ThomsonReuters

MARCH 1, 2024

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.

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ThomsonReuters

MARCH 4, 2024

Preparers have the following perfection periods to correct and retransmit tax returns or extensions that were filed on time but were rejected by the filing deadline. The IRS considers returns that are resubmitted electronically during the applicable timeframe as timely-filed returns.

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Ronika Khanna CPA,CA

MAY 26, 2023

While submitting your tax return is accompanied by a significant sense of relief, one cannot completely relax until you receive the notice of assessment from Revenue Canada (and Revenue Quebec for those of you lucky enough to file two tax returns). It also provides information pertaining to future years.

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Withum

AUGUST 25, 2022

On August 24, 2022, the IRS issued Notice 2022-36 to announce broad-based penalty relief for certain failure to file penalties with respect to tax returns for taxable years 2019 and 2020 as long as they are filed by September 30, 2022. Penalties under §6698(a)(1) & (2) for form 1065 (partnership tax returns).

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Menzies

APRIL 4, 2023

To allow HMRC to check that the correct amounts of tax have been paid by taxpayers, they have been afforded formal legal powers to request information and documents from taxpayers. Taxpayer safeguards Paragraph 21 lists only four scenarios where HMRC are able to make an information request under Schedule 36.

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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. Tax firms must stay informed about these potential amendments to advise clients effectively.

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MyIRSRelief

APRIL 22, 2024

Compliance with Tax Filings: All tax returns must be filed. The process involves submitting an application to the IRS with a detailed explanation of your financial situation, often with the help of a tax professional. How Can I Resolve Unfiled Tax Returns in Corona, CA? What should I do? What should I do?

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xendoo

JANUARY 25, 2021

Wage and Tax Statement for Full- and Part-Time Employees). Information Return by Employers to the IRS on Form 1099s Issued to Independent Contractors). S Corporation Tax Filing. for a calendar tax year). March 15 Submit Form 1120S Income Tax Return. Partnership Tax Filing. W-2 Filing.

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ThomsonReuters

JULY 6, 2023

If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. Whether it’s advising on residential energy tax credits or restructuring a partnership, your knowledge and expertise beyond the tax return are valuable.

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Withum

JANUARY 13, 2022

Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns. This article will serve as a cheat sheet to taxpayers and practitioners to properly report COVID-19 relief funds on their 2021 tax returns. For more information, see our article on this change in law.

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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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Shay CPA

DECEMBER 7, 2022

File away R&D tax credit and pandemic aid documentation. If your tech company took advantage of R&D tax credits or pandemic aid (e.g., PPP, ERC, EIDL), you could receive a notice to provide certain information long after you’ve closed your figurative doors. File a final corporate tax return.

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Inform Accounting

JUNE 27, 2022

Late payment interest is payable on late tax bills covering income tax, National Insurance contributions, capital gain tax, stamp duty land tax, stamp duty and stamp duty reserve tax. The corporation tax pay and file rate also increases to 3.75%. Remember to declare COVID-19 grants on your tax return.

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Accounting Insight

MAY 19, 2023

Accountants will be able to access client information in-browser to work on and submit Individual Tax Returns, VAT returns and Corporation Tax returns to HMRC as well as annual accounts to Companies House. Find out more information and request a demo online at [link].

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xendoo

JANUARY 12, 2022

Not only will this save you from sweating over a shoebox full of receipts, but making on-time tax payments will save you from any late fees or interest payments. To help you with this process, we’ve put together this complete guide for filing business taxes in 2022. What Is the Business Tax Filing Deadline for 2022?

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Menzies

NOVEMBER 3, 2023

HMRC can use their powers to ‘correct’ your company’s CT600 tax return. If this happens, HMRC might simply remove the R&D claim from the tax return. Instead of or in addition to opening an enquiry, HMRC may send what’s called a Schedule 36 notice , which is a request for further information and documents.

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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. States also understand that this creates additional compliance burdens for nonresident owners to file tax returns in each jurisdiction.

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Ronika Khanna CPA,CA

DECEMBER 2, 2022

If you do decide to pay yourself dividends, it is important to ensure that you prepare the proper documentation for Revenue Canada (CRA) and if you live in Quebec, Revenue Quebec (MRQ) since this must be reported as investment income on your personal tax return in the calendar year in which the dividends are paid.

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Inform Accounting

JUNE 23, 2022

We appreciate agents' and claimants' patience while we handle these claims and continue to offer the guidance below: To help us process your R&D payment quickly, please ensure you have completed all entries on the R&D section of your Corporation Tax return (CT600 form). Taxing cryptoassets: what you need to know.

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Inform Accounting

OCTOBER 14, 2022

In this press conference, the September tax cuts as promised in the mini-budget have been watered down even further. What we know so far is that: The Corporation Tax will rise from 19% to 25% in April 2023. Read more of Inform's tax blogs : Struggling to pay tax – What should you do? We are here to help.

