Cherry Bekaert

NOVEMBER 28, 2023

From leveraging tax incentives to optimizing deductions, this guide offers insights into tax planning to help businesses make informed decisions and set a solid foundation for the upcoming year. Section 174 mandates the capitalization and amortization of domestic SRE costs over five years and foreign SRE costs over 15 years.

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ThomsonReuters

MARCH 25, 2024

Section 174 Capitalization of the Tax Cuts and Jobs Act (TCJA) has created confusion for many corporate tax specialists to work through in the coming months. TCJA changed how research and development expenses are treated for tax purposes, requiring taxpayers to capitalize and amortize those expenses over different time periods.

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Cherry Bekaert

NOVEMBER 27, 2023

Contact Us The post 2023 Year-End Tax Planning Strategies for Technology Companies appeared first on Cherry Bekaert.

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Anders CPA

NOVEMBER 21, 2023

Year-end is approaching fast, which means this is the perfect time for businesses to make some final adjustments to their tax planning strategies. Consulting with a trusted tax professional to determine your eligibility for certain deductible activities is the best way to maximize your tax savings.

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Shay CPA

NOVEMBER 29, 2023

It’s your year-end tax planning to-dos. Taking some time to get yourself sorted could mean thousands of dollars of savings between your startup’s income, payroll, sales, and foreign taxes. Because of changes to Section 174 , you now need to capitalize and amortize R&D expenditures over a period of at least five years.

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Withum

DECEMBER 6, 2022

Top year-end tax-planning tips for real estate owners, operators, and developers. Changes to the business interest limitation under Code Section 163J. Energy-efficient commercial buildings tax deduction under Code Section 179D. Like-kind exchanges under Code Section 1031. Viewers Will Learn About.

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CTP

NOVEMBER 23, 2023

This setup allows for the use of special tax allocations, which allow the partnership to distribute profits and losses to individual partners in the most advantageous way, regardless of the percentage of the business each person owns. The first step is to ensure that the partnership is following the tax rules laid out in IRC section 704.

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CTP

DECEMBER 8, 2022

Given its surging popularity and lesser-known tax rules, we will focus this article on short-term rentals. Again, sites like Airbnb and the evolution of the gig economy are presenting opportunities for income and tax planning that were not available before. Lastly, depreciation can be a major tax planning tool.

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CTP

MAY 10, 2023

Saving on taxes by using your car for business sounds convenient and appealing, but understanding the actual guidelines is key for this strategy to be effective. What steps do you need to take to gain tax savings for your business vehicle? For Section 179, the IRS does place a cap on the amount that a taxpayer can deduct.

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DMCL

MARCH 17, 2022

While we can all agree it’s great to pay less tax, it goes without saying that you need to make sure any methods of tax reduction you utilize follow the law. That’s why it’s important to know the difference between tax planning, avoidance and evasion when you’re looking for ways to keep your taxes down.

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KROST

DECEMBER 14, 2021

This is one of the articles in the KROST Quarterly Technology Issue, titled “The Effect of Upcoming Changes to IRC Section 174 on the Software Development Industry” by Guest Contributor, Tetyana Guguchkina. IRC Section 174 Overview and Upcoming Changes. For example, IRC Section 174 costs can include the costs of obtaining a patent.

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Anders CPA

DECEMBER 8, 2022

The end of the year is an opportunity to get your affairs in order for the year ahead, and when it comes to tax planning, the sooner you begin preparations the better. As 2023 approaches, there are actions that can be taken now to offset or minimize your tax burden. Qualified Business Income (QBI) Optimization. CONTACT ANDERS.

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KROST

SEPTEMBER 20, 2021

This is one of the articles in the KROST Quarterly Technology Issue, titled “2021 Tax Planning for Tech Companies: Employee Retention and R&D Credits.” The post 2021 Tax Planning for Tech Companies: Employee Retention and R&D Credits appeared first on KROST.

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CPA Practice

MARCH 21, 2024

Tax Court determined that the exception to net earnings from self-employment in Section 1402(a)(13) of the Internal Revenue Code of 1986, as amended, does not automatically apply to all limited partners in a state law limited partnership. Soroban GP challenged this increase in Tax Court. By Julie M. At the end of 2023, the U.S.

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MyIRSRelief

OCTOBER 16, 2023

Section 179 Deduction Discover how the Section 179 deduction allows businesses to deduct the cost of certain property and equipment. Renewable Energy Credits Discover tax credits available to businesses in the renewable energy sector. American Opportunity Tax Credit (AOTC) Tax Deductions for Businesses 4.1.

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CPA Practice

JULY 6, 2023

A Section 529 plan is a great way to save for a child’s higher education. You can put money in an account for your child and watch it grow without any current tax erosion until the child is ready to go to school. But Section 529 plans don’t have to be used only for your kids. Let’s briefly recap the key tax rules.

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KROST

JANUARY 13, 2021

This is a preview of one of the articles in the new KROST Quarterly Real Estate Issue , titled “A Deeper Dive into the Unintended Consequences of the Proposed Section 1031 Regulations” by Jonathan Louie. The post A Deeper Dive into the Unintended Consequences of the Proposed Section 1031 Regulations appeared first on KROST.

