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. Why Do So Many Companies Incorporate in Delaware?

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CPA Practice

MARCH 21, 2024

Soroban Capital Partners (“Soroban”) is an investment firm which converted to a limited partnership from an LLC under Delaware Law with Soroban Capital Partners GP LLC (“Soroban GP”) being the general partner. Bradlow is a Partner and Chair of the Tax Practice Group at DarrowEverett LLP , a full-service business law firm.

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Cherry Bekaert

MAY 6, 2024

In this article, we will discuss three popular deferral options for sellers: 1031 exchanges Delaware Statutory Trusts Opportunity Zone investments 1. Delaware Statutory Trusts (DSTs) Delaware Statutory Trusts offer another avenue for deferring gains on real estate sales.

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Real Estate Delaware Tax tax return 96

CPA Practice

JUNE 26, 2023

on July 1, after the sixth largest accounting firm in the nation by revenue officially changes from its current partnership structure to a professional services corporation based in Delaware. Even though partnerships aren’t taxed, they must file a tax return each year unless the partnership has no income or expenses.

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Shay CPA

DECEMBER 7, 2022

Don’t assume you’re off the hook until you have written confirmation from the appropriate authorities that your tax accounts are shut. . File away R&D tax credit and pandemic aid documentation. Copies of all tax returns and accounting records for the R&D credit year. File a final corporate tax return.

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Anders CPA

MAY 23, 2023

State Payroll Reciprocity Agreements It’s possible for remote or out-of-state workers to be taxed twice, but this double taxation can be resolved by the taxpayer when preparing their state tax returns. The taxpayer would then be refunded for taxes withheld unnecessarily from their paycheck.

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CPA Practice

JULY 5, 2024

1, 2024, to file various federal individual and business tax returns and make tax payments. 1, 2024, deadline also applies to any payment normally due during this period, including the quarterly estimated tax payments due on June 17, 2024, and Sept. These taxpayers now have until Nov.

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Oklahoma tax return income tax Delaware 59

CPA Practice

MAY 17, 2023

Most states tax personal property owned by businesses and require businesses to complete and file a personal property rendition every year. The exceptions to that rule are Delaware, Hawaii, Illinois, Iowa, Minnesota, New Hampshire, New Jersey, New York, North Dakota, Ohio, Pennsylvania, and South Dakota.

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ThomsonReuters

JUNE 14, 2021

The IRS has posted a June 2021 draft version of the Form 941 , Employer’s Quarterly Federal Tax Return, instructions that take into account the amended and expanded coronavirus (COVID-19) pandemic tax credits and the new COBRA premium assistance credit from the American Rescue Plan Act (ARPA). Significant tax bill passed.

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CPA Practice

APRIL 14, 2023

have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 tax returns yet. People face a July 17 deadline to file their returns. million people across the U.S.

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CPA Practice

APRIL 13, 2023

have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 tax returns yet. People face a July 17 deadline to file their returns. million people across the U.S.

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inDinero Tax Tips

JANUARY 16, 2024

Important Tax Deadlines for Businesses You should always keep in mind the importance of these dates. They represent the filing deadline, the final day for submitting your business tax returns. Missing these tax payment deadlines might result in penalties or interest charges. What Is a Tax Extension?

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Tax tax return payroll tax Delaware 52

KROST

MAY 11, 2021

While the benefits can be retroactively claimed if missed on previous tax returns, many miss out on the credit or deduction due to the temporary nature of the provisions. The post Going Green for the Green: Federal Tax Incentives for Energy Efficient Building appeared first on KROST.

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Real Estate Tax Delaware tax return 52

Withum

SEPTEMBER 6, 2024

The trust is recognized as an independent legal entity and bears the responsibility for paying income taxes, the amount of which is dictated by the state in which the trust is created. Notably, states such as Delaware, Nevada, and South Dakota levy no income tax, while other states impose a varying range of progressive income tax structures.

