TaxConnex

MARCH 30, 2023

The embattled bill, now in committee, was introduced early this year to replace the federal income tax. What’s at stake for the revenue of states that already have their own sales tax? The provisions This bill imposes a national sales tax on the use or consumption in the U.S. What’s in the bill? The big view?

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Anders CPA

MAY 15, 2023

This changing employment landscape requires employers to reassess their payroll tax withholding processes to ensure you are withholding the proper amount of state, local and unemployment taxes from your employees’ wages. Below we dive into the state and unemployment tax responsibilities employers need to know.

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CPA Practice

FEBRUARY 2, 2023

This is known as the tax-inclusive tax rate,” William Gale, a Senior Fellow at the Brookings institute, explained when the idea was first proposed. Georgia Rep. 25 , or the Fair Tax Act. The rate of the sales tax will be 23% in 2025, with adjustments to the rate in subsequent years.

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LyfeAccounting

APRIL 22, 2021

This basically means Amazon got a federal tax refund for millions of dollars. Over 91 Fortune 500 companies, including Nike, Netflix, and FedEx, don’t pay much in federal income tax, if at all. In this post, we’ll be uncovering how Amazon was able to completely write off taxes. How to Write Off Taxes Like Amazon.

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ThomsonReuters

FEBRUARY 1, 2021

Mundaca and Melissa Oaks , Senior Manager at Thomson Reuters , recently discussed the prospects for Biden’s tax proposals—and how corporate taxpayers can prepare—on the Tax & Tech Talks podcast. Tax Proposals. With respect to corporations, Biden proposed: Increasing certain overseas income of U.S. multinationals.

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ThomsonReuters

DECEMBER 14, 2020

Three COVID-19 relief bills enacted in 2020 had wide-ranging tax implications for companies, Oaks noted—the CARES Act, the Families First Coronavirus Response Act, and the Paycheck Protection Program Flexibility Act. 5 election for Georgia’s two Senate seats. Bigger tax proposals just won’t advance at all.”.

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Withum

NOVEMBER 6, 2024

Reclassification of income: The IRS may reclassify a portion of the shareholder distributions as wages, subjecting them to payroll taxes. This includes Social Security, Medicare, and federal unemployment taxes. Reclassified income results in back taxes, creating unexpected financial liabilities for the firm.

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