article thumbnail

S Corporations: Tax Preparation, Tax Planning, and the Benefits of Professional Tax Help

MyIRSRelief

The main advantage of an S Corporation is that it allows income, losses, deductions, and credits to pass through to shareholders for federal tax purposes. This means that the business itself is not taxed at the corporate level. However, they must pay themselves a reasonable salary, which is subject to payroll taxes.

article thumbnail

Future sales tax trends

TaxConnex

Lawmakers in Louisiana, however, opted to give their state one of the highest combined sales taxes in the nation by passing simultaneous tax cuts on personal and corporate income tax and hiking the states sales tax to 5% (at least for the rest of this decade). New Jersey is reportedly considering a similar move.

Insiders

Sign Up for our Newsletter

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

article thumbnail

How to write an advisory services proposal

ThomsonReuters

The key elements of an advisory proposal include: A summary : This should provide a brief overview and main points of the project. Review draft of sales agreement for compliance with the tax rules. Analyze income tax consequences. Consider estate tax consequences. Be clear and outline how you will define success.

article thumbnail

Special Report: 2025 Readers’ Choice Awards

CPA Practice

million – $4,999,999 $5 million – $10,000,000 Over $10 million Consent Policy (Required) By downloading this content, you agree to our Terms and Conditions. million – $4,999,999 $5 million – $10,000,000 Over $10 million Consent Policy (Required) By downloading this content, you agree to our Terms and Conditions.

article thumbnail

Investing in the Home Team: How NIL Collectives Can Maximize Tax Savings

CTP

Non-Profit NIL Collectives: Gunning for That Tax Exemption For new NIL collectives, qualifying as a nonprofit sounds like a best-case scenario. The organization would be exempt from income tax, meaning that all earnings could go toward the team. The main way collectives do this is by promoting and supporting other charities.

Tax
article thumbnail

Tax Fraud Blotter: Sick excuses

Accounting Today

EDT 6 Min Read Facebook Twitter LinkedIn Email By any other name; poor Service; a saga continues; and other highlights of recent tax cases. Rockford, Illinois: Tax preparer Gretchen Alvarez, 49, has pleaded guilty to preparing and filing false income tax returns. The tax loss totaled $356,881. Sentencing is Sept.

Tax
article thumbnail

Tech news: Karbon Practice Management evolves into Practice Intelligence

Accounting Today

The upgraded income tax return solution now includes enhanced client onboarding workflows that allow firms to create multiple engagements in bulk to accelerate onboarding. The new AI document assistant transforms lengthy documents into actionable insights by extracting key details.