ThomsonReuters

NOVEMBER 19, 2024

Corporate tax departments also must contend with limited resources, including budget constraints and a shortage of skilled professionals. Another 35% is spent on core activities, such as reviewing and signing corporate tax returns, managing tax advisory work, managing risk and communicating with stakeholders.

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ThomsonReuters

MARCH 9, 2023

In this post, we will highlight 3 of our top resources included in our Tax Season Toolkit : Year-End Tax Planning for individuals and businesses, How APIs can help transform your practice, and a Case Study detailing how GoSystem Tax RS and GoFileRoom helped a firm. What’s new? •

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Menzies

OCTOBER 6, 2023

For example, consider a company that has a corporation tax liability of £1 million for the 12-month period ending on 31 March 2024. The Full Expensing first year allowance will effectively reduce the company’s corporation tax liability by £250,000. Who Is Eligible to Claim the Allowance?

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corporation tax accounting and finance Tax Finance 59

CPA Practice

SEPTEMBER 18, 2024

The Tax Authority’s victory means Coca-Cola Israel will be charged hundreds of millions of shekels in tax for 2010-2017, and another estimated tens of millions of shekels in future taxes every year. Published by Globes, Israel business news — en.globes.co.il — on September 12, 2024. The Central Bottling Co.

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ThomsonReuters

MAY 12, 2023

International tax planning is undergoing enormous change. By the beginning of 2024, a new Global Minimum Tax (GMT) regime will come into effect under the OECD’s base erosion and profit-sharing initiative.

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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. And just the nature of that and that capitalization also had impacts on other operating code sections that applied to different tax attributes.”

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ThomsonReuters

APRIL 13, 2023

The reality of Global Minimum Tax (GMT) (GloBE or OECD BEPS 2.0 Pillar 2) is here, as South Korea steps forward to be the first country to enact laws associated the OECD’s newly approved tax regime going into effect in January 2024. 137 countries covering 90% of the global economy signed a deal to enforce a GTM rate of 15%.

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ThomsonReuters

FEBRUARY 8, 2024

LLC members are considered self-employed individuals, and self-employed individuals do not have FICA taxes (e.g., Instead, self-employed people pay FICA taxes directly to the IRS—which is known as the self-employment tax. In 2024, the self-employment tax is 15.3%, which includes 12.4% for Social Security and 2.9%

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CPA Practice

JUNE 13, 2024

This strategy balances the benefits of current tax law with the need for financial flexibility and security. Core Estate Tax Planning Techniques Regardless of estate value, there are numerous techniques and account structures available to help your clients minimize estate tax consequences—here’s a summary of the most common ones.

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Accounting Today

OCTOBER 9, 2024

A new survey by PwC of top corporate executives uncovered worries about tax policy after the election.

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Accounting Today

OCTOBER 9, 2024

In less than 30 days, Americans will elect the politicians who will set policy for the next two years in Congress and four years at the White House.

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Accounting Today

JUNE 14, 2024

Donald Trump promised to lower the corporate tax rate to 20%, further reducing the income levy on the largest U.S. companies that he already slashed while president.

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CPA Practice

OCTOBER 15, 2024

By Caitlin Reilly CQ-Roll Call (TNS) Former President Donald Trump doubled down on his plan to impose heavy tariffs on imports in a meandering interview at The Economic Club of Chicago on Tuesday, when asked about how he would pay for trillions of dollars in proposed tax cuts. The CRFB estimated Trump’s tariff plans would raise $2.7

income tax 59

income tax Tax corporation tax Manufacturing 59

Cherry Bekaert

OCTOBER 3, 2024

Estate and Gift Tax The TCJA nearly doubled the lifetime estate and gift tax exemption from $5.6 In 2024, this rose to $13.61 While the fate of the TCJA is still uncertain, being aware of potential tax changes and their impact is important for both businesses and individual taxpayers. million to $11.18

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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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CPA Practice

NOVEMBER 13, 2024

Trump also proposed several new key tax initiatives, such as removing the current $10,000 limit on the state and local tax (SALT) deduction , eliminating taxes on Social Security and tip income, and further reducing the corporate tax rate. The top marginal tax rate was reduced to 37% from 39.6%. (In

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tax planning Tax corporation tax income tax 59

ThomsonReuters

OCTOBER 31, 2024

Jump to ↓ The current tax landscape Democratic and Republican Party tax plans Strategic planning amidst tax uncertainty In today’s dynamic political and economic environment, understanding the intricacies of tax policy has become more crucial than ever. election promises further potential shifts.

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CPA Practice

MAY 9, 2024

trillion cost of the original Trump tax cuts — a more expansive bill which also included permanent reductions in corporate taxes. The anticipated cost of extending the tax cuts could move lawmakers to seek ways to offset the deficit impact through spending cuts or by scaling back the size of the rate reductions.

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CPA Practice

JUNE 28, 2024

FactCheck.org CQ-Roll Call (TNS) The much-anticipated first debate of 2024 between President Joe Biden and former President Donald Trump featured a relentless barrage of false and misleading statements from the two candidates on immigration, the economy, abortion, taxes and more. He wants to raise everybody’s taxes by four times.

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Cherry Bekaert

SEPTEMBER 11, 2024

The 2017 Tax Cuts and Jobs Act (TCJA) enacted during the Trump administration has numerous provisions set to expire in 2025, making it a hot-button topic both presidential candidates are highlighting in their proposed economic and tax plans. Imposing a baseline tariff on U.S. imports Imposing a 60% tariff on U.S.

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Withum

AUGUST 21, 2024

President Trump Vice President Harris* Expiring Individual Income Tax Cuts from the TCJA Make them permanent, including the maximum individual federal income tax bracket remaining at 37% Continue for individuals making $400,000 or less, and raising individual federal income tax rates to 39.6%

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