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LLC vs. S Corp: Which Offers Better Tax Savings?

Cherry Bekaert

Taxation Considerations Similar to S corps, LLCs (and partnerships) are considered “pass-through” entities in which a business’s income and expenses flow through to the partners and are reported on the partners’ personal income tax returns. This means that the partnership does not pay income tax.

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Top Remote Accounting Freelancers of the Week: November 16, 2023

Going Concern

Liz is a go-to person if you need a guest writer or a webinar/podcast contributor to talk shop. Then, she switches gears and dives into the fast-paced world of Going Concern, where she can put her marketing and content background to good use with what’s happening in the accounting world. Best of both worlds.

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VAT, GST and will the U.S. see a national tax?

TaxConnex

What is the latest word on uniform sales taxes globally? national sales proposal is The FairTax Act, aimed to replace major sources of federal revenue such as income taxes, estate and gift taxes, capital gains and payroll tax. Check out our webinar on sales taxes as your global sales grow.)

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20 Small Business Tax Deductions You Need to Know

xendoo

A tax deduction and tax credit can both save you money on taxes, but they are different terms. . Tax deductions can lower the amount of taxable income. For example, tax brackets–a range of annual income–are used for income tax. Business education tax deductions include.

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Friday Footnotes: EY Pulls Out of Winston-Salem; Clients Exposed in Data Breach; Deloitte Olympians | 7.14.23

Going Concern

Prior to joining DLA, John served as a Partner with two National professional services firms, where he was the subject matter expert on business combinations, impairment analysis, income tax accounting, stock compensation, revenue recognition, and going concern analysis.

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Restaurant Revitalization Fund – Details

KROST

Example 1: ABC Company owns three restaurants that each have their own EIN and each file their own Federal income tax returns. None of the three restaurants operate separately under its own EIN, and XYZ Company files Federal income tax returns that include gross receipts and expenses from all three restaurants.

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The New Year Brings Fresh Uncertainty for U.S. Business Tax Professionals

ThomsonReuters

The tax rules and regulations U.S. A recent Thomson Reuters webinar, Get Ready for 2021: Using Checkpoint Edge to Plan for Uncertainty, explored these issues and cautioned companies to brace themselves for significant changes. Senate, the future of COVID-19 relief, and the fiscal crisis facing the 50 states. Recent Changes.