ThomsonReuters

DECEMBER 19, 2023

Jump to: What environmental tax breaks are available? Helping your clients with claiming environmental tax credits As sustainability initiatives gain momentum, the IRS continues to encourage environmentally conscious actions through a range of tax incentives. What environmental tax breaks are available? 

Tax 52

Tax income tax tax return Manufacturing 52

CPA Practice

JUNE 14, 2023

The IRS and the Treasury Department proposed guidance on Wednesday for companies that elect to receive a direct payment in lieu of the tax credit for the manufacturing of semiconductor chips in the U.S. The CHIPS Act allows eligible taxpayers to make an election to treat the credit as a payment against federal income tax.

Tax 52

Tax Manufacturing income tax tax return 52

CPA Practice

FEBRUARY 10, 2023

Anyone who electronically files an amended individual income tax return can for the first time select to have any resulting refund deposited into their bank account, the IRS said on Feb. Getting tax refunds into taxpayers’ hands quickly without worry of a lost or stolen paper check just makes sense.” online tool.

tax return 119

tax return income tax tax preparation Manufacturing 119

ThomsonReuters

DECEMBER 19, 2023

Jump to: How do renewable energy tax credits work? What renewable energy tax incentives does the IRS offer for individuals vs. businesses? To encourage this shift, the IRS offers a range of renewable energy tax credits for alternative energy sources like solar, wind, and geothermal power.

Tax 110

Tax accounting and finance Manufacturing income tax 110

ThomsonReuters

AUGUST 25, 2023

How is software depreciated for tax purposes? Internal use vs. external use software Solutions for managing software depreciation for taxes In today’s tech-driven environment, companies need software to efficiently run their business, whether it is software they purchase from an outside source or develop internally.

Tax 97

Tax Technology Manufacturing payroll 97

CTP

JUNE 10, 2022

Even if you have never assisted a client with the sale of a business, as a tax planner you have the potential to provide tremendous value in the planning process. Many business owners may also be navigating a sale for the first time and likely have little insight into the tax implications and how to set themselves up for savings.

Sales 93

Sales Tax income tax tax return 93

CPA Practice

JUNE 14, 2023

Nearly three-quarters of that climate change investment—an estimated $270 billion—is delivered through tax incentives. The law created two new credit delivery methods— elective pay (also known as “direct pay”) and transferability —that enables different entities to take advantage of the clean energy tax credits.

Tax 85

Tax Alaska Manufacturing Tennessee 85

Withum

AUGUST 24, 2023

The domestic content rules are satisfied with respect to an energy project if the taxpayer certifies that any steel, iron, or manufactured product that is a component of such an energy project was produced in the United States. How Do I Claim a Federal Energy Project Income Tax Credit? The energy credit is non-refundable.

Tax 52

Tax Construction income tax Non-Profits 52

CTP

DECEMBER 28, 2023

to foreign countries, you will want to familiarize yourself with this tax incentive: the interest charge domestic international sales corporation, more commonly known as the “IC-DISC.” This IRS election can allow some or all of the taxable income from your export sales to be taxed at a lower rate. manufacturer or distributor.

Tax 52

Tax Manufacturing Agriculture income tax 52

ThomsonReuters

JULY 10, 2023

Jump to: What is sales tax? Sales tax varies by state What is nexus? What is excise tax? What is VAT tax? Sales tax vs. use tax Summary Sales tax, which is a consumption tax levied on the sale of goods and services, is an important source of revenue for governments at the state and local levels.

Sales 98

Sales Tax Michigan Washington 98

Withum

JUNE 1, 2022

Over the past two years manufacturers and resellers have struggled to maintain inventory levels due to global supply chain issues, and now are facing the highest inflation rates since 1981. These layers compound over time and create a significant tax deferral. billion in taxes for the industry in 2022. Potentially.

business tax 119

business tax Tax income tax tax return 119

Ronika Khanna CPA,CA

FEBRUARY 9, 2024

Quebec Income Tax Box 10 (Impot du Quebec) is the amount of income taxes deducted from employee's paycheques Health Services Fund (FSS) Box 28 This represents the gross payroll and is generally only required if the corporation is in the primary and manufacturing sectors as there is a reduced rate for these types of business.

payroll 98

payroll income tax Manufacturing accounting and finance 98

Withum

AUGUST 7, 2023

The Commercial Clean Vehicle Credit provides a maximum federal income tax credit of $7,500 or $40,000 (if the gross vehicle weight is 14,000 pounds or above). For-profit entities claim the Commercial Clean Vehicle Credit on their income tax return. What Is the Federal Commercial Clean Vehicle Credit?

income tax 52

income tax Non-Profits Manufacturing tax return 52

CTP

JUNE 10, 2022

This can lead to overlooking one key part of the sales process: tax planning. The decisions you make in structuring the sale will have a direct effect on later tax implications and how much of a profit you actually end up making. An S corporation might have accounts receivable, notes receivable, or tax receivable.

