ThomsonReuters

APRIL 21, 2024

For corporate tax professionals, navigating the ever-evolving landscape of tax codes and regulations is often a daunting task. It works in several ways, for example: Machine Learning for Automated Classification: Machine learning algorithms can be trained on vast datasets of product information and tax codes.

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ThomsonReuters

OCTOBER 24, 2023

According to the “2023 State of the Corporate Tax Department” report by Thomson Reuters Institute, it is unsurprising that the primary objectives of corporate tax departments for the upcoming year, as indicated by 70% of respondents, revolve around enhancing operational efficiency. Enter intuitive dashboards.

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MyIRSRelief

APRIL 29, 2024

By providing a combination of tax planning, bookkeeping, and financial guidance, they empower small businesses to thrive, focusing their energy on what they do best – innovation, growth, and serving their customers. These are just a few examples, and the expertise of a specialized tax and accounting firm goes beyond industry specifics.

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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? Start your journey to tax advisory services today.

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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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ThomsonReuters

JANUARY 19, 2023

Tax teams are already under pressure to manage increased workloads and staffing constraints, while keeping pace with the complex regulatory environment. Automate and standardize data flow With the right tax data management software , tax professionals can automate and standardize the flow of data.

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Menzies

AUGUST 21, 2023

With the main rate of corporation tax now at 25%, companies will need to ensure they are maximising tax reliefs available to reduce the impact of this increase in rate. Based on the preliminary information and draft legislation, Full Expensing will share many similarities with the super-deduction.

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Menzies

MAY 11, 2023

If you are considering the purchase of a significant new piece of plant, tax planning can play an important part in reducing the long-term cost of the investment helping to boost both cash flow and profitability. The company could recover up to 25% of the cost as a reduction in the corporation tax bill for the year of spend.

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ThomsonReuters

JANUARY 21, 2022

It’s a new year and that means new tax laws and other tax changes. Below are changes that take effect this year, along with other tax planning information. First off, the deadline to file individual tax returns is April 18. March 15, 2022 : Partnership and S corporation returns for calendar year 2021.

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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. Need tax planning support? Taxing cryptoassets: what you need to know.

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DMCL

JANUARY 31, 2020

Fraser also specializes in providing audit, review and compilation services for privately held enterprises, personal and corporate tax planning and compliance, and transaction advisory services on business acquisitions, dispositions and other corporate re-organizations.

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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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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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ThomsonReuters

MARCH 9, 2023

Breeze through tax season with ease It can be quite overwhelming thinking about navigating your way through all the possible deductions, exemptions, credits, and other important information related to filing taxes for individuals. Breeze through tax season easily with our comprehensive year-end tax season toolkit.

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ThomsonReuters

MARCH 25, 2024

Section 174 Capitalization of the Tax Cuts and Jobs Act (TCJA) has created confusion for many corporate tax specialists to work through in the coming months. It is important to note that not all of these expenses qualify for the R&D Tax Credit. Tax now has a seat at the table.” #3

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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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xendoo

AUGUST 2, 2023

Filing articles of organization with information such as the LLC’s name, purpose, address, duration, management structure, and members. Paying taxes and fees based on the state requirements. However, LLCs have the option to choose a corporate taxation structure with the IRS. Why choose an S corp over an LLC?

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xendoo

AUGUST 2, 2023

Filing articles of organization with information such as the LLC’s name, purpose, address, duration, management structure, and members. Paying taxes and fees based on the state requirements. However, LLCs have the option to choose a corporate taxation structure with the IRS. Why choose an S corp over an LLC?

Tax 52

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ThomsonReuters

NOVEMBER 4, 2020

These days, the number one concern of corporate tax departments is clear: keeping up with changing regulations. While BEPS is the wider framework, Action Item 12 provides recommendations for the design of rules that require taxpayers and advisors to disclose aggressive tax planning arrangements.

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Cherry Bekaert

JULY 14, 2023

In New York for example, partnerships follow personal income tax rules, not the corporate tax rules for apportionment. There are various reasons why owners may want to opt out of these NRW requirements, including controlling their own internal tax planning process or other administrative reasons.

