Withum

JANUARY 13, 2022

Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns. This article will serve as a cheat sheet to taxpayers and practitioners to properly report COVID-19 relief funds on their 2021 tax returns. Eligible expenses paid using SVOG funds are fully tax deductible.

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inDinero Tax Tips

MARCH 3, 2021

Whether you file your business’s taxes yourself or you have help, making sure your tax returns are right and on time is a lot easier when you. By outsourcing your business’s accounting and taxes with inDinero , you’re covered on both fronts. Are you still working on your 2019 business taxes? Partnership Tax Deadlines.

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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. The return and payment deadlines are extended to May 17, 2021. of Revenue, 03/19/2021.).

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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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MyIRSRelief

MAY 19, 2023

Here are some business and tax statistics for New York: Business Growth: According to the U.S. Bureau of Labor Statistics, New York State added over 160,000 jobs in 2021, with the unemployment rate falling to 7.5% as of March 2021. This indicates a strong and growing job market in the state.

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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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CPA Practice

JUNE 26, 2023

First reported by Going Concern on June 19 and confirmed by Bloomberg Tax on June 21, the move gives BDO USA certain advantages that “position our firm for ongoing success as we continue to grow and transform,” it said in a statement to Bloomberg Tax. Ranked only behind the Big Four firms and RSM US, BDO USA had revenue of $2.49

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xendoo

JANUARY 12, 2022

You can use the information and the dates we provide to form a strategic plan for preparing and filing your taxes in 2022. What Is the Business Tax Filing Deadline for 2022? You may have already marked April 18, 2022, on your calendar to remind you to pay your personal income taxes. June 15, 2022: U.S.

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ThomsonReuters

FEBRUARY 6, 2024

The differences between direct tax and indirect tax are important to understand. Direct tax is paid directly by the taxpayer to the government and cannot be shifted, like federal income tax. In contrast, indirect tax, such as business property taxes, can be passed on or shifted to others.

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Withum

MAY 4, 2022

Some of the major PTET highlights include amplifying the benefits for resident S corporation shareholders, as well as establishing a New York City PTET. A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax. PTET Income Tax Addback.

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Inform Accounting

SEPTEMBER 23, 2022

The highlights are below: Income Tax and National Insurance. The additional income tax rate of 45% for taxpayers earning more than £150,000 per year is to be abolished. The planned reduction in the basic rate of income tax from 20% to 19%, has been brought forward by a year to 6 April 2023. Corporation Tax.

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Cherry Bekaert

OCTOBER 9, 2023

Tax Advantages – REITs do not have to pay a corporate tax, so there is a higher available payout for investors. Pass-Through Deduction – 2017 tax reforms allow REIT investors to deduct up to 20% of combined qualified income, including qualified REIT dividends from income tax. Torys (Fall 2021).

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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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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%. Lastly, the taxable income before salaries and wages is $1,500,000.

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inDinero Tax Tips

APRIL 20, 2021

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. Delaware is considered The Place to establish your corporate entity. The amount of franchise tax and how each state calculates the tax varies. Your very own Delaware corporate tax calendar.

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Wellers Accounting

MARCH 11, 2022

Tom Biggs ACA CTA , highlights the different considerations and strategies that need to be reviewed for effective end of year tax planning.

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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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Menzies

APRIL 4, 2023

Where the information is required so HMRC can check the taxpayer’s tax position in relation to another tax other than income tax, CGT or corporation tax, or The information is required to check the taxpayer’s tax position in relation to deductions or repayments of tax, or the withholding tax.

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Withum

OCTOBER 18, 2023

With some economic upheaval and various provisions of the Tax Cuts and Jobs Act (“TCJA”) nearing their end, here are a few things to be mindful of as we cruise into the 4th quarter of 2023. However, unlike the reduced corporate tax rate, the QBI deduction is only temporary and no longer available after December 31, 2025.

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ThomsonReuters

FEBRUARY 24, 2023

K-1s are tax forms that are used for business partnerships to report to the IRS a partner ’s income, losses, capital gain, dividends, etc., from the partnership for the tax year. With the K-1, a partner’s earnings can be taxed at an individual tax rate versus the corporate tax rate.

