TaxConnex

NOVEMBER 10, 2022

Gain insight into why Robert started TaxConnex and his plans for our future as well as how sales tax has evolved over the years. I graduated in 1985 with a Masters in Tax. I was trained in income tax and expected to have a career in public accounting, but I only lasted a few years in a couple of different large CPA firms.

income tax 130

income tax tax return Sales Tax 130

ThomsonReuters

NOVEMBER 2, 2021

As a corporate tax professional, you know the complexities of complying with business taxation requirements. Your company may have to file corporate tax returns in multiple states and local jurisdictions, as well as with federal — and perhaps international — tax authorities. is a C corporation.

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tax return corporation tax income tax Tax 59

CTP

JUNE 10, 2022

Even if you have never assisted a client with the sale of a business, as a tax planner you have the potential to provide tremendous value in the planning process. Many business owners may also be navigating a sale for the first time and likely have little insight into the tax implications and how to set themselves up for savings.

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Sales Tax income tax tax return 93

Cherry Bekaert

MAY 3, 2024

What Is Global Tax Minimization? Global tax minimization is the process that companies follow to fully comply with the tax law in each country in which they operate in such a manner that their worldwide income tax liability is reduced to the lowest possible amount. income tax return. income tax.

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Tax income tax Non-Profits corporation tax 104

ThomsonReuters

SEPTEMBER 2, 2021

What is a tax provision? Simply put, a tax provision is the estimated amount of income tax that a company is legally expected to pay to the IRS for the current year. A tax provision is just one type of provision that corporate finance departments set aside to cover a probable future expense.

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income tax Tax corporation tax accounting and finance 52

MyIRSRelief

MAY 19, 2023

According to the New York State Department of Taxation and Finance, the state collected over $78 billion in tax revenue in the 2021 fiscal year, with the majority coming from personal income tax and sales tax. Sales Tax: New York has a state sales tax rate of 4%, with local sales taxes ranging from 3% to 4.875%.

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ThomsonReuters

MAY 12, 2022

What triggers a sales tax audit and how do you reduce the risk of an audit? Almost all companies undergo a sales tax audit at some point. This sales tax audit guide can help indirect tax teams avoid common audit triggers and manage the sales tax audit as smoothly as possible.

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audit Sales Tax auditor 105

ThomsonReuters

SEPTEMBER 22, 2021

Tax compliance — and the reporting involved in maintaining that compliance — is one of the most stressful tasks a corporate tax team must complete. It should give teams complete control over company tax reporting, allowing them find the right level of data quickly. What is a tax data warehouse?

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income tax Tax corporation tax tax planning 52

MyIRSRelief

JULY 17, 2023

Understanding Taxation Before delving into tax planning strategies, it’s crucial to comprehend the basics of taxation. This section will provide an overview of different types of taxes, including income tax, capital gains tax, and corporate tax, and explain how they impact individuals and businesses.

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tax planning Tax income tax accounting and finance 130

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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Tax tax return income tax audit 98

ThomsonReuters

JANUARY 9, 2024

Jump to: How are C corporations taxed? When are C corp taxes due? How do C corps file taxes? How can C corporations reduce their taxes? But what does that mean for your taxes? How are C corporations taxed? How do C corps file taxes? Corporation Income Tax Return.

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corporation tax Tax income tax Non-Profits 52

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. The following guide offers numerous strategies and tips that owners of S corporations can use to lower their taxes, including deductions and credits.

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corporation tax Tax tax return income tax 52

xendoo

NOVEMBER 2, 2021

Your business cannot be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations). Once approved by the IRS, you will file your S-Corporation taxes using Form 1120S. . What are the Tax Advantages of Filing as an S-Corporation? .

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CTP

MARCH 30, 2023

In these three related appellate cases, the IRS sought to recharacterize millions of dollars that had been paid as commissions into a domestic international sales corporation (DISC) and then shielded from income tax when the DISC contributed the funds to a Roth IRA. DISCs by their nature are all form and no substance.

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income tax Ohio Massachusetts Tax 98

inDinero Tax Tips

APRIL 11, 2023

From startups to public enterprises, your bottom line is affected by your state of incorporation’s corporate income tax, excise (sales and use) tax, sales tax, physical and economic nexus tax, franchise tax, and gross income tax. Does Delaware Have Sales Tax?

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Delaware Nevada Sales Tax 52

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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income tax corporation tax Tax Sales 69

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.

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Tax tax return Technology income tax 110

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. years) to a shorter depreciable tax life (e.g., 3, 5, 7, 15, or 20 years).

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Cherry Bekaert

OCTOBER 9, 2023

Tax Advantages – REITs do not have to pay a corporate tax, so there is a higher available payout for investors. Pass-Through Deduction – 2017 tax reforms allow REIT investors to deduct up to 20% of combined qualified income, including qualified REIT dividends from income tax.