Sales 52

Sales Tax income tax tax return 52

KROST

DECEMBER 16, 2021

If you are a shareholder of an S Corporation, partner/member of a partnership/LLC, you might be able to get some of your state tax deduction back. As you may remember, the federal Tax Cuts and Jobs Act reduced the amount of the SALT deduction individuals can claim on their federal tax return to $10,000 starting with the 2018 tax year.

Tax 52

Tax Real Estate California tax return 52

Anders CPA

DECEMBER 6, 2022

As a part of this process, taking a close look at all tax liabilities and implications is an important step. When considering a business purchase or sale opportunity, many will consider the federal income tax implications but overlook the state and local sales taxes. Financial Due Diligence to Meet Economic Nexus.

Tax 52

Tax Manufacturing income tax auditor 52

MyIRSRelief

APRIL 15, 2021

Lately, there has been a lot of talk surrounding R&D tax credits, and how they can potentially benefit large and small companies alike, regardless of which industry you happen to be involved in. Here’s a look at several things to know surrounding R&D tax credits. First off, what are R&D tax credits? Increased ROI.

Tax 100

Tax payroll tax tax return Start-ups 100

Basis 365

OCTOBER 26, 2022

Organizations can save on taxes by using the Research and Development tax credit. Yet, this is everything you need about the research-and-development tax credit. What's the R&D tax credit for? What's the R&D tax credit for? The R&D credit is a tax incentive for U.S. Eliminate uncertainty.

Tax 95

Tax payroll tax payroll income tax 95

Cherry Bekaert

JANUARY 5, 2023

2022 brought significant developments to the tax treatment of Research & Development (R&D) costs. There was significant activity regarding the timing of deductions, reporting requirements for amended tax returns and proposals for reporting in future tax years. For R&E expenses incurred in the U.S.,

Tax 40

Tax payroll tax tax return Manufacturing 40

Shay CPA

MARCH 22, 2023

As part of the Tax Cuts and Jobs Act (TCJA), there was a change to Section 174 that directly impacts the R&D tax credit many startups take. As a result, this change affects your 2022 tax filings. Additionally, if you live in a state that imposes a Capital Base Tax (e.g., New York), this also impacts that base rate.

Tax 52

Tax accounting principles accounting and finance income tax 52

inDinero Accounting

DECEMBER 5, 2023

The Qualified Small Business Exemption (QSBS exemption) can shield up to $10 million, and sometimes more, of stock appreciation from capital gains tax. The rules are complex but worth understanding; there are substantial tax savings to be had by claiming this rare exemption. Table of Contents What is the QSBS Exemption?

tax return 52

tax return Mississippi Wisconsin Tax 52

CPA Practice

JULY 11, 2023

The new promotions touch the firm’s offices in both Pittsburgh and Columbus, and they reach across several areas of the firm’s service offerings, including the firm’s Tax, Audit and Consulting practices, as well as the Merger and Acquisitions/Transaction Advisory practice. Deatrick joined the firm in 2009.

Real Estate 52

Real Estate West Virginia Construction Manufacturing 52

xendoo

APRIL 3, 2023

As a business owner, you can pay less in taxes by taking advantage of credits or deductions. Tax credits lower the amount you owe. For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. What is Form 3800? CFO services?

Tax 52

Tax tax preparation business tax bookkeeping 52

xendoo

APRIL 3, 2023

As a business owner, you can pay less in taxes by taking advantage of credits or deductions. Tax credits lower the amount you owe. For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. What is Form 3800?

Tax 52

Tax tax preparation business tax income tax 52

KROST

FEBRUARY 25, 2022

As previously communicated, recent updates to the State and Local Tax (SALT) workaround issued by California clarify some of the more troubling provisions of this law. The deduction related to this payment would reduce your federal income for 2022 (since the payment was made in 2022). on your 2021 income. KROST Recommendation.