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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. This way you avoid double taxation (where the corporation and shareholders pay tax on the same income). The post LLC vs.

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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. This way you avoid double taxation (where the corporation and shareholders pay tax on the same income). The post LLC vs.

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ThomsonReuters

JANUARY 30, 2023

As the burden of corporate tax compliance mounts, companies are increasingly turning to tax and accounting firms for help in complying with direct tax requirements. And so, we think about how accurate is the information on a tax return or a report that is ultimately filed with the taxing authority.

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Cheap Accounting

AUGUST 31, 2023

Whatever the size or structure of your business dealing with your accounts and tax returns comes with the territory. In the past the attraction of a limited company had been enhanced due to lower taxes on the profits extracted from the business. Income tax is explained at [link]. Here’s a few tips to get you started.

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Shay CPA

MARCH 22, 2023

If your company receives the R&D Tax Credit, for example, this would mean that those costs will now be capitalized. Founders and their finance teams will need to provide an analysis of their research and experimental expenses (Section 174 Costs) to accurately prepare corporate tax returns. SHAY CPA P.C.

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Withum

JULY 24, 2023

3/15 – Deadline for filing corporate tax returns and contribution deadline for deductibility (without extension). 7/31 – Deadline for Form 5330 – Return of Excise Taxes Related to Employee Benefit Plans. If your plan is not a calendar year-end, see below to see when your Form 5500 is due.

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ThomsonReuters

OCTOBER 24, 2023

Data is king in today’s fast-paced world of finance and tax. Yet, for many companies, the journey of data from disparate sources to financial close, tax returns, and reporting can be torturous. Enter intuitive dashboards. Data visualizations and dashboards are changing the way we access, view, and analyze organizational data.

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Xero

AUGUST 11, 2022

You will need to use this UTR number to submit tax returns, pay tax bills, or work with an accountant. You need a UTR number to submit your tax return online for the current self-assessment process. If you submit a return with a wrong UTR number you may be hit with a fine. Where to find more information.

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CPA Practice

AUGUST 22, 2023

AI has the power to relieve some of this burden by reducing the time it takes to get the accurate and contextualized information needed to solve a problem, reducing the risk of errors, and automating mundane tasks. In tax, growing an advisory practice is a route for firms to differentiate and illuminate the expertise of staff.

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Ronika Khanna CPA,CA

FEBRUARY 23, 2023

Tax Administration: Sole proprietorships and unincorporated businesses are required to include their business income and expenses in their personal tax returns by filling out the T-2125. This form can be found in most online tax filing software including Ufile and TurboTax. If you have any doubts, then keep it!

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Menzies

AUGUST 8, 2023

Companies submitting R&D claims will now have to complete an online submission, in addition to the disclosure included in the corporation tax return and associated computations.

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Inform Accounting

SEPTEMBER 23, 2022

Corporation Tax. The planned corporation tax increase to 25% on 1 April 2023 has been scrapped, and the tax rate will remain at 19%, making it the lowest corporation tax rate of all the G20 countries. The tax cuts are estimated to be worth around £45 billion and equate to 1.5%

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Inform Accounting

MARCH 21, 2023

These allowances are in addition to the personal allowance and attract a 0% rate of income tax. INCOME TAX RELIEFS PENSIONS CORPORATION TAX Special rules apply to companies with accounting periods straddling 1 April 2023. Read more of Inform's tax blogs : Struggling to pay tax – What should you do?

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CPA Practice

APRIL 17, 2023

The dramatic impact that a favorable turn in tax-related flows can have was demonstrated by the Employee Retention Credit, the refundable tax credit given to companies during the COVID-19 pandemic. A similar boost was the Tax Cuts and Jobs Act of 2017, which slashed corporate taxes to a 21% rate.

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Ronika Khanna CPA,CA

JANUARY 5, 2024

Once you have signed up for QBO, you will be prompted to enter some information about your business. The information you enter can always be changed at a later date so don’t be afraid to enter the whatever information you think is most appropriate in your current situation. Customize your QBO file Using the Gear Icon.

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ThomsonReuters

OCTOBER 1, 2021

As the effects of the pandemic continue to reverberate through the economy, resource-constrained corporate tax departments are unceasingly adapting to change — including new regulatory requirements, new ways of working, extended tax deadlines, Covid tax relief provisions and, now, the demands of a busy tax-filing season.

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ThomsonReuters

FEBRUARY 24, 2023

K-1s are sometimes confused with Form 1099s, which are tax information documents for individuals who are not employees, like sole proprietors and freelancers. from the partnership for the tax year. With the K-1, a partner’s earnings can be taxed at an individual tax rate versus the corporate tax rate.

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