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SkagitCountyTaxServices

AUGUST 26, 2021

There are some important changes to small business tax deductions rolling out, and not all deductions apply to all Skagit County businesses. But first, let’s briefly talk 2021 Infrastructure bill. In fact, according to the Tax Foundation “more than half of the pass-through business income could face tax increases.”.

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ThomsonReuters

DECEMBER 17, 2021

The Global Minimum Tax is the latest initiative spinning off of the Base Erosion and Profit Shifting (BEPS) initiative from the Organisation for Economic Co-operation and Development (OECD). This international alignment on corporate taxation will come with unprecedented global transparency and reporting requirements,” she said. “It

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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.

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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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ThomsonReuters

APRIL 12, 2021

Tax document management software brings you automation, fast access to real-time data, accurate and easy-to-use reports, analytics, and collaboration tools to help your tax team navigate the new international tax regulations. Corporate Tax Technology: Stepping into the Future. Do More with More?

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SingleTrackAccounting

MAY 13, 2021

According to the Tax Policy Center, the tax hikes would generate $2.4 trillion dollars between 2021 and 2030. We have been getting questions lately on how the new tax bill will affect small businesses. Corporate Tax Rate. The proposed corporate tax rate would see an increase from 21% to 28%.

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ThomsonReuters

APRIL 12, 2021

Government stimulus packages implemented in response to the pandemic created public debt that policymakers may address by enacting or increasing indirect taxes – which is considered less politically risky than increasing individual or corporate income taxes. Corporate Tax Technology: Stepping into the Future.

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Going Concern

APRIL 14, 2023

Accounting problems in Signal Mountain began in 2021 and increasingly got worse, he said. The audit for the 2021-22 fiscal year, which ended June 30, 2022, was due Oct. Tax officials worldwide are aligning with an agreement among 130 countries to overhaul global tax rules by setting a 15% minimum corporate tax.

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KROST

OCTOBER 9, 2020

Proposes taxing capital gains and dividends at same rate as ordinary income tax for taxpayers with over $1MM in income. Proposes to eliminate step up in basis for capital gains and tax all unearned capital gains at death. Consider deferring long term capital gains until 2021. Corporate Tax Rates.

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CPA Practice

JUNE 20, 2023

The two parties have been battling over the tax benefit since before a larger version of it lapsed after 2021. The core of the legislation would revive an expanded tax credit for families that was in place for 2021, typically worth $3,600 per year for children under age 6 and $3,000 for older kids, paid in monthly installments.

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CPA Practice

JANUARY 23, 2023

Almost all states have seen their budget surpluses grow in the past two years, thanks to federal COVID-19 relief funds and increasing corporate tax revenues as the economy recovers from the pandemic. Grocery taxes that remain are “there for a reason. In 2021, about 13.5 Efforts failed in several other states.

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ThomsonReuters

SEPTEMBER 13, 2024

The passage of the TCJA in December 2017 was significant as it overhauled the tax landscape for both individuals and corporations. The Act shifted millions of Americans to the standard deduction and reduced both individual and corporate tax rates, to name just a few of the reforms. Furthermore, a top rate of 39.6%

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ThomsonReuters

DECEMBER 14, 2020

The tax rules and regulations U.S. companies will operate under in 2021 and beyond will be shaped in the coming months by Biden Administration priorities, the balance of power in the U.S. Adding to the complexity and uncertainty, tax authorities have routinely issued sub-regulatory guidance such as FAQ documents, Oaks said. “On

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CPA Practice

MARCH 12, 2024

Billionaires tax Biden is proposing a 25% minimum tax rate on households worth at least $100 million, hitting many of the richest Americans—who currently pay an 8% rate on their incomes because of tax preferences that allow them to reduce their bills—with significant tax increases. ©2024 Bloomberg L.P.

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CPA Practice

AUGUST 20, 2024

corporate tax rate to 28%. NBC News reported on Monday : Harris campaign spokesman James Singer told NBC News that she would push for a 28% corporate tax rate, calling it “a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.”

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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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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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