California 52

California CPA tax return Real Estate 52

Going Concern

JULY 21, 2023

KPMG Rolls Out Generative AI to Tax Pros, Launches Audit Pilot [ Bloomberg Tax ] Inside KPMG, its tax professionals are leaning on generative artificial intelligence to help corporate tax departments prepare for new requirements to disclose their tax obligations by country.

audit 98

audit Tax Manufacturing Government 98

ThomsonReuters

JANUARY 18, 2024

Accountant vs. CPA vs. tax preparer: What are the differences? Preparing tax returns. For instance, accountants may specialize in serving nonprofits, manufacturers, restaurants , or dental offices. Jump to: What are the roles and responsibilities for accountants? How can accountants be more efficient?

Account 59

Account accountant accounted tax preparation 59

Withum

FEBRUARY 1, 2023

Important Tax Considerations With 2022 coming to an end, there are several important tax topics and considerations a dealer should be aware of over the next few years. In order to use the LIFO method, a taxpayer must file Form 970 with their tax return to make the election.

accounting and finance 52

accounting and finance income tax Tax CPA 52

TaxConnex

SEPTEMBER 7, 2023

Nonprofits are often thought to be exempt from sales taxes, but is that correct? Other stats say more than 2 million charities exist that are tax-exempt according to Internal Revenue Service rules. Are non-profits exempt from sales tax obligations? These same organizations are not necessarily exempt from sales tax.

Sales 147

Sales Tax Non-Profits North Carolina 147

ThomsonReuters

JANUARY 9, 2024

Jump to: How are C corporations taxed? When are C corp taxes due? How do C corps file taxes? How can C corporations reduce their taxes? But what does that mean for your taxes? But what does that mean for your taxes? How are C corporations taxed? What is “double taxation”?

corporation tax 52

corporation tax Tax income tax Non-Profits 52

ThomsonReuters

FEBRUARY 6, 2024

Jump to: What is direct tax? What is indirect tax? Direct tax and indirect tax. The differences between direct tax and indirect tax are important to understand. The differences between direct tax and indirect tax are important to understand. Direct tax is progressive in nature.

Tax 52

Tax income tax Oregon Ohio 52

ThomsonReuters

OCTOBER 19, 2022

In this edition, we take a look at the recently enacted corporate alternative (book) minimum tax; new elections to convert credits to cash or tax payments; changes to the electric vehicle credit; recent legislation in Kansas, Kentucky, and Missouri; and state taxation of forgiven student loans. Corporate Alternative (Book) Minimum Tax.

Kansas 64

Kansas income tax Kentucky Tax 64

Withum

OCTOBER 31, 2023

2023-33 on October 6, 2023, with additional information on how individuals buying used or new electric vehicles (EVs) can transfer a federal income tax credit to the auto dealership at the time of purchase, as opposed to claiming the credit on their federal income tax return.

income tax 73

income tax tax return Tax Sales 73

Cherry Bekaert

JULY 25, 2023

The Inflation Reduction Act (IRA) provided two new mechanisms to facilitate the utilization of certain clean energy tax credits that were authorized and expanded by the IRA. The elective pay provisions are available for tax years ending after December 31, 2022, and are claimed on the income tax return that claims the underlying credit.

Tax 59

Tax income tax tax return Manufacturing 59

CTP

DECEMBER 28, 2023

Your clients may not readily identify themselves this way, but if any of the products they manufacture, produce, grow, or extract in the U.S. are sold in other countries, they may qualify for a special tax incentive called the interest charge domestic international sales corporation or IC-DISC.

Tax 52

Tax income tax Start-ups tax return 52

Withum

NOVEMBER 17, 2022

2022 Tax Brackets and Rates. Taxable Income Over. 2022 Long-Term Capital Gains Tax Bracket. Taxable Income (Including Capital Gains) Over. Year-End Tax Strategies for Individuals. Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA.

tax planning 98

tax planning Tax Construction income tax 98

xendoo

SEPTEMBER 2, 2021

Planning ahead is always a good business strategy, especially when it comes to taxes. Adopting a proactive strategy can help you stay ahead of business tax filing deadlines, avoiding the rush and the headache during tax season! . Income Tax for Individuals, Sole Proprietors, and Single-Owner LLCs.

Tax 52

Tax income tax tax return tax preparation 52