Withum

OCTOBER 3, 2024

Individuals and households that reside or have a business in any one of these localities qualify for tax relief, including: Individuals whose principal residence is located in a covered disaster area and their spouse, if filing jointly. The most common filings and postponements are listed below.

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Inform Accounting

OCTOBER 14, 2022

In this press conference, the September tax cuts as promised in the mini-budget have been watered down even further. What we know so far is that: The Corporation Tax will rise from 19% to 25% in April 2023. It is clear that the Conservative government is in turmoil right now. Taxing cryptoassets: what you need to know.

Government 52

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ThomsonReuters

DECEMBER 20, 2020

Both sales tax and VAT are types of indirect tax – a tax collected by the seller who charges the buyer at the time of purchase and then pays or remits the tax to the government on behalf of the buyer. Sales tax and VAT are a common cause of confusion within the corporate tax community.

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Xero

AUGUST 11, 2022

Frankly, you already have enough to remember, thanks to Making Tax Digital (MTD) for VAT and Income Tax Self Assessment (ITSA). The government legislation with the goal of digitising the tax process has been underway for some time, and the next step is looming large on the horizon. Where to find more information.

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CPA Practice

AUGUST 22, 2023

Key industry findings from the report: Tax and Accounting Professionals: Freeing up time to deliver more value: Productivity is the highest priority for tax and accounting firms (59%), while internal efficiency (75%) tops the list in corporate tax and accounting departments. To access the full report, visit [link]

Legal 98

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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

MARCH 21, 2022

As you may recall, the 199A deduction was incorporated in the TCJA as a compromise for pass-through entities owners after significant public comment following the proposed decline of the corporate tax rate 35% to 21%. This results in over $100,000 more cash for the C corporation. So what does it all mean?

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CPA Practice

APRIL 17, 2023

Still, the failure to recognize the importance of proper tax planning adds up. Depending on your state and business type, at least a third of your profits will go to various layers of government. A similar boost was the Tax Cuts and Jobs Act of 2017, which slashed corporate taxes to a 21% rate.

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PYMNTS

JANUARY 18, 2021

government's inability to curb the risk of fraud that emerged during the first round of PPP funding. This week's B2B Data Digest takes a look at the numbers behind the latest instances of fraud, including fraudulent invoices, corporate tax scams and more. $19 But new concerns are mounting over the U.S.

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Inform Accounting

JUNE 27, 2022

Late payment interest is payable on late tax bills covering income tax, National Insurance contributions, capital gain tax, stamp duty land tax, stamp duty and stamp duty reserve tax. The corporation tax pay and file rate also increases to 3.75%. Remember to declare COVID-19 grants on your tax return.

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PYMNTS

AUGUST 4, 2020

The majority of the misprinted checks were sent to businesses receiving corporate tax refunds. government accidentally sent to dead people. The IRS has reportedly gotten much of the money back, putting out instructions for those who received checks for dead family members on how to return it.

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CPA Practice

MARCH 26, 2024

economy, they also say the government system lacked safeguards and fell prey to widespread theft. Millions of government funds rolled into his bank accounts. Moore asked Bailyn how much of the pandemic loan proceeds were returned by Lorquet. government seized his four luxury cars and various pieces of jewelry he bought.

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Inform Accounting

JUNE 23, 2022

We appreciate agents' and claimants' patience while we handle these claims and continue to offer the guidance below: To help us process your R&D payment quickly, please ensure you have completed all entries on the R&D section of your Corporation Tax return (CT600 form). Taxing cryptoassets: what you need to know.

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Going Concern

JULY 21, 2023

KPMG Rolls Out Generative AI to Tax Pros, Launches Audit Pilot [ Bloomberg Tax ] Inside KPMG, its tax professionals are leaning on generative artificial intelligence to help corporate tax departments prepare for new requirements to disclose their tax obligations by country.

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Inform Accounting

SEPTEMBER 23, 2022

The Government has set an ambitious target to achieve a trend rate of growth of 2.5%, achieved by tax incentives to encourage investment in the UK. The Government was criticised in the lead up to today’s announcement for not allowing the Office for Budget Responsibility (OBR) to release forecasts with the mini budget.

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CPA Practice

JANUARY 5, 2024

In exchange for those payments, Lewis’ co-conspirator, who was a member of a selection committee responsible for awarding government contracts to perform auditing services for USBR programs, steered an audit contract to L.L.

CPA 52

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Menzies

JANUARY 20, 2023

Business Tax Tax returns and iXBRL tagging Completion of corporate tax returns and electronic tagging is a necessary but administrative burden and ensuring that the correct amount of tax is paid and that available tax reliefs are maximised can be a complex process.

Finance 52

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ThomsonReuters

NOVEMBER 16, 2023

In the second installment of our three-part series on e-invoicing, we will explore how e-invoicing and continuous transaction control (CTC) regulations impact tax compliance, and examine some of the challenges and considerations that corporate tax teams may encounter.

