MyIRSRelief

DECEMBER 1, 2023

A C Corporation is a legal structure for a corporation in which the owners, or shareholders, are taxed separately from the entity. C Corporations, named for the subsection of the IRS code that governs them, have a distinct tax structure that differs from other business entities. Call us today at 1-877-78-TAXES [1-877-788-2937].

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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. 2. Inform yourself about the new BEPS rules .

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MyIRSRelief

OCTOBER 3, 2022

Taxes can be broken down into three categories: what you purchase, what you own, and what you earn. They contribute to resources such as our government, educational systems, law enforcement, libraries, and others. However, individuals who fail to pay taxes can suffer penalties and potential criminal charges.

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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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CPA Practice

DECEMBER 21, 2023

An RMD is the minimum amount you must withdraw annually to avoid a tax penalty. The account owner is taxed at their income tax rate at the time of the withdrawal on the amount of the withdrawn RMD. Cause your Social Security to be taxed at a higher rate. Increase net investment income surcharges.

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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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Withum

MAY 4, 2022

The budget bill, which was signed into law on April 9, 2022, also accelerates individual income tax rate reductions, adds new or modifies some existing tax credits, among other provision changes. A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax.

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MyIRSRelief

APRIL 3, 2023

Tax Planning and Preparation: An accountant (EA or CPA) can help small business owners navigate the complex world of tax laws and regulations, ensuring compliance and minimizing tax liabilities. Q: What can an accountant do to help with tax planning and preparation?

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LyfeAccounting

JULY 11, 2021

So in this post, we’re going to discuss what the foreign tax credit is, break it down so we can easily understand it, and determine how to qualify for it. What is a Foreign Tax Credit? So technically, it is a non-refundable tax credit for income taxes paid to a foreign government as a result of foreign income tax withholdings.

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CPA Practice

SEPTEMBER 19, 2023

When owners of a company plan to sell their business, there is very often a desire to minimize the resultant income tax. This tax is effectively taxing the increase in the value of the business often earned over many years and decades into a single year. This provides an estimated tax savings of $1,289,100.

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Menzies

JUNE 5, 2022

The purpose of this article is to set out some fundamental principles, not least when one is subject to income tax instead of capital gains tax. HM Revenue and Customs outline the 9 badges of trade which will be considered when determining if an activity is treated as ‘trading’ and therefore subject to Income Tax.

Tax 52

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Shay CPA

DECEMBER 2, 2022

Founders – check out our tips below that can save your Startup thousands of dollars in Income Taxes, Payroll Taxes, Sales Taxes, and foreign taxes. . R&D Tax Credits: Did you know that if your startup conducts R&D activities it can qualify for up to $500,000 in Payroll Tax Credits?

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MyIRSRelief

OCTOBER 30, 2023

Income Tax Return for Estates and Trusts, is a complex tax form that is used to report the income and expenses of estates and trusts. Trust tax preparation can be a challenging task, even for experienced tax preparers. However, trusts can also be complex from a tax perspective. Form 1041, U.S.

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Ronika Khanna CPA,CA

DECEMBER 2, 2022

Alternatively, some shareholders also take dividends in addition to a salary depending on their tax planning strategy. 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. available at Amazon.

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CPA Practice

NOVEMBER 2, 2023

One of the topics the minds of many tax and accounting professionals is the environment. ESG, as the movement is known, includes the aspects considered when companies invest in environmental, social, and corporate governance policies. Diana has 30 years’ experience in bookkeeping, tax, government auditing and fraud investigations.

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CPA Practice

JULY 11, 2023

Morris has over 10 years of public accounting experience in various areas of tax compliance and consulting. He is experienced in working with the management of closely held businesses in implementing tax-planning strategies, as well as providing private equity and capital groups with tax forecast, advisory and compliance-related services.

Real Estate 52

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Inform Accounting

JULY 25, 2022

Investors who are not connected with the company may claim income tax relief of 30% of the amount that they invest in qualifying EIS companies up to £1 million each tax year (or up to £2 million if at least £1 million of that is invested in knowledge-intensive companies). Tax Breaks for SEIS Company Investors.

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Withum

JUNE 1, 2022

It is not uncommon for businesses to utilize First-In-First-Out (“FIFO”) for internal reporting purposes but use the Last-In-First-Out (“LIFO”) method for external reporting purposes, such as for US GAAP and federal income tax. Business Tax Services. FIFO assumes that assets produced or acquired first are sold or used.

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ThomsonReuters

NOVEMBER 15, 2023

For accountants, understanding the ins and outs of tax deductions for charitable contributions , including how to properly report monetary donations using Schedule A, is an essential part of tax planning for clients. Which donations are tax deductible? What is the tax deduction limit for charitable donations?

