ThomsonReuters

JANUARY 9, 2024

Jump to: How are C corporations taxed? When are C corp taxes due? How do C corps file taxes? How can C corporations reduce their taxes? But what does that mean for your taxes? How are C corporations taxed? In 2024, the extension deadline for calendar-year businesses is Oct.

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ThomsonReuters

MARCH 1, 2024

Jump to: How are S corporations taxed? How can S corporations reduce their taxes? You may wonder how the S corporation taxation generally works. The following guide offers numerous strategies and tips that owners of S corporations can use to lower their taxes, including deductions and credits.

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Menzies

JULY 9, 2024

Corporation Tax and Tax Reliefs Labour’s manifesto stated that corporation tax would be capped at 25%, so there are no immediate changes for businesses operating above the £250,000 small profits threshold and it appears unlikely that the lower rate of 19% would be withdrawn, given the importance of SMEs to the economy.

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Xero

AUGUST 11, 2022

Frankly, you already have enough to remember, thanks to Making Tax Digital (MTD) for VAT and Income Tax Self Assessment (ITSA). The government legislation with the goal of digitising the tax process has been underway for some time, and the next step is looming large on the horizon. Where to find more information.

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CPA Practice

NOVEMBER 7, 2024

The American Institute of CPAs will be holding its 2024 Fall Tax Division Meetings for on-site media on Wednesday, Nov. following the AICPA National Tax Conference. The meetings will include speakers from the Internal Revenue Service, the Treasury Department, and other tax groups. tax administration.

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Shay CPA

NOVEMBER 13, 2024

Changes that impact your personal taxes The bulk of TCJA corporate tax provisions aren’t set to expire with the Act at the end of next year. That said, because a founder’s personal finances are often so intertwined with their startup’s, it’s helpful to know how the upcoming adjustments might affect your personal taxes.

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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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TaxConnex

AUGUST 15, 2023

In addition to back-to-school sales tax holidays coast to coast this time of year, several states have tweaked their sales tax in favor of consumers. Alabama will lower its sales tax rate on food effective Sept. Kansas no longer taxes delivery charges , as of July 1. from 4% to 3%.

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Menzies

AUGUST 21, 2024

Current legislation and conditions The current rules provide beneficial tax treatment for FHLs in comparison to other property businesses in these key areas: Finance costs – exemption from finance cost restriction rules (which restrict loan interest to the basic rate of Income Tax for other residential landlords).

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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. However, the extension does not apply to estimated tax payments. April 29, 2022.

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CPA Practice

MAY 22, 2023

The American Institute of CPAs (AICPA) submitted a letter to the Internal Revenue Service (IRS) containing 182 suggestions regarding the 2023-2024 Guidance Priority List.

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CPA Practice

JUNE 12, 2024

While more strategic tax leaders are most concerned that the 2024 election will result in changes to certain Inflation Reduction Act renewable energy credits, tax tacticians are most concerned about changes to federal corporate tax rates, according to a new survey from top six accounting firm BDO USA.

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ThomsonReuters

NOVEMBER 1, 2024

Given these potential pitfalls, ensuring a robust and adaptable tax compliance strategy is essential for maintaining a competitive edge. At the Oracle CloudWorld 2024 event, leaders from Thomson Reuters focused on future-proofing your approach to global indirect tax and e-invoicing compliance.

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CPA Practice

MARCH 8, 2023

Corporate Alternative Minimum Tax is Back Congress originally introduced the corporate AMT in 1986 to prevent large companies from using tax exemptions to avoid paying income taxes, despite high earnings. To qualify for the PTC, a company must have a tax liability and cannot have a loss.

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CPA Practice

APRIL 5, 2024

Taylor from preparing federal tax returns or owning or operating a tax return preparation business. Many customers now face large income tax deficiencies and may be liable for sizable penalties and interest,” after Taylor understated their tax liability or inflated their refunds, according to a court document.

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Xero

MAY 13, 2022

Making Tax Digital for Income Tax Self Assessment ( MTD for ITSA ) requires that landlords earning more than £10,000 use MTD-compatible software to keep records and make submissions to HMRC. The legislation will come into effect from April 2024. This guide looks at what MTD for ITSA means in practice for landlords. .

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xendoo

JANUARY 16, 2023

From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate. For example, LLCs that opt for the IRS to tax them as corporations are subject to corporate tax rates.

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Cheap Accounting

AUGUST 31, 2023

In the past the attraction of a limited company had been enhanced due to lower taxes on the profits extracted from the business. With the introduction of the Dividend Tax and the increases in Corporation Tax, this advantage has been eroded for many unless you have larger profits (at least over £30,000).

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Menzies

FEBRUARY 16, 2023

Tax rates Corporation tax is already set to increase to 25% as of 1 st April 2023 and we are not expecting any more U turns from the government.

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Menzies

JULY 26, 2022

If you want to be self-employed (also referred to as a ‘sole trader’) you need to notify HMRC by 5 October following the end of the tax year in which you started your new business. You’ll then need to file self-assessment tax returns and pay any income tax, Class 2 and Class 4 National Insurance Contributions due by 31 st January annually.