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Real Estate Non-Profits income tax Mississippi 110

xendoo

JANUARY 12, 2022

You can use the information and the dates we provide to form a strategic plan for preparing and filing your taxes in 2022. What Is the Business Tax Filing Deadline for 2022? You may have already marked April 18, 2022, on your calendar to remind you to pay your personal income taxes.

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business tax Tax tax return tax preparation 98

CTP

JUNE 10, 2022

Business owners looking to sell their S corporation may start to get tangled up in all the details, especially if they are a first-time seller. This can lead to overlooking one key part of the sales process: tax planning. The most common type of business sale is when an entity sells its business assets.

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CPA Practice

OCTOBER 18, 2023

Some key factors to evaluate include: Tax rates Tax rates vary widely across states. Some states have higher corporate income tax rates, while others offer lower rates or no tax at all. Property tax rates can vary significantly, impacting the cost of owning or leasing business space.

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business tax Tax Alaska South Dakota 59

inDinero Tax Tips

APRIL 20, 2021

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. Delaware is considered The Place to establish your corporate entity. The amount of franchise tax and how each state calculates the tax varies. Instead, companies pay for total sales.

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Delaware Wyoming Nevada Oregon 60

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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MyIRSRelief

OCTOBER 11, 2024

They will carefully review your income, expenses, and other relevant information to prepare accurate and timely returns. An Enrolled Agent can help you understand your tax obligations and ensure that you are compliant with all applicable laws.

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ThomsonReuters

FEBRUARY 6, 2024

To help companies better understand the nuances, this article will take a deeper dive into the layers of direct tax and the tools and resources to help firms better serve their clients. What is direct tax? Direct tax is a tax paid directly by the taxpayer to the government and cannot be shifted, like federal income tax.

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Inform Accounting

SEPTEMBER 23, 2022

The highlights are below: Income Tax and National Insurance. The additional income tax rate of 45% for taxpayers earning more than £150,000 per year is to be abolished. The planned reduction in the basic rate of income tax from 20% to 19%, has been brought forward by a year to 6 April 2023. Corporation Tax.

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income tax corporation tax Tax Government 52

Cheap Accounting

AUGUST 31, 2023

In the past the attraction of a limited company had been enhanced due to lower taxes on the profits extracted from the business. With the introduction of the Dividend Tax and the increases in Corporation Tax, this advantage has been eroded for many unless you have larger profits (at least over £30,000).

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CPA Practice

NOVEMBER 25, 2024

In response to customer feedback, Compliance Tracker users can now track and collaborate on filing activities for income tax obligations in over 200 countries. Additionally, Compliance Tracker now supports automated monthly VAT forms for more than 100 countries, as well as monthly sales and use forms for U.S.

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Tax income tax corporation tax Sales 52

Shay CPA

OCTOBER 21, 2024

Plus, your company will qualify for a lower corporate tax rate on your New York State taxes. You need to: Be located in New York State Have annual product sales of $10 million or less Note that you don’t have to be incorporated in New York to get certified as a QETC. So, does your startup count as a QETC? Let’s dig in.

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New York Technology income tax corporation tax 52

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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xendoo

MAY 30, 2021

Florida business owners should be aware of the following: Corporations that do business in Florida must pay a 5.5% income tax. Florida has a sales tax rate of 6%. S Corporations are exempt from paying state income tax. Florida residents do not pay a state income tax.

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Cherry Bekaert

JULY 12, 2024

Second, income that is effectively connected with a U.S. trade or business is subject to income tax at the regular individual or corporate tax rates. the Foreign Investment in Real Property Tax Act (FIRPTA) provisions treat any gain from the sale or exchange of the property as U.S.

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Real Estate income tax Tax corporation tax 64

xendoo

FEBRUARY 15, 2022

If your situation requires specialized knowledge about tax codes, fees are usually commensurate with qualifications. What Does a Tax Consultant Do? A tax consultant is trained in tax law and financial accounting. They also should know recent tax law changes on both a federal and state level. .

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tax consultant Tax tax return accounting and finance 103

Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Postpone income until 2023 and accelerate deductions into 2022. If you do have a wash-sale, the loss will be deferred until the replacement investment is sold.

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tax planning Tax Construction income tax 98

Katz,Sapper&Miller

MAY 24, 2018

The Kentucky legislature recently passed significant tax law changes with House Bill 366 and House Bill 487, including an overhaul to much of Kentucky’s corporate tax system and addressing the state’s conformity to the Tax Cuts and Jobs Act.

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inDinero Accounting

APRIL 3, 2023

Any profit ‘flows through’ to your regular income tax and you are personally liable for debts or lawsuits should they occur. An LLC does not pay corporate tax on profits, but income does flow through to your personal income tax bill. Income passes through from the company to the owners in both cases.

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income tax Legal corporation tax Tax 52