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New Jersey income tax Tax New York 59

CPA Practice

APRIL 10, 2023

States typically take one of five different approaches to taxing accommodations: A single, statewide tax on accommodations but no additional local taxes (e.g., Connecticut, Maine, New Hampshire) A combined state/local sales tax on accommodations and local jurisdictions can impose an additional local accommodations tax (e.g.,

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KROST

MARCH 16, 2021

2020-25, allowing taxpayers to file a change of accounting method using Form 3115 with the current year of income tax return filing to catch up on the missed depreciation on qualified improvement property. To help taxpayers implement the change, the IRS released Rev.

Real Estate 52

Real Estate tax return Delaware Tax 52

KROST

JANUARY 13, 2021

Hence, taxpayers in those states will have to report depreciation recapture on their state tax returns and will not be able to take bonus depreciation on the incidental personal property received in the exchange to offset the state tax burden. Federal vs. State. New Provision to the Proposed Regulations.

Real Estate 52

Real Estate tax return Tax Delaware 52

Shay CPA

FEBRUARY 28, 2024

While you’re putting some energy into gathering up the documents you need, grab a copy of your 2022 tax returns. Gusto, Justworks) Rent (including WeWork/coworking spaces) Taxes (e.g., Delaware Franchise Taxes) Training/education Utilities (e.g., Loom, Linkedin, Amazon Prime) Employee benefits (e.g.,

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Tax CPA bookkeeping tax preparation 52

Shay CPA

DECEMBER 27, 2023

Submit your final tax filings Some states (including Delaware) require you to get fully paid up on your taxes before you can dissolve your corporation. You might need to pay the current calendar year’s franchise tax before you can officially close up shop, for example. The post Shutting Down Your Tech Company?

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ThomsonReuters

JULY 10, 2023

Sales tax varies by state As noted earlier, sales tax can be an important source of revenue for governments at the state and local levels. This is a point where it can get confusing for businesses as local sales tax varies by state. Manufacturers, distributors, suppliers, and retailers all collect VAT on taxable sales.

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Sales Tax Michigan Washington 98

Shay CPA

FEBRUARY 15, 2023

While you’re putting some energy into gathering up the documents you need, grab a copy of your 2021 tax returns. Gusto, Justworks) Rent (including WeWork/coworking spaces) Taxes (e.g., Delaware Franchise Taxes) Training/education Utilities (e.g., Loom, Linkedin, Amazon Prime) Employee benefits (e.g.,

Tax 52

Tax CPA bookkeeping tax preparation 52

ThomsonReuters

DECEMBER 17, 2021

It will have impact across multiple jurisdictions, increase the number of tax returns they need to file, and may require additional disclosures in some countries. Tax leaders need to diligently prepare their department for these changes.”. © 2021 KPMG LLP, a Delaware limited liability partnership and the U.S.

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Tax corporation tax Delaware Washington 52

ThomsonReuters

JUNE 11, 2024

Convenience of employer Convenience in the employer rule states that payroll tax is withheld and paid where the employer is located, not necessarily where the employee is working. Currently, only a few states have adopted the convenience of the employer rule, including New York, Connecticut, Delaware, Nebraska, Pennsylvania, and New Jersey.

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accounting firms accounted Account accountant 59

ThomsonReuters

FEBRUARY 6, 2024

The owners include their allocated share of the businesses’ profits in their income tax return and pay the ordinary individual income tax. businesses that are not subject to the corporate income tax because they are taxed as “pass-through” entities. In short, there are U.S.

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LyfeAccounting

JULY 23, 2021

One is just paying the capital gains tax which a lot of people do to avoid the stress of finding a property. Or, you can put your 1031 money in a Delaware Statutory Trust or “DST”. So you would report the 1031 transaction on Form 8824 and include it with your tax return.

