Accounting Today

APRIL 15, 2024

The International Ethics Standards Board for Accountants has unveiled a set of ethical standards for business tax planning in response to complaints over tax avoidance by multinational companies.

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CTP

NOVEMBER 15, 2023

That’s why tax planning is gaining in popularity. Some obvious reasons are mistakes or oversights on their tax returns. But another problem is that the accounting industry is not trained how to LOOK FOR NEW ways to reduce your taxes that you have not yet taken advantage of. Not all tax planning is the same!

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CTP

MARCH 9, 2022

Visit social media or google these days and you’ll most likely see advertisements for Tax Planning. But many taxpayers (and even tax pros) are confused about the differences between tax planning and tax preparation. Why is it impossible to do tax planning at the same time as you prepare a tax return?

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DuctTapeMarketing

JULY 14, 2018

They’ll partner you with a dedicated accounting team and provide three simple monthly rates that include your bookkeeping, sales tax, planning support, corporate tax return, and unlimited access to your dedicated CPA team. Xendoo is an online accounting and bookkeeping service dedicated to small business owners.

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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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ThomsonReuters

OCTOBER 31, 2024

Jump to ↓ The current tax landscape Democratic and Republican Party tax plans Strategic planning amidst tax uncertainty In today’s dynamic political and economic environment, understanding the intricacies of tax policy has become more crucial than ever. election promises further potential shifts.

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ThomsonReuters

OCTOBER 30, 2024

← Blog home The 2024 State of the Corporate Tax Department report by the Thomson Reuters Institute, in collaboration with tax executives, highlights the challenges and opportunities facing tax departments today. Read the full Thomson Reuters Institue 2024 Corporate Tax report.

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Accounting Today

MARCH 7, 2024

President Joe Biden will propose increasing the minimum tax rates paid by major U.S. and multinational corporations to 21% and eliminating breaks for companies with high-paid executives in his election-year State of the Union address on Thursday night.

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FusionCPA

NOVEMBER 24, 2020

US corporations are taxed at a rate of 21 percent by the United States government. In 2019, corporate income tax brought in $230.2 In 2017, the Tax Cuts and Jobs Act reduced the corporate tax rate from 35 percent down to its current rate. This is about 6.6 percent of all federal revenue.

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Withum

APRIL 24, 2025

Flexibility: Easier to form and manage compared to corporations. Tax Benefits: Pass-through taxation avoids double taxation. Example: A large law firm operates as a PC to take advantage of corporate tax benefits and limited liability, while adhering to state regulations for professional corporations.

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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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ThomsonReuters

NOVEMBER 12, 2021

Corporate international tax planning is a major challenge for companies that do business in multiple countries. To be aware of pitfalls such as international double taxation — being taxed for the same income in two different countries — they must plan strategically.

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CPA Practice

APRIL 17, 2023

But with the increasing complexity of modern business and regulations, and a worsening shortage of CPAs, the truth is that small business accountants rarely help clients optimize their tax strategies. Still, the failure to recognize the importance of proper tax planning adds up. So what should business owners do?

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CPA Practice

SEPTEMBER 11, 2024

Tax Rates Report provides early, accurate notice of the potential tax savings that could be realized due to increases in deduction limitations, upward adjustments to tax brackets, and increases to numerous other key thresholds. Act that affect tax planning for corporate taxpayers in certain industries.

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Cherry Bekaert

MAY 3, 2024

Therefore, a well-thought-out global tax management strategy will be imperative to the success of your global business activities. With proper tax planning a company is able to reduce its worldwide effective tax rate as it expands overseas. blocker corporations for U.S. tax return. Example: If a U.S.

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Wellers Accounting

FEBRUARY 21, 2025

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

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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

APRIL 15, 2025

Enterprise resource planning (ERP) systems have become an essential component of modern business operations. For corporate tax professionals and chief financial officers (CFOs), understanding how an ERP system works is crucial for successfully managing financial data, ensuring regulatory compliance, and improving overall business performance.

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PYMNTS

NOVEMBER 6, 2017

“We believe that tax reform should provide substantial relief to all small businesses, so they can reinvest their money, grow and create jobs.”. Republican lawmakers said the proposals are just the beginning of the conversation and process of tax reform.

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Going Concern

NOVEMBER 24, 2022

Responsibilities: You will be deeply involved with preparing tax planning & tax consulting services. Reviewing and preparing individual, partnership, trust, and corporate tax returns. Researching tax issues for small to medium-sized businesses and wealthy individuals.

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CTP

NOVEMBER 16, 2021

Depending on what assets they had when they made the S election, the company may have built-in gains tax. If there are built-in gains from the time they converted, that means that even though you’re selling an S corporation asset, you will be subject to the 21% C corporation tax rate.

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ThomsonReuters

NOVEMBER 19, 2024

Corporate tax departments also must contend with limited resources, including budget constraints and a shortage of skilled professionals. Another 35% is spent on core activities, such as reviewing and signing corporate tax returns, managing tax advisory work, managing risk and communicating with stakeholders.

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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. Other deadlines are: January 17, 2022 : 4th quarter 2021 estimated tax payment due.

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Accounting Insight

APRIL 30, 2025

Why OECD Pillar Two Matters At its core, Pillar Two seeks to ensure that MNEs are all paying the same minimum level of taxspecifically, a 15% effective tax rateregardless of where they operate. This move aims to reduce profit shifting and the race to the bottom on corporate tax rates that have emerged in recent decades.

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Ronika Khanna CPA,CA

MAY 9, 2025

In this case it probably doesnt make sense to incorporate (unless part of some more sophisticated tax planning) since you risk losing your principal residence exemption which can be a significant tax savings on any appreciation of the value of the home upon its eventual sale.

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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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Ronika Khanna CPA,CA

MAY 2, 2025

Note that there are some cases where directors liability applies or where the corporate owner(s) is personally liable for the debts of a corporation. Lower Tax Rates: Corporations, particularly small businesses, benefit from corporate tax rates that are lower than individual tax rates.

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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

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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CPA Practice

JUNE 10, 2024

Falbo leads the firm’s High Net Worth Group, where he advises high-net-worth individuals and private companies as they navigate issues related to corporate tax planning, entity selection and structuring, and wealth preservation and transfer. Mike McGivney , a tax partner in the Cleveland office.

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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

MAY 4, 2022

A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax. As a final note, the New York City PTET is on top of, but does not replace the New York City Unincorporated Business Tax (“UBT”) imposed on partnerships or General Corporation Tax (“GCT”) imposed on S corporations.

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CPA Practice

SEPTEMBER 18, 2023

His book on the 1969 Tax Reform Act sold 50,000 copies. Among his most lauded publications are multiple editions of “A Practical Guide to Tax Planning,” and “1040 Preparation and Planning Guide,” and his individual and corporate tax refresher courses.

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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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ThomsonReuters

JANUARY 19, 2023

Automate and standardize data flow With the right tax data management software , tax professionals can automate and standardize the flow of data. This can significantly reduce corporate tax data collection and preparation time, and boost accuracy. Simplifies data loading and reviewing.

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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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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. Helping to Mitigate Business Taxes.

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