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Going Concern

OCTOBER 19, 2023

It was Jan 22, 2023 when AFR first reported a PwC partner leaked government tax plans to clients and November 16, 2022 when the Tax Practitioners Board (the TPB) decided to impose an Order on PwC under section 30-20 of the Tax Agent Services Act 2009 (TASA) related to said partner leaking tax plans to clients (and his colleagues). “[It]

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Withum

FEBRUARY 29, 2024

Certainly, Ohtani is not expecting and will not owe, Federal or State income taxes on the deferred compensation until the later years when he receives the cash, so one would suspect that his annual Medicare tax withholding would also be deferred and be subject to withholding when paid. Next, let’s review his State tax liability.

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Withum

FEBRUARY 29, 2024

Certainly, Ohtani is not expecting and will not owe, Federal or State income taxes on the deferred compensation until the later years when he receives the cash, so one would suspect that his annual Medicare tax withholding would also be deferred and be subject to withholding when paid. Next, let’s review his State tax liability.

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Cherry Bekaert

JANUARY 19, 2024

Valuing the charitable remainder interest in a CRAT requires the use of the Section 7520 interest rate, published monthly by the Internal Revenue Service (IRS) and IRS Publication 1457 actuarial tables. The January 2024 Section 7520 rate is 5.2%, down from December 2023’s 5.8% This saves her $95,079 in current federal income tax.

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ThomsonReuters

NOVEMBER 15, 2023

This form helps the IRS to verify that taxpayers are not overvaluing their noncash contributions for tax deduction purposes. Donations must be made to eligible organizations that are recognized as tax-exempt under section 501(c)(3) of the Internal Revenue Code. Documentation. Determine the Fair Market Value (FMV) of the boat.

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CTP

JUNE 10, 2022

Additionally, Form 4797 ( Sales of Business Property ) can be used to report any recapture or types of long-term capital gains, whether a section 1231 or section 1245 gain. Under section 1231, when a business sells property at a gain, they can apply the lower capital gains tax rate.

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CPA Practice

JUNE 8, 2023

He has played a key role in the success of the PFP section and its initiatives, reinvigorating the committee and creating strategy, resulting in the section becoming one of the best offerings in the marketplace. He has served on six committees or task forces during that time, twice as chair.

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MyIRSRelief

OCTOBER 30, 2023

Fiduciaries who are not comfortable preparing the form themselves should consider hiring a qualified tax professional. 1041 Trust Tax Preparation: The Need for Professional Help Trusts are a complex legal and financial tool that can be used for a variety of purposes, such as estate planning, asset protection, and tax planning.

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Nancy McClelland, LLC

JANUARY 10, 2023

One of my favorite presenters — Tom Gorczynski — is giving a free webinar in conjunction with RCReports (one of my favorite apps), and CPA Academy (one of my favorite education platforms) this Thursday, January 12 (to repeat on Thursday, February 2), on Section 199A and how it interacts with Reasonable Compensation requirements.

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Inform Accounting

APRIL 28, 2022

This is the date on which corporation tax for the period is due and, in addition to any corporation tax due for the period, the company must pay ‘Section 455’ tax on the outstanding director’s loan balance. Rate of ‘Section 455’ tax. Section 455 tax is aligned with the dividend upper rate.

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CTP

JUNE 24, 2022

As part of the tax planning process, business owners looking to sell their S corporation first need to establish whether they are selling the stock or the assets of the business. What is the difference from a tax perspective?

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ThomsonReuters

FEBRUARY 9, 2024

Addressing income equality: The Tax Excessive CEO Pay Act targets corporations with high CEO-to-worker pay ratios to narrow income disparities. Firms must prepare for potential shifts in tax liabilities and advise clients accordingly.

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Cherry Bekaert

NOVEMBER 14, 2023

Contributor: Chelsea Payne , Senior Manager, Tax Services As the end of the year approaches, strategic planning remains crucial for taxpayers looking to optimize their financial positions and set the stage for a strong start in the upcoming fiscal year.

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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? Fill out the information section. Itemize deductions.

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Withum

APRIL 5, 2023

The magical application of Section 1202 for C corporation shareholders seems too good to be true, with millions of tax dollars being saved. Section 1202 was enacted in 1993 and excludes certain percentages of gain triggered on the sale of Qualified Small Business Stock (“QSBS”) provided the stock is held for more than five years.

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Cherry Bekaert

APRIL 4, 2023

Cost Segregation Plus Services Conducting a cost segregation analysis can help your organization implement a tax planning strategy that could accelerate substantial depreciation deductions, reduce tax liability and defer tax payments. utilizing energy-efficient technologies, LEED® certification, etc.)

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CPA Practice

AUGUST 23, 2023

He brings with him focused knowledge as an M&A tax consultant and provides assistance at any stage of the deal cycle, including specialized experience with regards to Section 1202 qualified small business stock (QSBS) tax planning and structuring for funds.

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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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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.

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KROST

JANUARY 27, 2021

The spending bill includes several tax extenders; Section 45L tax credit for multifamily and residential developers, 179D tax deduction for commercial and government buildings, as well as 25C and 25D tax credits for homeowners. Section 45L & 179D – Incentives for Energy Efficient Building or Improvements.

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