilde’s study, “Who really matters in corporate tax?” Most of the businesses—91%–were private and their data was provided by the IRS. The study found….

Tax 98
article thumbnail

What is tax advisory?

ThomsonReuters

Let’s take a look at what tax advisory is and how you can take advantage of this approach to serving clients. What are tax advisory services?

Tax 98
article thumbnail

Dates and Deadlines: When You Can File Small Business Taxes in 2022

xendoo

You can use the information and the dates we provide to form a strategic plan for preparing and filing your taxes in 2022. What Is the Business Tax Filing Deadline for 2022? You may have already marked April 18, 2022, on your calendar to remind you to pay your personal income taxes. Want to learn more?

article thumbnail

Sunshine Tax: Taxes for Small Business in Florida

xendoo

Florida business owners should be aware of the following: Corporations that do business in Florida must pay a 5.5% income tax. Florida has a sales tax rate of 6%. S Corporations are exempt from paying state income tax. Sole proprietorships, partnerships, and most LLCs are exempt from state income tax.

Florida 52