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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. Remember, a corporate tax enquiry is not routine, despite what HMRC may suggest. What is a business tax enquiry / hmrc corporate enquiry ?

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CPA Practice

JUNE 13, 2024

By designating a trust as “intentionally defective,” the grantor separates the income tax responsibility from the estate and gift tax implications. This allows the assets within the trust to grow tax-free because of the grantor’s payment of the income taxes, which further reduces the estate size indirectly.

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ThomsonReuters

FEBRUARY 8, 2024

How are LLCs taxed? LLCs are considered “pass-through entities,” which means the LLC itself does not pay federal income taxes on business income. Instead, income “passes through” to individual members of the LLC, who pay federal income tax earned from the LLC via their own individual tax returns.

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ThomsonReuters

MAY 22, 2024

Innovation plans for 2024 During their session, Reich and Chalar also discussed planned improvements for 2024, such as faster tax determination performance, smoother ERP integration, and more intuitive design elements. 1 was generative AI and how it might be integrated into future tax products. But Topic Number.

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Inform Accounting

NOVEMBER 18, 2022

The leaked and previously announced tax increases are still going ahead…. Corporation tax from April 1 2023 to increase to 25% for companies with profits over £250,000. Companies with profits under £50,000 will be taxed at 19%. Companies with profits between £50,000 and £250,000 will be taxed between 19% and 25%.

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Ronika Khanna CPA,CA

JUNE 7, 2024

Year end Tax Slips Federal You must prepare a summary of the salaries paid for the year via a T4 slips for which the due date is February 28th of the year following the salary payment E.g. February 28, 2025 for the year ended December 31, 2024. February 28, 2025 for the year ended December 31, 2024.

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Dent Moses

MAY 8, 2024

This outlines how the administration would implement the President’s tax policy, indicating a gross tax hike of approximately $5.3 trillion from 2024 to 2034. Notable Provisions: Increased Taxes on High Earners: Increase income taxes for individuals earning more than $400,000 per year.

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Dent Moses

MAY 1, 2024

This outlines how the administration would implement the President’s tax policy, indicating a gross tax hike of approximately $5.3 trillion from 2024 to 2034. Notable Provisions: Increased Taxes on High Earners: Increase income taxes for individuals earning more than $400,000 per year.

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CPA Practice

OCTOBER 2, 2023

By Katelyn Washington, Kiplinter Consumer News Service (TNS) The IRS has granted Louisiana tax relief to areas of the state impacted by seawater intrusion. Affected taxpayers now have extended tax deadlines of Feb. 15, 2024, to file certain tax returns and make tax payments. 16, 2024, are now due Feb.

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Ronika Khanna CPA,CA

APRIL 19, 2024

For most individuals, who have investments with Canadian based banks and brokerages, this is fairly straightforward as you will receive the relevant tax slips, usually by March 31st of the year following the end of the calendar year i.e. for the 2023 tax year, you should receive all investment related tax forms and slips by March 31st, 2024.

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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. ©2024 CQ-Roll Call Inc.,

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CPA Practice

MAY 7, 2024

The Berkshire Hathaway chairman and chief executive officer, speaking Saturday at the company’s closely watched annual meeting in Omaha, sidestepped directly commenting on the partisan fight over corporate taxes taking shape. We always hope at Berkshire to pay substantial federal income taxes,” Buffett said. “We

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Cherry Bekaert

OCTOBER 3, 2024

The looming expiration of the 2017 Tax Cuts and Jobs Act (TCJA) enacted during the Trump administration has become an important issue in the presidential campaign. Scheduled to sunset in 2025, the TCJA implemented significant changes to the tax code, including the reduction of personal income taxes and a simplified tax filing process.

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CPA Practice

MARCH 9, 2023

Taylor, Kiplinger Consumer News Service (TNS) President Biden’s FY 2024 budget—released today—proposes several tax changes aimed at wealthier taxpayers. Among the tax proposals, which will likely stall in a divided Congress, are notable tax rate increases for Medicare and capital gains. By Kelley R.

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CPA Practice

MARCH 15, 2023

Taylor, Kiplinger Consumer News Service (TNS) President Biden’s FY 2024 budget—released today—proposes several tax changes aimed at wealthier taxpayers. Among the tax proposals, which will likely stall in a divided Congress, are notable tax rate increases for Medicare and capital gains. By Kelley R.

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CPA Practice

SEPTEMBER 11, 2024

As we’ve written , the vice president is referring to a 10-year cost estimate of extending all the income and corporate tax cuts included in the Tax Cuts and Jobs Act, which Trump signed in December 2017. If Congress does not act, many of the tax cuts, including the individual income tax cuts, will expire after 2025.

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ThomsonReuters

OCTOBER 24, 2024

← Blog home As the 2024 presidential election looms, the corporate world is on the edge of its seat, anticipating the significant implications for tax policy that hang in the balance. The stark contrast between the Republican and Democratic visions for corporate taxation promises to reshape the business landscape.

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