Going Concern

NOVEMBER 24, 2022

Responsibilities: You will be deeply involved with preparing tax planning & tax consulting services. Reviewing and preparing individual, partnership, trust, and corporate tax returns. Researching tax issues for small to medium-sized businesses and wealthy individuals.

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CPA Practice

OCTOBER 18, 2023

One crucial factor to consider when selecting your business location is the tax environment. Business taxes can significantly impact your bottom line and overall profitability. The importance of business taxes As an entrepreneur, you face countless decisions when starting a business.

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CPA Practice

APRIL 17, 2023

By Bruce Willey, JD, CPA, Kiplinger Consumer News Service (TNS) A buzzword appeared in the world of small business about a decade ago: the accountant as “most trusted advisor.” As a certified public accountant, I’m flattered that we’re consulted for a growing range of business needs, including rising taxes.

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CPA Practice

NOVEMBER 19, 2024

The Main Street Alliance and Small Business Majority have launched the Small Business Tax Fairness Coalition (SBTF), a national initiative to advocate for a U.S. tax code that prioritizes the needs of America’s entrepreneurs. According to recent data, only 5% of all small businesses are organized as C-corporations.

Maine 52

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CPA Practice

MARCH 8, 2023

= Ryan Sheehan is a Senior Product Lead for Bloomberg Tax & Accounting. He is responsible for Bloomberg Tax & Accounting’s corporate tax products, including Fixed Assets. Prior to Bloomberg Tax & Accounting, Ryan was a CPA at KPMG’s Washington D.C.

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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. A professional tax advisor or CPA can accurately file your business taxes on time.

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Withum

MAY 4, 2022

A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax. As a final note, the New York City PTET is on top of, but does not replace the New York City Unincorporated Business Tax (“UBT”) imposed on partnerships or General Corporation Tax (“GCT”) imposed on S corporations.

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LyfeAccounting

NOVEMBER 4, 2020

So today I’m going to break down the forms and filings you need to have in place in order to avoid IRS penalties and keep your business compliant. Also, please keep in mind that every business is different so it’s important that you consult your CPA for specific advice regarding your situation. Corporations.

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LyfeAccounting

NOVEMBER 9, 2020

The answers to these questions may influence the entity structure that you choose for your business, and how much money you end up paying the IRS. In this post, I’m going to explain all of the tax benefits related to LLCs. Lastly, although I am a licensed CPA, the information in this post is solely for informational purposes only.

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CPA Practice

SEPTEMBER 8, 2023

Conversely, S corporation items of gain or loss are passed through to shareholders and taxed once on their individual returns. Prior to the Tax Cuts and Jobs Act (TCJA), corporate tax rates reached as high as 35% under a graduated tax rate structure. There are other factors to take into account.

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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

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? They may even be a tax attorney.

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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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Withum

JANUARY 5, 2024

The NYC Biotechnology Tax Credit offers a valuable financial incentive to investors and owners of qualified biotechnology companies. This credit can offset various taxes including business corporation tax, general corporation tax, and unincorporated business tax.

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MyIRSRelief

APRIL 22, 2024

Contacting a qualified tax professional, such as a certified public accountant (CPA) or enrolled agent (EA), who specializes in audit representation can help ensure that your rights are protected throughout the audit process. If you receive a notice of audit from the IRS or FTB, it’s essential to take prompt action.

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CPA Practice

JULY 5, 2023

Every corporate tax and finance function should have a five-year plan, even the ones that have undergone or are undergoing a transformation, say tax executives from Big Four firm EY.

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Ronika Khanna CPA,CA

FEBRUARY 9, 2024

Quebec Income Tax Box 10 (Impot du Quebec) is the amount of income taxes deducted from employee's paycheques Health Services Fund (FSS) Box 28 This represents the gross payroll and is generally only required if the corporation is in the primary and manufacturing sectors as there is a reduced rate for these types of business.

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Ronika Khanna CPA,CA

DECEMBER 9, 2021

Corporations and small business owners can contribute freely to registered charitable organizations in exchange for an official donation receipt.

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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. However, it is a good idea to set up an accounting system as soon as possible and to find an accountant.

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Ronika Khanna CPA,CA

MAY 5, 2024

The video below takes you through the process of how to enter shareholder loans for specific situations How to record corporate tax expense, payments and interest/penalties: If your business is profitable, you usually have to pay corporate taxes at the end of the year.

