MyIRSRelief

APRIL 22, 2024

Navigating tax issues can be daunting, especially when facing audits, unpaid taxes, or payroll problems. In Corona, CA, part of the Inland Empire, taxpayers and businesses often seek clarity on resolving these issues effectively. What is Audit Representation and How Can It Help Me in Corona, CA?

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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. And are you taking full advantage of all the business exemptions and credits available in your industry? How are S corporations taxed?

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ThomsonReuters

JULY 6, 2023

research and development credits) Trade and customs tax services and guidance Transfer pricing evaluation , documentation, and modification of existing policies Tax valuation services What does a tax advisor do?

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TaxConnex

DECEMBER 1, 2022

The plaintiffs have reportedly said that Louisiana’s patchwork sales tax compliance system is a labyrinth filled with audit traps and now say the case belongs in federal court because Wayfair was ultimately decided in the U.S. For tax years beginning on or after Jan. Supreme Court. Best and worst.

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xendoo

FEBRUARY 15, 2022

Navigation business tax requirements and preparation. Looking for available deductions to lower your tax burden. Helping to manage capital gains taxes. Sorting through tax advantages of life events. A tax consultant may work with individuals, businesses, or both. Helping to Mitigate Business Taxes.

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CPA Practice

JUNE 1, 2023

BEPS also requires that companies itemize their revenues by country, and as taxation bodies develop more sophisticated models that compare BEPS data with corporate tax return data, there may be an increase in investigations. Further, teams need to adapt to a shifting landscape of rules as the framework evolves over time.

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xendoo

SEPTEMBER 10, 2021

Online bookkeeping services provide a simple, elegant solution that can save you time, money, and the headaches you get from trying to juggle the needs of your small business! . Corporate tax preparation . Some business owners are leery of outsourcing their sensitive financial data to an online company.

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ThomsonReuters

DECEMBER 19, 2020

Business A has a $50,000 NOL in year 1 ($0 taxable income) and $100,000 taxable income in year 2. It pays no tax in year 1 and tax of $21,000 in year 2 (assuming a 21% corporate tax rate). So, over two years, A has a $21,000 tax liability on $50,000 of income.

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inDinero Tax Tips

APRIL 20, 2021

The Delaware Division of Corporations offers electronic (in-person is suspended during the COVID-19 emergency) submission of business entity documents between the hours of 7:45 a.m. Delaware does tax companies. Your very own Delaware corporate tax calendar. Nevada corporate taxes and fees.

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Ronika Khanna CPA,CA

DECEMBER 9, 2021

Sending a diamond bracelet to a customer who has purchased something from you once, will very likely be audited and disallowed. It is best practice to indicate the nature of the business purpose on the receipt for the gift or as a memo in your accounting software.

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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. more people and time resources and so costs too).

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Steve Feinberg

SEPTEMBER 20, 2021

An S or C Corporation offers the most legal protection for business owners, for example, but is also subject to tighter regulations and fees. The most common types of businesses are Sole Proprietorship, Partnership, Limited Liability Company (LLC), and Corporations (taxed as S or C). Partnership.

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inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. However, if you’re claiming ineligible business expenses , you risk facing an audit. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . Many of them may affect the 2021 tax year.

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inDinero Tax Tips

MAY 24, 2023

If you’d like to submit your taxes with confidence, consider indinero’s business tax services. Tax Treatment By Business Type Now that you’ve calculated your business’s net income, you can calculate the taxes owed. It’s uncommon, but LLCs can also elect to be taxed as a C-corporation.

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inDinero Tax Tips

APRIL 11, 2023

And there’s no state corporate income tax on goods and services provided by Delaware corporations that operate outside of the state. Delaware holding companies benefit from no corporate tax on interest and other investments. The state also doesn’t impose personal property tax.

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LyfeAccounting

MAY 18, 2021

The first tax mistake that we see new business owners make is not having a separate bank account for just their business. It is so important to do this so you can clearly keep track of all of your business income and expenses. After all, you want to write off as many business tax deductions as possible.

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Ronika Khanna CPA,CA

NOVEMBER 18, 2022

For many small corporations, not much needs to be done, from a tax perspective. at the beginning in terms of accounting, sales tax, or corporate tax, as deadlines are often many months away. that should be accompanied by detailed documentation (such as a receipt indicating the business purpose of the transaction).

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ThomsonReuters

FEBRUARY 8, 2024

If products are being sold across state lines or internationally, for example, a more robust tax software alternative such as ONESOURCE may be worth considering. ONESOURCE corporate tax software has flexible modules for tax planning and preparation, and can automate much of the tax process.

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Ronika Khanna CPA,CA

MAY 5, 2024

Also audit adjustments might all be reflected in one journal entry with several lines and numerous accounts. Additionally, depending on the amount of corporate tax you might also have to pay quarterly or monthly tax instalments. For example a transaction for opening balances might have many line items.

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ThomsonReuters

NOVEMBER 11, 2021

In fact, a global effort is underway to tighten the restrictions and increase the documentation requirements for this practice, adding a significant amount of work and responsibility to the task of the corporate tax professional. What is transfer pricing?

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ThomsonReuters

MARCH 2, 2021

The disruptions of 2020 — a pandemic, related regulatory changes, a remote workforce — have changed the business and tax landscape. To make the most of this disruptive business environment, demonstrate the value to be gained with tax data software that: Scales with growth across technologies and tax jurisdictions.

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Ronika Khanna CPA,CA

MARCH 22, 2024

In more extreme circumstances, the tax authorities have the power to freeze your bank accounts or initiate tax audits. This can be debilitating to a small business.

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Ronika Khanna CPA,CA

AUGUST 19, 2022

One of the reasons many small businesses incorporate is to take advantage of the small business deduction, which is a reduction of the general corporate tax rate. A PSB subject to the full federal tax rate + 5% + the applicable provincial rate.

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Ronika Khanna CPA,CA

FEBRUARY 23, 2023

You must be able to demonstrate that the meals related to earning business income. It is a good practice to write the name of the client/customer or business purpose on all receipts in case of audit. Life insurance premiums are not tax deductible unless the beneficiary is the business.

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Ronika Khanna CPA,CA

MAY 26, 2023

Some of the information that can be found on a notice of assessment includes: Personal income tax returns (including small business tax returns on a T2125 ): Summary of the income tax return that was filed which includes certain key line items such as total income, deductions and credits , and final tax amount payable or refund.

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ThomsonReuters

NOVEMBER 7, 2024

Tax’s contribution to the planning conversation is important because tax is one of the heaviest users of data in a large organization. And, unlike more siloed areas of a business, tax must pull the data it needs from departments across the organization.

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