Technology 59

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CPA Practice

AUGUST 15, 2024

Simplified regulatory compliance: With easy-to-manage value-added tax returns, corporate tax filings, and Companies House submissions, businesses are well-positioned to meet all current—and future—regulatory requirements.

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Inform Accounting

MARCH 21, 2023

On 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a plan to reduce inflation, grow the economy and get government debt falling all whilst avoiding a recession and tackling labour shortages. In this blog we set out some of the main tax rates.

Tax 52

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Menzies

JULY 26, 2022

If you want to be self-employed (also referred to as a ‘sole trader’) you need to notify HMRC by 5 October following the end of the tax year in which you started your new business. You’ll then need to file self-assessment tax returns and pay any income tax, Class 2 and Class 4 National Insurance Contributions due by 31 st January annually.

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Inform Accounting

SEPTEMBER 20, 2022

So what actions can we expect from the government in the next few weeks? Chancellor Kwasi Kwarteng will outline how the government intends to fund the measures to help with the cost-of-living crisis on Friday 23rd September in what is described as a “fiscal event”. Remember to declare COVID-19 grants on your tax return.

Government 52

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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. 179D deduction to the person “primarily responsible” for the design.

Tax 105

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Menzies

JULY 29, 2024

CICs have provisions in their governing document putting a limit on the distribution of profits or payment of salaries or distribution of assets on a winding up. They do not have any special tax reliefs and will pay tax on their profits like “normal” limited companies. The taxable status will depend on the status of the company.

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ThomsonReuters

APRIL 20, 2023

As governments around the world require digitalized methods for E-invoicing and real-time monitoring and reporting of business transactions, global multinational corporations (MNCs) need technologies that can help them manage data-intensive processes that demand speed, accuracy, and transparency all at once.

Technology 59

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Inform Accounting

MARCH 15, 2023

What was hoped was that the chancellor was going to stop the planned corporation tax rise from 19% to 25% for businesses earning between £50k and £250k in profits. Sadly, this tax rise and all its complications still take effect. Read more of Inform's tax blogs : Struggling to pay tax – What should you do?

Non-Profits 52

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PYMNTS

MARCH 12, 2020

Refunds can also be slowed down if there is incomplete or missing information in individual tax returns, further complicating an already complex process. Most consumers can see their refund amounts within 24 hours of filing their taxes, which makes this wait time even more harrowing for those who may depend on that money to pay bills.

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Menzies

AUGUST 8, 2023

While the UK Government recognises the role of R&D in driving economic growth through innovation, they have become increasingly concerned with the cost to the treasury of R&D tax reliefs. What are the changes to making R&D tax relief claims? Why is this happening?

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Cheap Accounting

FEBRUARY 4, 2022

Company Accounts and Corporation Tax Return – annual filing. You would do this in two places: Via your Business Tax Account with HMRC for VAT, Self Assessment, PAYE and Corporation Tax. If you do not have a Business Tax Account then this really is the time to get one.

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Inform Accounting

APRIL 28, 2022

However, there are tax consequences if the loan remains outstanding nine months and one day after the end of the accounting period in which it was made. Rate of ‘Section 455’ tax. Section 455 tax is aligned with the dividend upper rate. Read more of Inform's tax blogs : Struggling to pay tax – What should you do?

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Menzies

NOVEMBER 27, 2023

The guidelines governing capital allowances underwent a revision this April, following the termination of the super-deduction scheme. The super-deduction, full expensing, and first year allowances The super-deduction scheme, that provided up to 130% tax relief on qualifying capital expenses, is no more.

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ThomsonReuters

FEBRUARY 6, 2024

The differences between direct tax and indirect tax are important to understand. Direct tax is paid directly by the taxpayer to the government and cannot be shifted, like federal income tax. In contrast, indirect tax, such as business property taxes, can be passed on or shifted to others.

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Going Concern

APRIL 12, 2024

billion won in corporate taxes, but its management team recorded the amount as a receivable in its financial statements. Tesla Korea makes accounting errors [ The Chosun Daily ] Tesla Korea, the South Korean unit of U.S. Tesla Korea was subjected to 25.1

CPA 105

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ThomsonReuters

JANUARY 17, 2023

Credit for prior-year minimum tax . What tax form does a nonresident alien file? tax return. The lines on Form 1040-NR are arranged so that, in most instances, they are for the same tax items as the lines on 2021 Forms 1040 and 1040-SR. . She filed an amended return on June 10, 2011. .

Tax 59

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ThomsonReuters

NOVEMBER 19, 2024

Corporate tax departments also must contend with limited resources, including budget constraints and a shortage of skilled professionals. Some jurisdictions may tax software differently from hardware, while others might treat certain digital health tools as exempt from VAT if they are deemed necessary for patient care.

Technology 59

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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. For example, LLCs that opt for the IRS to tax them as corporations are subject to corporate tax rates.

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ThomsonReuters

APRIL 13, 2023

Digitalization has had another important impact on the way businesses are run and how tax is collected: it has increased the emphasis on data. As tax professionals are only too aware, pressure is high to supply internal company leadership with timely, accurate, and detailed financial and tax data.

Tax 59

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