Withum

JUNE 24, 2022

Did the taxpayer calculate gross receipts correctly, as such term is defined in §448(c) (or §6033 for tax-exempt entities)? Recall the taxpayer should use the same method of tax accounting — cash or accrual, that it used for tax purposes for the relevant tax year. Business Tax Services. Contact Us.

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Withum

OCTOBER 11, 2023

The Internal Revenue Service (“IRS”) released Notice 2023-63 , on September 8, 2023, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year.While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal.

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xendoo

APRIL 27, 2023

While you may pass off your tax return filing to a professional, it’s helpful to understand what’s going on with your business taxes. If you’re a small business owner trying to understand Form 1065 and its requirements, this guide will clear things up for you. As with any business tax form, there are exemptions.

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xendoo

APRIL 27, 2023

While you may pass off your tax return filing to a professional, it’s helpful to understand what’s going on with your business taxes. If you’re a small business owner trying to understand Form 1065 and its requirements, this guide will clear things up for you. As with any business tax form, there are exemptions.

Non-Profits 52

Non-Profits tax return cpas bookkeeping 52

xendoo

FEBRUARY 13, 2023

If you’re wondering how to pay less in taxes, you’re not alone. Everyone—from individuals to business owners—wants to know how to lower their taxes. Tax laws are complicated and they can change each year. Our tax accountants know all the tax breaks for business owners and how to leverage them.

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Going Concern

JANUARY 19, 2024

Practice Protecting tax accounting information: Best practices for IT professionals in data security and confidentiality [ Thomson Reuters ] Accounting firms are entrusted with a wealth of sensitive financial data, including tax records, income statements, and other confidential information.

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xendoo

JANUARY 26, 2023

However, we understand that tax filing requirements and rules change each year. It’s hard to keep up without your own accountant or business tax services. When you run a business, it’s easy to fall behind on your books and taxes. Types of Penalties How Long Can You Go Without Filing Business Taxes?

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Basis 365

APRIL 28, 2022

Before making any decisions, speak to your attorney and tax accountant to make sure you are the correct entity type at this time. Most business owners pick a type and never look back. You really should review this periodically as laws and tax code do change. Small Business Administration, 18 July 2018, [link].

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Ronika Khanna CPA,CA

JULY 7, 2023

If the vehicle before GST/HST and QST costs $34,000 (starting January 1, 2022) or less it belongs in class 10 while vehicles that cost more than $34k belong in 10.1. Some examples included music and photography equipment Class 10 and 10.1 are for motor and passenger vehicles.

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Accounting Insight

FEBRUARY 1, 2024

A large business tax enquiry / corporate tax enquiry is carried out by HMRC’s ‘Large Business’ directorate and ‘Wealthy & Mid-sized Business Compliance’ directorate. This calls for increased resources being required at the business’ end (i.e. What is a business tax enquiry / hmrc corporate enquiry ?

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Ronika Khanna CPA,CA

FEBRUARY 10, 2023

This in turn reduces stress as tax deadlines approach and can result in significant potential tax savings as you keep track of all your tax deductions and avoid interest and penalties. See also 2023 tax deadlines pertaining to the 2022 taxation year Digital Download Available at Amazon What is a t2125?

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ThomsonReuters

DECEMBER 19, 2023

Accountants play a critical role in helping their clients navigate ESG tax credits and green taxes. That’s why it’s important to understand the complexities of these initiatives and how making eco-friendly choices can maximize tax savings.

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ThomsonReuters

JUNE 10, 2021

President Biden has released his administration’s budget proposals for fiscal year (FY) 2022 (Oct. Biden Administration issues tax proposals “Green Book.” The Department of the Treasury has issued detailed information about the Biden Administration’s tax proposals for fiscal year 2022 in its “ Green Book.”

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CPA Practice

JULY 25, 2024

Complete the Pending Installment Agreement process within Online Account without having to be re-routed to a separate application. View a comprehensive overview of their account information, including the status of their tax refund as it’s being processed. million taxpayers for this calendar year through July 13.

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Withum

DECEMBER 4, 2024

An exception from the limitation on the business interest deductions is also provided for floor plan financing (i.e., Expansion of small businesses that are able to use the cash (as opposed to accrual) method of tax accounting. Planning should occur with your tax advisor on how to optimize bonus depreciation.

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