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Archive for Corporate

Choosing Between A ‘C’ OR ‘S’ Corporation – Weighing Tax Attributes

Ron Oddo

Question most CPAs as to what business form they suggest for the business clients and they typically answer, “A C Corporation—at least in the early capital formation years of the business.” Ask any Investment Banker or other Transaction Advisor what entity they prefer and you will likely hear, “An S Corporation or LLC (Limited Liability Company), or perhaps a partnership or sole proprietorship. Anything, anything, but a C Corporation!”

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Important Change: When are Corporate/Partnership Tax Returns Due?

Monika Miles

Do you take notice when it comes to new California tax laws and updates? Here is one that taxpayers and tax preparers alike will want to pay attention to.

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They Could Have Used A Captive Insurance Company: Blue Bell Ice Cream

Blue Bell is often referred to as Texas’ ice cream. It is sold in many restaurants and is prominently displayed in most local grocery stores. Blue Bell has also suffered from several product recalls over the past several years. Last year, they recalled a large amount of product due to a listeria contamination at their Brenham, Texas facility. And now there is news of another recall.

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Good Corporate U.S. Tax Planning Gone Awry?

Ron Marini

A new report released this week by Citizens for Tax Justice (CTJ), the Institute of Taxation and Economic Policy (ITEP) and the US Public Interest Research Group (PIRG) posits that Fortune 500 (US-based) companies have stashed away close to $2.5 trillion in offshore accounts in an effort to reduce their tax burdens.

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Corporations: Changes For 2016

Manasa Nadig

One of the most positive aspects of my job is to talk to people who come in with their start-up ideas. Whether those are tried & tested ideas or totally out of the box schemes, the excitement at starting something new is always palpable. It’s like planning a baby’s room or buying a new house.

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Canadian FAQ #201 – Types of Losses

Grant Gilmour

Tax Question:

Can I apply corporate losses against profits?

Facts:

When a corporation incurs a loss it can carry that loss back three years or forward a set number of years depending on the type of loss.

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Extended Filing Requirements For IRS Form 5472

On May 23, 2016, Internal Revenue Bulletin 2016-21 was released which proposes amendments to the regulations governing IRC 6038A.

The regulations are proposed to be applicable for taxable years ending on or after the date that is 12 months after the date these regulations are published as final regulations in the Federal Register.

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Tax-Free Sales Of Corporate Stock

One day, you had an idea for a business. Acting on your dreams, you formed a corporation and opened a business. As it turned out, your business was highly successful but now you would like to step back, sell your stock, and enjoy the fruits of your labors. But you hesitate because you really don’t want to pay such a huge tax bill.

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Income From Business Or Property

Larry Stolberg

The taxation of corporate income from the rental of storage facilities appear to be a common business under regular review just like the motel/hotel and rental management business.

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Selecting Your Exit Goals

Ronald Oddo

When a man does not know which harbor he is heading for, no wind is the right wind.” —Seneca

The starting point for any type of plan is defining its goals. In the case of planning a business exit that means knowing what it means to “exit your business in style.”

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EU Commission Ante’s Up Texas Hold’em Bet, $13 Billion Against Apple

William Byrnes

The European Commission has concluded that Ireland granted undue tax benefits of up to €13 billion to Apple. This is illegal under EU state aid rules, because it allowed Apple to pay substantially less tax than other businesses. Ireland must now recover the illegal aid.

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Canadian FAQ #200 – Corporate Tax Filing Deadlines

Grant Gilmour

Tax Question:

When is my deadline to file my corporate tax return, and if I miss the deadline, what are the consequences?

Facts:

All companies have six months from the end of their fiscal year to file their T2 corporate tax return.

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