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ThomsonReuters

SEPTEMBER 7, 2023

The child and dependent care tax credit provides financial relief for families who pay for child or dependent care expenses. To claim the child and dependent care tax credit, taxpayers must file their Form 1040 federal income tax return using Form 2441. If the child’s unearned income (i.e.,

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ThomsonReuters

SEPTEMBER 8, 2023

Must adhere to compliance standards that require them to adopt bylaws, issue stock, hold regular meetings, file government reports, and pay annual fees and taxes. Are required to submit tax return filings for business income and profits. state and local income taxes, plus S corp owners may pay between 10-39.6%

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ThomsonReuters

OCTOBER 12, 2023

Jump to: What is foreign income? How to report foreign income What is Form 1099-DIV? Tax implications for owning property abroad What is FATCA? Helping clients with foreign income tax forms For U.S. citizens living abroad or earning income from foreign sources, questions often arise on how the U.S.

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LyfeAccounting

APRIL 27, 2021

But in today’s post, we’ll actually be explaining why having a huge tax refund or any refund at all is not necessarily a good thing and the reasons might surprise you. What is a Tax Refund? Well, it’s not just free money from the government (though it might feel that way). The Child Tax Credit or CTC.

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Inform Accounting

JUNE 29, 2022

In preparation of the introduction of MTD for income tax, which comes into effect from 6 April 2024 for unincorporated businesses and landlords with trading and property income of more than £10,000 the basis period rules are being reformed. Read more of Inform's tax blogs : Struggling to pay tax – What should you do?

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Nancy McClelland, LLC

APRIL 9, 2024

For one, the immense number of changes to our tax code since the Tax Cuts & Jobs Act (TCJA) took effect in 2018 has made tax planning substantially more complex than it used to be. You would think that of all the government departments that could count properly, it’d be the IRS, but apparently not.

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Cherry Bekaert

AUGUST 10, 2023

How to Nearshore Your Supply Chain While Capturing Financial Gains and Avoiding Tax Pitfalls Modern supply chains have grown increasingly layered as they account for separate continental end markets, manufacturing facilities and scarce raw materials spread across multiple geographies.

Finance 98

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LyfeAccounting

DECEMBER 7, 2020

Payroll taxes that only employees pay typically consist of: – Federal Income Tax. – State Income Tax. Payroll taxes that only employers pay typically consist of: – Federal Unemployment Tax. – State Unemployment Tax. Combined, 7.65% in FICA taxes. – Medicare.

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ThomsonReuters

JANUARY 18, 2024

In order to keep their certification current for representation in front of government entities and tax return preparation, CPAs must also keep up to date with yearly continuing education requirements. AICPA members must also abide by the bylaws and the resolutions of the AICPA ’ s governing Council.

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LyfeAccounting

JULY 22, 2021

In this post, we’re going to continue the fun as we go through the states with the lowest property taxes in the country. What Are Property Taxes For? As you know, property taxes help to fund your local state government. But to what extent are these property taxes just too high or too low? Let’s begin!

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LyfeAccounting

JULY 22, 2021

In this post, we’re going to continue the fun as we go through the states with the lowest property taxes in the country. What Are Property Taxes For? As you know, property taxes help to fund your local state government. But to what extent are these property taxes just too high or too low? Let’s begin!

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South Carolina Hawaii West Virginia Delaware 52

Inform Accounting

APRIL 26, 2022

Whilst the salary would be subject to NICs and Income Tax, the employer’s NICs would be covered by this allowance. You will only be able to access the allowance if your employer NIC bill is below £100,000 in the prior tax year - this has been the case since April 2020. Looking for tax planning support?

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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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MyIRSRelief

SEPTEMBER 1, 2020

With more than 30 million small businesses in the US, effective tax planning is essential to maximizing profits and minimizing taxes, keeping more of what is earned, and lowering your taxes for the future. No Individual or Corporate Income Tax: Nevada, South Dakota, and Wyoming.

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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

OCTOBER 12, 2023

It is filed with their annual federal income tax return if they meet certain criteria. government is necessary for compliance with tax and financial disclosure requirements, and it can involve several forms and reporting mechanisms. Report foreign income. tax return. File Form 8938.

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SkagitCountyTaxServices

NOVEMBER 17, 2021

But before I dive into this, let’s make sure that your business (and your family) is also capturing every available income tax-saving strategy available right now, and do a little tax planning : Find us here: 360-424-1040. Skagit County Business Owners: Beware the Sales Tax Nexus.

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LyfeAccounting

NOVEMBER 16, 2020

It’s likely you won’t know if your loan is forgiven and by how much until 2021, which will have some serious implications for your tax planning and financial reporting. Tax Deductibility. Let’s discuss the biggest issue for small businesses and tax professionals which is tax deductibility.

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