MyIRSRelief

APRIL 29, 2024

By providing a combination of tax planning, bookkeeping, and financial guidance, they empower small businesses to thrive, focusing their energy on what they do best – innovation, growth, and serving their customers. Get business tax & bookkeeping help by contacting us today!

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CPA Practice

APRIL 17, 2023

But with the increasing complexity of modern business and regulations, and a worsening shortage of CPAs, the truth is that small business accountants rarely help clients optimize their tax strategies. It’s understandable that business owners haven’t thought of ways to get more out of their accountant.

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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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xendoo

FEBRUARY 15, 2022

If you own a business or earn a significant income, you may be wondering how to manage your tax situation and how much a tax consultant costs. There is a lot to consider when weighing the costs and benefits of hiring a tax consultant. A tax consultant can help with any of these issues.

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LyfeAccounting

NOVEMBER 4, 2020

Corporations. S Corporations. Sole proprietorship small business tax filings are actually the same as single-member LLCs. For tax purposes, there isn’t a difference between the two and they require the same tax forms filed and taxes paid. Form Schedule C is not actually a separate business tax return.

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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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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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ThomsonReuters

FEBRUARY 9, 2024

Under this act, if a corporation’s CEO or highest-paid employee’s compensation exceeds 50 times the median worker’s pay, the corporate tax rate would be increased by a penalty determined by the legislation. Firms must prepare for potential shifts in tax liabilities and advise clients accordingly.

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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

JANUARY 19, 2023

Leveraging a powerful workflow engine can deliver the intelligent tax automation , control improvement, and greater visibility tax teams need to make more strategic decisions, mitigate risk, and successfully orchestrate the entire direct tax process. Data mapped and transferred across the entire corporate tax platform.

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Withum

DECEMBER 4, 2024

The corporate tax rate is currently a flat 21% rate. There is also a 15% corporate alternative minimum tax (CAMT) based on book income for companies with average annual adjusted financial statement income exceeding $1 billion. C corporation pays to add $0.94

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Withum

APRIL 5, 2023

The magical application of Section 1202 for C corporation shareholders seems too good to be true, with millions of tax dollars being saved. Section 1202 was enacted in 1993 and excludes certain percentages of gain triggered on the sale of Qualified Small Business Stock (“QSBS”) provided the stock is held for more than five years.

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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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Wellers Accounting

JANUARY 22, 2024

Tom Biggs explains the various end of tax year considerations, and strategies, that form effective tax planning to potentially reduce your liability.

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Wellers Accounting

MARCH 2, 2023

Tom Biggs ACA CTA , highlights the different considerations and strategies that need to be reviewed for effective end of year tax planning.

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Wellers Accounting

MARCH 11, 2022

Tom Biggs ACA CTA , highlights the different considerations and strategies that need to be reviewed for effective end of year tax planning.

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MyIRSRelief

APRIL 22, 2024

Tax Preparation and Planning: Looking beyond immediate problems, Mike Habib can help prevent future issues. He offers ongoing tax preparation services and can develop personalized tax plans to minimize your tax burden and ensure future compliance. Peace of Mind: Tax problems can be stressful.

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LyfeAccounting

NOVEMBER 9, 2020

If your tax rate is 25%, then you would only pay $25,000.00 in taxes as a LLC. However, on the other hand, let’s say you’re a C Corporation. If you made $100,000 as a C Corporation, your business would be taxed on that income first. If the corporate tax rate is 20%, then you would pay $20,000 in taxes.

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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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LyfeAccounting

APRIL 22, 2021

Business Energy Tax Investment Credit. Here’s a full list of business tax credits from the IRS website. Amazon makes business decisions that will provide them with the biggest tax benefit. In 2019, Amazon broke its streak of paying $0 Federal taxes and actually owed money to the federal government.

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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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ThomsonReuters

SEPTEMBER 8, 2023

Most large businesses and public companies are formed as C corps because a C corp is a business structure that allows for limitless growth through stock sales (which makes them appealing to investors) and is ideal for large, retail-based businesses. Blog post: What is sales tax apportionment and how do you calculate it?

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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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ThomsonReuters

FEBRUARY 20, 2024

International GAAR rules Keeping up with tax avoidance regulation Abusive tax planning is not just a concern among U.S. tax authorities, it is a global concern. Governments around the world have long taken steps to crack down on tax evasion, such as using general anti-avoidance rules, better known as GAAR.

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Ronika Khanna CPA,CA

DECEMBER 2, 2022

This post and the T5 calculator have been updated to reflect If you are the owner of a Canadian corporation, you can choose to pay yourself (and other shareholders) dividends instead of a salary. Alternatively, some shareholders also take dividends in addition to a salary depending on their tax planning strategy.

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ThomsonReuters

OCTOBER 19, 2022

The Inflation Reduction Act of 2022 imposes a new 15% corporate alternative (book) minimum tax on the adjusted financial statement income of applicable corporations (those with 3-year average financial statement income of at least $1 billion). FTC coverage begins at A-8900 Corporate alternative (book) minimum tax.

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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. On the other hand, buying a proven tax data software solution from an experienced technology partner can circumvent these problems while also saving money.

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ThomsonReuters

FEBRUARY 24, 2021

Better data: Provide the business and your tax team with transparency around processes and a single version of data truth they can use to make informed decisions. Get the data you need for tax planning and forecasting faster and more easily. Biden Tax Policies Take Center Stage: What to Expect in 2021 and Beyond.

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PYMNTS

NOVEMBER 3, 2017

The GOP released its tax plan Thursday (Nov. 2), offering a glimpse into its Tax Cuts and Jobs Act that includes plans for corporate taxes. According to reports in The New York Times , Republican tax reform efforts would impose a minimum global tax of 10 percent for American multinational corporations.

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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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LyfeAccounting

OCTOBER 29, 2020

?. President Trump vs Biden Tax Plan. With the US presidential election is right around the corner, and since we’re an accounting firm that loves taxes, it’s only right that we make a post discussing President Trump’s Tax Plan vs Former Vice President Joe Biden. Individual Tax Rates. Corporate Tax Rates.

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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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