Archive for January 7, 2021

Starting A Business In Texas: Choice Of Entity

Starting A Business In Texas: Choice Of Entity

Business owners in the State of Texas face a lot of tough decisions.  Perhaps the most significant of these decisions is the choice of entity the business will utilize while conducting its operations.  Similar to many other states, the State of Texas offers its business owners and entrepreneurs several options.  This Insight provides a summary of the tax and non-tax implications of each potential entity.

Sole Proprietorship. 

It may surprise you to learn that starting a business in Texas sometimes does not require any formal organization paperwork at all.  For example, a business owner or entrepreneur may begin conducting business in Texas under his or her own name.[i]

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Written by | Posted in Choice Of Entity • Start New Business • Texas

Tax Treaties: United States And Italy

Tax Treaties: United States And Italy

Quick Summary.  Located on Southern Europe and bordering the Mediterranean Sea, Italy is a parliamentary republic with 20 administrative regions and a capital at Rome.

In 2020, Italy introduced a new digital service tax.  In addition, other recent measures include replacement of its hyper and super tax depreciation regimes with a tax credit regime, a corporate equity deduction, and certain step-up provisions for business assets.

Italian corporations are subject to a corporate income tax (imposta sul reddito sulle società) and a regional production tax (mposta regionale sulle attività produttive).  Individuals are subject to income tax (mposta sui redditi delle personne fisiche).

Italy is a member of the European Economic Community (EEC) and North Atlantic Treaty Organization (NATO), the United Nations (UN), World Trade Organization (WTO), and Organisation for Economic Co-operation and Development (OECD).

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Written by | Posted in Tax Treaties: United States And Italy

TaxCalendar Organizes All Tax Returns Securely In The Cloud

AKORE Tax Calendar Software

An easy to use and affordable Tax Calendar is being adopted by corporate tax organizations and tax services firms today. Having the luxury of a high performance tax calendar that covers every imaginable tax is a welcome tool to manage any tax organization. The Akore TaxCalendar is considered by Fortune 500 companies and tax services firms as the consummate tool to tracks all tax returns.

Request a complimentary tour and Akore will show you how to get all your tax returns organized.  You even receive email reminders so you are never late on tax filings. The Akore Tax Calendar can be stored in your company cloud or a secured cloud provided by the team at Akore.

They offer two Tax Calendar software versions geared to corporations and another for tax practices. Best of all, it is the least expensive Tax Calendar software on the market!  Special Note: Akore provides the onboarding for free while competing software may charge onboarding fees that can run into thousands.

Request A Tour To Get All Your Corporate, Partnership And Individual Tax Returns Organized For 2020/2021 And Beyond

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Eligible Paycheck Protection Program Expenses Now Deductible

Eligible Paycheck Protection Program Expenses Now Deductible

The Treasury Department and the Internal Revenue Service issued guidance PDF today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP).

Today’s guidance, Revenue Ruling 2021-02 PDF, reflects changes to law contained in the COVID-related Tax Relief Act of 2020, enacted as part of the Consolidated Appropriations Act, 2021 (Act), Public Law 116-260, which was signed into law on December 27, 2020.

The COVID-related Tax Relief Act of 2020 amended the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to say that no deduction is denied, no tax attribute is reduced, and no basis increase is denied by reason of the exclusion from gross income of the forgiveness of an eligible recipient’s covered loan. This change applies for taxable years ending after March 27, 2020.

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Written by | Posted in Deductible Expenses • Eligible Paycheck Protection Expenses • IRS Notice