inDinero Tax Tips

MARCH 3, 2021

We’ll provide the information you need to create the appropriate 2021 business tax calendar to keep up with your tax filing responsibilities and avoid late penalties. Are you still working on your 2019 business taxes? Check out those dates in the 2019-2020 version of this calendar. sole proprietorship, S corporation).

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Withum

APRIL 28, 2022

For the latest news and updates on Nebraska state and local tax. Nebraska Implements Corporate Income Tax Rate Reductions. 873 which reduces Nebraska’s corporate income tax rate over the next five years. April 3, 2020. However, the extension does not apply to estimated tax payments.

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CPA Practice

APRIL 5, 2024

TNS) A Kennewick tax preparer cost the United States $42 million in lost tax revenue between 2017 and 2020 after filing tax returns that were riddled with errors, fabrications and fraudulent entries, alleges the Department of Justice. Taylor prepared 779 returns for S corporations between tax years 2017 and 2020.

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Withum

MARCH 21, 2022

As you may recall, the 199A deduction was incorporated in the TCJA as a compromise for pass-through entities owners after significant public comment following the proposed decline of the corporate tax rate 35% to 21%. This results in over $100,000 more cash for the C corporation. Aren’t federal income taxes grand?

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Ronika Khanna CPA,CA

DECEMBER 2, 2022

The T5 dividend slips are generally due by February 28th of the calendar year following the year in which the dividend was paid Although no income taxes are due at the time of filing the T5 slips with the government, interest and penalties apply for late filing. available at Amazon. Preparing the T5 slips is fairly straightforward.

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Withum

MAY 5, 2023

For the latest news and updates on North Dakota state and local tax May 5, 2023 North Dakota Enacts Personal Income Tax and Property Tax Relief Authored by: George Gonzales , MST and Brandon Mejia On April 28, 2023, Governor Doug Burgum signed L.2023, Effective for tax years after December 31, 2022, L.2023,

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Shay CPA

OCTOBER 21, 2024

Specifically, if you can get certified as a qualified emerging tech company (QETC), you and your investors can claim some meaningful credits to lower your tax liability. Plus, your company will qualify for a lower corporate tax rate on your New York State taxes. So, does your startup count as a QETC? Let’s dig in.

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Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Postpone income until 2023 and accelerate deductions into 2022. Contact a member of Withum’s Tax Services Team to start planning as year-end approaches.

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inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . The IRS announced a plan to increase audits for small businesses by 50% for the 2020 tax year. Deductions work by reducing your total gross income.

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ThomsonReuters

JANUARY 17, 2023

What is the importance of an income tax treaty? What tax form does a nonresident alien file? Are nonresident aliens exempt from Social Security tax? John was physically present in the United States for 120 days in each of the years 2019, 2020, and 2021. What is the importance of an income tax treaty? .

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LyfeAccounting

JANUARY 30, 2021

?. Tax season 2021 is here! And if you have been adhering to our suggestions or taken advantage of the tax system in 2020 then you likely know what to expect and excited for this tax year. On the other hand, if you’ve paid very little attention to some of the tax changes or programs then you’ve got a lot to catch up on.

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Going Concern

JULY 21, 2023

Waldref said between 2020 and 2023, 25-year-old Carol Casilla of Spokane worked for Spokane Dermatology Clinic (SDC) as an accountant, during which time she allegedly stole over $715,000 via fraud. According to the report, there were 18,500 claims for R&D tax relief by SME manufacturers in 2020-21, with a total value of £820m.

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ThomsonReuters

OCTOBER 19, 2022

The Inflation Reduction Act of 2022 imposes a new 15% corporate alternative (book) minimum tax on the adjusted financial statement income of applicable corporations (those with 3-year average financial statement income of at least $1 billion). Tax-exempt organizations may make this election for twelve credits.

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SingleTrackAccounting

MAY 13, 2021

Corporate Tax Rate. The proposed corporate tax rate would see an increase from 21% to 28%. This is still less than under other presidents such as Clinton, Bush, and Obama where the corporate tax rate was 35%. million dollars in annual profit or over $400,000 in individual income.

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Withum

DECEMBER 4, 2024

The corporate tax rate is currently a flat 21% rate. There is also a 15% corporate alternative minimum tax (CAMT) based on book income for companies with average annual adjusted financial statement income exceeding $1 billion. years) to a shorter depreciable tax life (e.g., 3, 5, 7, 15, or 20 years).

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CPA Practice

OCTOBER 15, 2024

Trump proffered no other possible pay-fors for his tax proposals, which include extending expiring provisions from the 2017 tax law, lowering the corporate tax rate to 15 percent for domestic manufacturers and exempting tips and overtime wages from income tax.

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KROST

OCTOBER 9, 2020

Considering other tax liabilities, accelerate taxes for retirement accounts for Roth Conversions, Secure Act provisions. Qualified Dividends preferred over interest income. Consider accelerating income for 2020. High income earners to limit interest income from investments. Corporate Tax Rates.

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ThomsonReuters

DECEMBER 14, 2020

“We’re left to approach tax-filing season with a great deal of uncertainty,” said Melissa Oaks, a Thomson Reuters tax specialist who presented the webinar. We’re not sure what’s in store for future tax policy or what’s going to happen retroactively for prior tax years.”. Recent Changes.

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CPA Practice

MAY 9, 2024

Extending the personal income tax cuts will cost $3.8 Other tax cuts set to expire in 2025 include restrictions on the estate tax and valuable write-offs for small business owners. trillion cost of the original Trump tax cuts — a more expansive bill which also included permanent reductions in corporate taxes.

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CPA Practice

JUNE 28, 2024

In his more than three years as president, Biden’s major tax changes have included setting a minimum corporate tax rate of 15 percent and lowering taxes for some families by expanding the child tax credit and, for a time, making it fully refundable, meaning families could still receive a refund even if they no longer owe additional taxes.

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LyfeAccounting

OCTOBER 29, 2020

increase in taxes if you’re making over $400,000 under Biden‘s proposal. On the other hand, Trump would like to keep the 37% tax rate and has hinted at adjusting the middle income tax payer rate to 15%. I’ll put up on the screen the current capital gain tax rate as of 2020. Corporate Tax Rates.

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CPA Practice

AUGUST 15, 2024

By David Lightman McClatchy Washington Bureau (TNS) Kamala Harris has long urged lower federal income taxes for lower and middle class taxpayers, while supporting higher taxes for corporations and wealthier people—positions she’s reiterated since becoming the Democratic Party’s presidential nominee, without further details.

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CPA Practice

MARCH 26, 2024

By Laura Davison, Bloomberg News (TNS) The progressive rallying cry of “tax the rich” has morphed into a popular policy stance with voters in the key states that will decide the 2024 election, enjoying support even among those who prefer billionaire Donald Trump, according to the latest Bloomberg News/Morning Consult poll.

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Cherry Bekaert

OCTOBER 21, 2024

The balance of power in Congress will play a vital role in determining the direction of tax legislation, regardless of whether former President Donald Trump or Vice President Kamala Harris take office. For a comprehensive overview of each candidate’s tax policies and priorities, read our previous insights here.

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CPA Practice

NOVEMBER 6, 2024

They point out that inflation didn’t spike in his first term while he enacted tariffs and tax cuts—and presided over robust economic growth, until the pandemic hit. Congress-watchers see other areas for potential agreement, because some—like a tax credit for childcare and an exemption for tips—were backed by both parties during the campaign.

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