CPA Practice

OCTOBER 18, 2023

One crucial factor to consider when selecting your business location is the tax environment. Business taxes can significantly impact your bottom line and overall profitability. The importance of business taxes As an entrepreneur, you face countless decisions when starting a business.

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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.

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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. This article highlights key developments and their details.

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CPA Practice

JUNE 13, 2023

TNS) A backlog of claims for the employee retention credit (ERC) has piled up before the IRS, as business owners seek out the retroactive tax credit. Take the case of Alicia Chapman, CEO of the Portland, Oregon-based metal manufacturer Willamette Technical Fabricators. By Melissa Angell, Inc.

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Cherry Bekaert

JUNE 30, 2023

This increased focus on developing new technology is great for the ultimate consumer, but there are also strategic tax and incentive opportunities for companies to capitalize on this related increased R&D spend. Larger companies often experience economies of scale, allowing them to manufacture vehicles at a lower cost per unit.

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Pooley Accounting Services

AUGUST 5, 2021

So, what do you REALLY need to keep for taxes, and how long do you need to keep it? . The purpose of keeping documents for taxes is to prove your income, expenses, etc. were what you claim on your tax return. Failure to provide documentation can cost you deductions or cause you to pay penalties or additional taxes. .

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Anders CPA

DECEMBER 27, 2022

To incentivize investing in research and development, companies may be eligible for tax credits or a tax deduction for qualifying expenses. Key Takeaways: Research & Development tax credits will remain the same outside of extensions added through the Inflation Reduction Act of 2022 (IRA). R&D Tax Credit Defined.

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ThomsonReuters

MARCH 10, 2021

Provides that paid sick and paid family leave credits may each be increased by the employer’s share of Social Security tax (6.2%) and employer’s share of Medicare tax (1.45%) on qualified leave wages. “Applicable employment taxes” are defined as the employer’s share of Medicare or Tier 1 RRTA tax. .

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Shay CPA

OCTOBER 4, 2023

IRC § 41 is what makes it possible to claim a tax credit for research and development, including clinical trials. This tax credit may be able to help you bring down your business’s out-of-pocket expenses for those trials. This tax credit may be able to help you bring down your business’s out-of-pocket expenses for those trials.

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Withum

MARCH 3, 2023

Supreme Court interpreted sales tax nexus under the Commerce Clause as a minimal physical connection with a state; however, in South Dakota v. 2080 (2018) , the Supreme Court held that physical presence is no longer the only requirement for sales tax nexus and expanded the meaning of nexus to include sales into a state by a remote seller.

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Snyder

NOVEMBER 3, 2022

Indirect selling expenses are incurred during the manufacturing process and after the product is finished. Sales expenses which are made of salaries and wages of salespeople together with commissions, payroll taxes, and benefits. Some expenses, such as interest expense or tax expense, are reported below operating income.

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Snyder

JANUARY 8, 2023

For example, if you need to hire employees, then payroll and payroll tax expenses will add up, and so on. Ideally, dropshipping business owners make a gross profit margin of at least 30% – 40%, which means that after your expenses like shipping costs, fees, or taxes you should be aiming at a net profit of around 20%.

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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.

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Anders CPA

AUGUST 23, 2022

This act aims to combat climate change, make health care and prescription drugs affordable and raise the tax on wealthy corporations. 15% Corporate Alternative Minimum Tax. This provision is set to take effect for tax years beginning after 2022 and is similar to the provision that was proposed in the Build Back Better Act.

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ThomsonReuters

MARCH 15, 2021

March 15 used to be a day some might beware of for tax reasons because from 1918 to 1954 this date was the income tax filing deadline. The legislation comes with another stimulus payment and a number of other provisions that are payroll-related. IRS tax tip on repayment of deferred Social Security taxes.

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KROST

NOVEMBER 24, 2020

In the last few months of the year, it is important to consider year-end tax planning opportunities, as many may provide both immediate and long-lasting financial benefits. We have compiled a checklist of additional actions based on current tax rules that may help you save tax dollars if you act before year-end.

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Cherry Bekaert

FEBRUARY 14, 2023

For example, AI has brought rapid and significant changes to Fortune 1000 organizations in areas of accounting tasks, including payroll, tax, banking and audit. Incorporating AI into business processes can also benefit industries such as industrial manufacturing.

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ThomsonReuters

FEBRUARY 1, 2021

Michael Mundaca has an insider’s perspective on the path ahead for the Biden Administration’s tax agenda as it’s buffeted by a divided Senate, the COVID-19 pandemic , and an economic downturn. Prior to re-joining EY in 2011, he served as the Assistant Secretary for Tax Policy at the U.S. Tax Proposals. 33 min listen.

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PYMNTS

NOVEMBER 18, 2020

Taxes: Biden has also proposed rolling back some of the corporate tax cuts that had been a hallmark of the Trump administration, restoring the tax rate to 28 percent from the current 21 percent, and where the rate had been 35 percent before Trump’s own tax cuts in 2017. Banking, Too: Earlier in the year, Biden and U.S.

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