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Ronika Khanna CPA,CA

APRIL 26, 2024

Business tax instalment payments (including GST-QST instalments ) This means that instead of entering the data on the forms that are available via my business account at CRA and RQ and then going to your bank to make payment, either online or via mail, it can all be done at one time through one form that serves as both tax filing and payment.

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Ronika Khanna CPA,CA

DECEMBER 2, 2022

Webforms can also be accessed by going to your CRA business account how to complete the T5 Dividend Declaration Note: The example and calculator below assumes that you are paying income taxes at the small business tax rate i.e. your net profits for tax purposes are less than $500,000.

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Ronika Khanna CPA,CA

MARCH 22, 2024

Ensuring that you stay on top of your tax obligations is fairly straightforward and the following measures can actually help to contribute to more effective business operations: Know Your Business Tax Obligations and Deadlines.

Tax 52

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Ronika Khanna CPA,CA

JUNE 7, 2024

Does your small business qualify for the quick method of reporting GST-HST & QST ? FAQ on GST/HST Income/Corporate Tax Obligations Incorporated Businesses All incorporated businesses are required to file Corporate Tax Returns also referred to as the T2 *and CO-17 in Quebec).

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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.

corporation tax 52

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Ronika Khanna CPA,CA

FEBRUARY 23, 2023

Tax Administration: Sole proprietorships and unincorporated businesses are required to include their business income and expenses in their personal tax returns by filling out the T-2125. This form can be found in most online tax filing software including Ufile and TurboTax.

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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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Ronika Khanna CPA,CA

JUNE 25, 2021

Alternatively, a customer or client might only do business with a corporation. tax optimization If your business is doing well, you might want to leave money in the corporation or have some flexibility in how you pay yourself i.e. salary vs dividends so that you can better optimize your taxes through tax deferral opportunities.

payroll 52

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Ronika Khanna CPA,CA

SEPTEMBER 28, 2021

Note that there are no fees to sign up for GST/QST, deductions at source or corporate taxes. Similarly, if you intend to hire employees you must register for deductions at source using the same form. You will then have the same rights and obligations as an enterprise that is legally bound to register.

Legal 52

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Ronika Khanna CPA,CA

JANUARY 13, 2023

For those of you who are starting a new business, it is essential to know your tax obligations. Every business owner must report their net profits on a either their personal tax return if they are unincorporated or a corporation tax return if they are incorporated.

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Shay CPA

JANUARY 29, 2025

And because the goings-on at your business has ramifications there, we want to mention it here. Corporate taxes: R&D tax credit The R&D tax credit could mean tax savings of up to $500,000. To dive deeper into your requirements for this year, download our 2025 tax season guide for founders.

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CPA Practice

MARCH 15, 2024

By Phillip Molnar, The San Diego Union-Tribune (TNS) President Joe Biden introduced several plans recently at the State of the Union address targeting big businesses and the wealthiest Americans. He said the moves would reverse many large tax breaks enacted by the Trump administration. Fairness and equity argue for rebalancing.

business tax 111

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CPA Practice

JULY 12, 2024

Without this relief, the 2017 tax cuts would have almost entirely benefited Wall Street corporations. The small business deduction was designed to help Main Street continue to compete. The law’s corporate tax cuts are permanent, while the relief for small businesses is temporary. But there’s a problem.

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CPA Practice

JANUARY 12, 2024

By Caitlin Reilly, CQ-Roll Call (TNS) A bipartisan, bicameral $70 billion tax agreement taking shape on the Hill is drawing mixed reviews, pointing to potential challenges ahead for Senate Finance Chair Ron Wyden and Ways and Means Chairman Jason Smith. dismissed it as a giveaway to corporate donors. Elizabeth Warren, D-Mass.,

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CPA Practice

FEBRUARY 5, 2024

The bill restores corporate tax breaks created by the tax law Republicans passed in 2017 that have expired or are set to expire soon. They include tax credits for research and development, as well as capital projects like building factories or manufacturing equipment.

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SkagitCountyTaxServices

NOVEMBER 20, 2024

My aim today is simple: Offer your Skagit County business clarity with this presidential transition. Business Taxes 2025 In Your Skagit County Business Under Trump “The only limit to our realization of tomorrow will be our doubts of today.” Down with corporate taxes. Franklin D.

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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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