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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

MAY 15, 2024

These disruptions have a significant impact not just on logistics and delivery times, but also on corporate tax implications. Understanding the interplay between these factors is crucial for tax and trade professionals across multinational corporations.

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Cheap Accounting

MARCH 28, 2022

To pay a salary you must be registered as an employer and submit RTI (real time information) returns each pay period. Dividend Tax Increase. Dividend tax has gone up! Any dividends paid over £2,000 will attract dividend tax. Salary is an allowable business cost and will reduce the profit subject to corporation tax.

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MyIRSRelief

APRIL 22, 2024

He keeps you informed of progress, explains any complexities, and addresses your concerns promptly. Tax Preparation and Planning: Looking beyond immediate problems, Mike Habib can help prevent future issues. Peace of Mind: Tax problems can be stressful. Explain your options in clear, concise language.

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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. Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2022 that are phased out over varying levels of adjusted gross income (AGI). million in 2023).

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xendoo

SEPTEMBER 10, 2021

Corporate tax preparation . Getting behind in your books also can leave you vulnerable to fines and audits when it comes to taxes or payroll. . Without accurate, up-to-date information, you may be denied a crucial loan. . Today’s accounting firms can handle a wide variety of SMB bookkeeping tasks, including: Invoices .

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KROST

DECEMBER 14, 2021

R&E are expenditures paid or incurred during the tax year in connection with the taxpayer’s trade or business. for activities intended to discover information to eliminate uncertainty concerning the capability, method, or design for developing or improving a product or process). IRC Section 174 Overview and Upcoming Changes.

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LyfeAccounting

NOVEMBER 9, 2020

In this post, I’m going to explain all of the tax benefits related to LLCs. Lastly, although I am a licensed CPA, the information in this post is solely for informational purposes only. If your tax rate is 25%, then you would only pay $25,000.00 in taxes as a LLC. Tax Benefit #3: Tax Write-Offs.

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ThomsonReuters

APRIL 12, 2021

You must access and share up-to-date regulatory information in every jurisdiction where your organization operates while automating critical tax preparation processes. Automatically transfer taxable income calculated for US corporation income tax returns to serve as a starting point for computing foreign tax credits.

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ThomsonReuters

MAY 12, 2023

International tax planning is undergoing enormous change. By the beginning of 2024, a new Global Minimum Tax (GMT) regime will come into effect under the OECD’s base erosion and profit-sharing initiative. What are the GMT requirements and challenges?

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ThomsonReuters

APRIL 13, 2023

Tax reform is seen by senior tax professionals as the number one challenge their departments are facing today, according to the 2022 Thomson Reuters State of the Corporate Tax Department report. GMT is a good example of the tremendous challenge reform can present for international tax planning.

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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%. Therefore; her tax bill in April would be $198,000 ($500,000 x.396)

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LyfeAccounting

NOVEMBER 4, 2020

C-corporations are required to pay corporate tax on the profits of the business. Currently, the corporate tax rate is 21%. Shareholders only pay tax if they receive dividends from the corporation which would be calculated on their individual tax return. Additional Tax Filings To Be Aware Of.

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ThomsonReuters

MARCH 2, 2021

With the right tax data software, your tax department can save money by automating and standardizing processes across the organization and enhancing accuracy and timeliness. You can liberate your tax professionals for more strategic work that adds value to the business. Entering a New Era: The Future of Corporate Tax Management.

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ThomsonReuters

MARCH 18, 2021

Better data: Provide the business and your tax team with transparency around processes and a single version of data truth they can use to make informed decisions. Get the right level of data you need for tax planning and forecasting faster and more easily. Entering a New Era: The Future of Corporate Tax Management.

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ThomsonReuters

FEBRUARY 24, 2021

Better data: Provide the business and your tax team with transparency around processes and a single version of data truth they can use to make informed decisions. Get the data you need for tax planning and forecasting faster and more easily. Biden Tax Policies Take Center Stage: What to Expect in 2021 and Beyond.

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PYMNTS

FEBRUARY 1, 2021

Former President Donald Trump was against the potential tax plans, contending that they discriminated against U.S. Apple said in an announcement for Data Privacy Day that App Tracking Transparency will soon mandate that apps receive users' consent prior to tracking their information across other firms' apps or websites.

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