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Real Estate Tax tax return cpas 52

inDinero Tax Tips

MARCH 13, 2023

Some states, such as California, allow for fast-track conversions that let you convert LLC to C corp in another state, such as Delaware. The IRS classifies that $20,000 as income, and the LLC partners will need to pay income taxes on it as soon as possible. The IRS also expects a tax return from the now-dissolved LLC.

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income tax Non-Profits payroll tax Tax 52

inDinero Tax Tips

MARCH 13, 2023

Some states, such as California, allow for fast-track conversions that let you convert LLC to C corp in another state, such as Delaware. The IRS classifies that $20,000 as income, and the LLC partners will need to pay income taxes on it as soon as possible. The IRS also expects a tax return from the now-dissolved LLC.

income tax 52

income tax Non-Profits payroll tax Tax 52

Shay CPA

DECEMBER 2, 2022

R&D Tax Credits: Did you know that if your startup conducts R&D activities it can qualify for up to $500,000 in Payroll Tax Credits? The R&D credit application (form 6765) filed with a timely filed tax return can provide your startup with additional runway to either invest back into the company for a key hire.

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TaxConnex

JUNE 6, 2023

states (plus the District of Columbia) have a sales tax on most tangible personal property and certain technologies like Software as a Service (SaaS). As a seller you’ll likely register for either sales tax or seller’s use tax. Some states also have different tax returns that you must file for these different tax types.

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ThomsonReuters

APRIL 12, 2021

analyze (corporate) financial statements and tax returns and look for holes where they can apply penalties to fill in some of those gaps.”. More outsourcing: Companies are outsourcing routine tasks and shifting focus to strategic indirect tax activities.

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CPA Practice

DECEMBER 11, 2023

By Matt Hamilton, Los Angeles Times (TNS) Hunter Biden, the president’s son, was indicted Thursday in Los Angeles on several federal tax charges, marking the start of a second criminal case that will proceed during his father’s reelection campaign. attorney in Delaware, as special counsel.

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Delaware Tax tax return California 52

CPA Practice

APRIL 19, 2023

By Evan Rosen, New York Daily News (TNS) The White House released President Biden’s tax returns on Tuesday, showing he and the first lady recorded an income of about $580,000 in 2022, just below their total from 2021. The release came Tuesday, the deadline for Americans to file their taxes with the IRS. for the first couple.

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income tax Tax Virginia Delaware 52

Going Concern

JULY 8, 2022

Hammer, who pleaded guilty in August 2018 to one count of filing a false tax return, was the financial officer for various companies controlled by Michael D. CPA William Kawam told a judge on June 30 that he failed to disclose nearly $147,000 of income on his tax returns during a three-year period, authorities said.

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CPA Practice

MARCH 29, 2024

Led by Abbe Lowell, Biden’s legal team contended that intense political pressure from Republican lawmakers and former President Trump had improperly influenced the case, led to the collapse of a plea deal for Biden and prompted prosecutors to “up the ante” and secure far more serious indictments in both Delaware and Los Angeles. “Is

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Delaware Tax tax return Ohio 98

CPA Practice

JANUARY 12, 2024

Biden, a resident of Malibu, was indicted last month in California on nine tax offenses, including failing to pay his taxes on time from 2016 to 2019, filing false and fraudulent tax returns in 2018, and tax evasion. The tax case in L.A.

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CPA Practice

JUNE 22, 2023

Shapley first contacted the House Ways and Means and Senate Finance panels in April, and in May testimony, told the committee that the Delaware U.S. attorney’s office, Justice Department tax division and broader DOJ had provided preferential treatment and failed to check conflicts of interest in the investigation of Hunter Biden.

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Delaware tax return income tax Massachusetts 98

ThomsonReuters

MARCH 1, 2021

The IRS has updated the draft instructions for Form 941, Employer’s Quarterly Federal Tax Return, that accompanies the draft Form 941 posted on January 29, 2021. Both the experienced employers’ unemployment tax rate range and the new employer tax rate increases for Virginia employers in 2021. Unemployment tax relief.

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