CTP

NOVEMBER 15, 2023

That’s why tax planning is gaining in popularity. Some obvious reasons are mistakes or oversights on their tax returns. But another problem is that the accounting industry is not trained how to LOOK FOR NEW ways to reduce your taxes that you have not yet taken advantage of. Not all tax planning is the same!

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CTP

MARCH 9, 2022

Visit social media or google these days and you’ll most likely see advertisements for Tax Planning. But many taxpayers (and even tax pros) are confused about the differences between tax planning and tax preparation. Why is it impossible to do tax planning at the same time as you prepare a tax return?

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DuctTapeMarketing

JULY 14, 2018

They’ll partner you with a dedicated accounting team and provide three simple monthly rates that include your bookkeeping, sales tax, planning support, corporate tax return, and unlimited access to your dedicated CPA team. Xendoo is an online accounting and bookkeeping service dedicated to small business owners.

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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. Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2022 that are phased out over varying levels of adjusted gross income (AGI). million in 2023).

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ThomsonReuters

OCTOBER 30, 2024

← Blog home The 2024 State of the Corporate Tax Department report by the Thomson Reuters Institute, in collaboration with tax executives, highlights the challenges and opportunities facing tax departments today. Read the full Thomson Reuters Institue 2024 Corporate Tax report.

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Accounting Today

MARCH 7, 2024

President Joe Biden will propose increasing the minimum tax rates paid by major U.S. and multinational corporations to 21% and eliminating breaks for companies with high-paid executives in his election-year State of the Union address on Thursday night.

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FusionCPA

NOVEMBER 24, 2020

US corporations are taxed at a rate of 21 percent by the United States government. In 2019, corporate income tax brought in $230.2 In 2017, the Tax Cuts and Jobs Act reduced the corporate tax rate from 35 percent down to its current rate. This is about 6.6 percent of all federal revenue.

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ThomsonReuters

MAY 15, 2024

These disruptions have a significant impact not just on logistics and delivery times, but also on corporate tax implications. Understanding the interplay between these factors is crucial for tax and trade professionals across multinational corporations.

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Cherry Bekaert

MAY 3, 2024

Therefore, a well-thought-out global tax management strategy will be imperative to the success of your global business activities. With proper tax planning a company is able to reduce its worldwide effective tax rate as it expands overseas. blocker corporations for U.S. tax return. Example: If a U.S.

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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. Still, the failure to recognize the importance of proper tax planning adds up. So what should business owners do?

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CPA Practice

SEPTEMBER 11, 2024

Tax Rates Report provides early, accurate notice of the potential tax savings that could be realized due to increases in deduction limitations, upward adjustments to tax brackets, and increases to numerous other key thresholds. Act that affect tax planning for corporate taxpayers in certain industries.

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Wellers Accounting

FEBRUARY 21, 2025

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

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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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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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CTP

NOVEMBER 16, 2021

Depending on what assets they had when they made the S election, the company may have built-in gains tax. If there are built-in gains from the time they converted, that means that even though you’re selling an S corporation asset, you will be subject to the 21% C corporation tax rate.

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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. Another 35% is spent on core activities, such as reviewing and signing corporate tax returns, managing tax advisory work, managing risk and communicating with stakeholders.

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ThomsonReuters

JANUARY 21, 2022

It’s a new year and that means new tax laws and other tax changes. Below are changes that take effect this year, along with other tax planning information. First off, the deadline to file individual tax returns is April 18. Other deadlines are: January 17, 2022 : 4th quarter 2021 estimated tax payment due.

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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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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. These are just a few examples, and the expertise of a specialized tax and accounting firm goes beyond industry specifics.

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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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CPA Practice

JUNE 10, 2024

Falbo leads the firm’s High Net Worth Group, where he advises high-net-worth individuals and private companies as they navigate issues related to corporate tax planning, entity selection and structuring, and wealth preservation and transfer. Mike McGivney , a tax partner in the Cleveland office.

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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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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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CPA Practice

SEPTEMBER 18, 2023

His book on the 1969 Tax Reform Act sold 50,000 copies. Among his most lauded publications are multiple editions of “A Practical Guide to Tax Planning,” and “1040 Preparation and Planning Guide,” and his individual and corporate tax refresher courses.

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DMCL

JANUARY 31, 2020

Fraser also specializes in providing audit, review and compilation services for privately held enterprises, personal and corporate tax planning and compliance, and transaction advisory services on business acquisitions, dispositions and other corporate re-organizations.

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ThomsonReuters

JANUARY 19, 2023

Automate and standardize data flow With the right tax data management software , tax professionals can automate and standardize the flow of data. This can significantly reduce corporate tax data collection and preparation time, and boost accuracy. Simplifies data loading and reviewing.

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Cherry Bekaert

JULY 14, 2023

In New York for example, partnerships follow personal income tax rules, not the corporate tax rules for apportionment. There are various reasons why owners may want to opt out of these NRW requirements, including controlling their own internal tax planning process or other administrative reasons.

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ThomsonReuters

APRIL 21, 2024

For corporate tax professionals, navigating the ever-evolving landscape of tax codes and regulations is often a daunting task. Since tax and trade professionals aren’t tied up performing mundane manual tasks, they have more time to focus on critical, intellect-intensive work such as core tax planning and strategic analysis.

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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. Helping to Mitigate Business Taxes.

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ThomsonReuters

OCTOBER 24, 2023

According to the “2023 State of the Corporate Tax Department” report by Thomson Reuters Institute, it is unsurprising that the primary objectives of corporate tax departments for the upcoming year, as indicated by 70% of respondents, revolve around enhancing operational efficiency.

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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. Need tax planning support? to see how we can help.

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CTP

JUNE 10, 2022

If no agreement is ever drawn up and signed, the decision falls to the IRS, and they will likely allocate the sales price so that it results in the biggest assessment of tax. Therefore, a key tax planning move is to advise your client on how to allocate the purchase price and get an optimal agreement in place before the sale is finalized.

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Menzies

OCTOBER 6, 2023

For example, consider a company that has a corporation tax liability of £1 million for the 12-month period ending on 31 March 2024. The Full Expensing first year allowance will effectively reduce the company’s corporation tax liability by £250,000. Who Is Eligible to Claim the Allowance?

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CPA Practice

JUNE 12, 2024

While more strategic tax leaders are most concerned that the 2024 election will result in changes to certain Inflation Reduction Act renewable energy credits, tax tacticians are most concerned about changes to federal corporate tax rates, according to a new survey from top six accounting firm BDO USA.

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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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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. The C corporation shareholder can benefit not only from a reduced 21% corporate income tax rate, but the 1202 exclusion on the sale of their stock as well.

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xendoo

SEPTEMBER 10, 2021

Corporate tax preparation . By relying on this same service for tax planning and preparation, small business owners can have peace of mind that their income and expenses will be recorded accurately when it comes time to file taxes. Financial statements . Financial Reporting and Insights.

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