CPA Practice

SEPTEMBER 19, 2023

When owners of a company plan to sell their business, there is very often a desire to minimize the resultant income tax. This tax is effectively taxing the increase in the value of the business often earned over many years and decades into a single year. This provides an estimated tax savings of $1,289,100.

tax planning 116

tax planning Tax income tax Sales 116

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. He is responsible for Bloomberg Tax & Accounting’s corporate tax products, including Fixed Assets.

income tax 111

income tax Tax financial statements corporation tax 111

CPA Practice

AUGUST 3, 2023

Different tax rules for different business types When you hire your child to work for your business, the applicable taxes may vary depending on your business type. Regardless of age, however, payments to your child for work are subject to income tax withholding.

Tax 97

Tax income tax Washington accounting and finance 97

ThomsonReuters

NOVEMBER 2, 2021

The level of intricacy in corporate tax return filing requirements, coupled with frequent changes in tax laws, makes the job of accurately filing corporate taxes time-consuming and complicated. Read on for a guide to preparing and filing corporate income tax returns. Does every corporation file income tax returns?

tax return 59

tax return corporation tax income tax Tax 59

CPA Practice

JUNE 8, 2023

All contents copyright 2023 The Kiplinger Washington Editors Inc. For instance, your underpayment penalty might be waived if you are a victim of a major disaster or casualty, over 62 years old and disabled, or can show that your underpayment was due to reasonable cause. Distributed by Tribune Content Agency LLC

Tax 52

Tax tax return Washington income tax 52

CPA Practice

JULY 28, 2023

Currently, states with some form of digital advertising taxes include Connecticut, Massachusetts, New York and Texas. Arkansas, Connecticut and Indiana have implemented digital taxes on social media transactions.

Maryland 52

Maryland Tax Virginia West Virginia 52

RogerRossmeisl

APRIL 28, 2024

The Biden administration has proposed raising the corporate federal income tax rate from its current flat 21% to 28%. Another reason may be because you expect your non-corporate pass-through entity business to pay taxes at higher rates in the future and the pass-through income will be taxed on your personal return.

income tax 213

income tax Washington CPA Tax 213

ThomsonReuters

JUNE 10, 2021

Among the book’s provisions include: (1) increasing the employer provided childcare tax credit for businesses, (2) creating a new general business credit equal to 10% of the eligible expenses paid or incurred in connection with onshoring a U.S. For the latest in tax, accounting, and payroll news, visit tax.tr.com/blog.

payroll 98

payroll Vermont Tax Connecticut 98

CPA Practice

JULY 24, 2024

The IRS said this week that individuals and businesses in 67 Texas counties affected by Hurricane Beryl now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments. Quarterly estimated income tax payments normally due on Sept. 16, 2024, and Jan.

Tax 52

Tax tax return Texas income tax 52

CPA Practice

OCTOBER 13, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The IRS has announced tax relief for taxpayers impacted by the Oct. 16 tax deadline for those who requested a federal filing extension for last year’s taxes. Taxes owed for 2022 returns were due April 18, so the tax relief does not extend these payments.)

Tax 118

Tax tax return Washington tax preparation 118

CPA Practice

JUNE 30, 2023

GOPers’ decision to pay for the cost of their plan by nixing some key green-energy tax breaks in last year’s Inflation Reduction Act is a nonstarter with Congressional Democrats. Also, the package omits provisions that Democratic lawmakers are passionate about, such as expansions to the child tax credit and earned income tax credit.

Tax 122

Tax income tax Washington Start-ups 122

CPA Practice

JANUARY 30, 2023

The legal fight was resolved in late December 2022 when Democrats, days away from relinquishing their power as the majority party, made six years of Trump’s personal and business tax returns publicly available.

tax return 52

tax return Tax Legal audit 52

CPA Practice

MAY 9, 2024

Erik Wasson Bloomberg News (TNS) The cost of extending the 2017 tax cuts for households, small businesses and the estates of wealthy individuals enacted under President Donald Trump has expanded to $4.6 Extending the personal income tax cuts will cost $3.8 trillion alone.

Tax 98

Tax Washington income tax corporation tax 98

CPA Practice

DECEMBER 3, 2024

By David Lightman The Sacramento Bee (TNS) WASHINGTON — Most families today can claim a $2,000 credit from their federal income tax for each child. Many Republicans were concerned that under the bill, lower income people might lose some motivation to work if they got the bigger credit. That isn’t tax relief.

Tax 105

Tax Idaho income tax Washington 105