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Archive for Tax Provision/Tax Reporting

CFOs And Tax Executives Invited To Complimentary International Tax Provision Webinar – Friday, November 2, 2018

Tax Webinar- Corporate International Tax Provision

Complimentary International Tax Provision Webinar

Friday, November 2nd 2018

ASC 740 International Under The Tax Cuts And Jobs Act

A provision for income taxes is the estimated amount that a business or individual taxpayer expects to pay in income taxes for the current year. The proportional size of a corporate tax provision can vary significantly from corporation to corporation, based on their tax planning abilities.

The provision for income taxes on an income statement is the amount of income taxes a company estimates it will pay in a given year. Typically, this is represented quarterly with each earnings report on the company’s income statement. Income taxes are paid annually, but businesses will generally pay their estimated tax quarterly.

The corporate tax provision is something that CFOs and their corporate tax executives take seriously. The key for corporate executive management teams is to maintain an open and ethical relationship with the IRS, stay within the law and implement tax savings strategies that minimize taxes and increase profits.

International tax savings strategies that set up companies in countries in lower tax jurisdictions, including acquisitions of a company in a foreign jurisdiction to lower tax rates gain a lot of attention from the IRS and foreign auditors. Understanding the international tax provision under tax reform is what this webinar is all about. You are invited to attend a complimentary webinar on international tax provision by leading international corporate tax provision expert Nick Frank.

Complimentary Webinar Registration On November 2nd 2018

ASC 740 International Under The Tax Cuts And Jobs Act

The Tax Provision And The Tax Cuts And Jobs Act: Complimentary Training Webinar For Tax Professionals

Nick Frank, Instructor, Tax Provision Webinar

On Friday, July 20th 2018 TaxConnections invites tax professionals working in corporate tax departments to learn from nationally recognized tax provision instructor Nick Frank. After working with sophisticated tax software in Big Four and a Fortune 500 company, Nick developed a program to simplify the tax provision process.

For those of you who have attended his previous webinars through TaxConnections invitations, you now understand why Nick is such a fantastic instructor of the corporate tax provision. After personally interviewing thousands of tax professionals responsible of the corporate tax provision, and learning the pain tax professionals experienced preparing the tax provision, it was important to identify a solution that makes life easier for tax professionals.

If you have not had the opportunity to participate in one of Nick Franks tax provision webinars, please do so with our compliments. All you need to do is register here, show up and take great notes.

If you are unable to make this last part in the series, and want to register for the next 4 part series, register for this one today and we will invite you to the next series to learn all four parts.

 

 

Step By Step Instructions How To Do A Corporate Tax Provision – Complimentary Webinar Friday June 15th

Nick Frank, Tax Prodigy CEO, Tax Provision Software

Nick Frank, Tax Prodigy CEO teaches Accounting For Income Taxes as an Adjunct Professor at the University of Minnesota – Carlson School of Management. We asked Nick to teach corporate tax professionals step by step how to do the tax provision and simplify the tax provision process.

If you attended the Corporate Tax Executives Call In Conference we hosted last month, you would have heard consultants say that many tax professionals are unprepared for the Tax Cuts And Jobs Act. Registering for this complimentary webinar for corporate tax professionals is an ideal best solution in preparation for the tax provision and the Tax Cuts And Jobs Act.

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OECD Releases Country-by-Country Reporting Implementation Status And Exchange Relationships Between Tax Administrations

William Byrnes, Tax Advisor

A further step was taken to implement Country-by-Country Reporting in accordance with the BEPS Action 13 minimum standard, through activation of automatic exchange relationships under the Multilateral Competent Authority Agreement on the Exchange of CbC Reports (“the CbC MCAA”).

Over 1000 automatic exchange relationships have now been established among jurisdictions committed to exchanging CbC Reports as of mid-2018, including those between EU Member States under EU Council Directive 2016/881/EU.

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Business Entity Selection And Tax Consequences Of Converting

John Dundon

For this post, Brandon Rains, founder of the Rains Laws Firm and an expert on business formation, espouses his observations about business structure changes and I address the income tax reporting requirements of those changes therein.

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A Practical Guide To The Enhanced R&D Tax Credit Program For Eligible Small Businesses And Eligible Start-Ups

Peter Scalise

The Federal-Level Research and Development Tax Credit Program (hereinafter “RTCP” or “RTC”) was originally enacted into the Internal Revenue Code (hereinafter “the Code”) through the Economic Recovery Tax Act of 1981 as a temporary provision of the Code at a time when research and development jobs were significantly declining throughout the United States. Notably, the RTCP was introduced into the Code to encourage businesses to invest in significant research and development efforts with the high expectations that such an advantageous tax incentive program would facilitate in stimulating economic growth and investment throughout the United States and prevent further jobs from being outsourced to other countries.

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A List Of Provisions Expiring In 2016

Harold Goedde

Unless Congress passes legislation to extend them, the following provisions are set to expire on December 31:

2016:

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Tax Prodigy – Tax Provision Software Making Your Job Easier

Taxes are complex. Accounting for income taxes, the ASC 740, is difficult. But with Tax Prodigy, the process becomes easy, comprehensive, and accurate. If you have the tools to help you, why would you choose to ignore them?

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Whitepaper- Controlling the “Out-of-Control” Tax Provision Or How to Make Your Auditors Love You & Your Tax Provision!

The PCAOB is using the type of logic that made you feel clever in 4th grade when you finally grasped that a square is a rectangle but a rectangle is not necessarily a square.

The general premise of the PCAOB is this; Restatements will most likely arise when there are material weaknesses in the internal controls environment. But the existence of a material weakness won’t necessarily lead to a restatement.  In other words, you might still get things right in spite of poor internal controls.

If this logic holds true, there should be more general control issues (e.g., significant deficiencies) than material weaknesses and similarly more material weaknesses than financial restatements.  In 2015 this did not hold true. Here is a troubling pattern:

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Charitable Contribution Incentives In PATH Act

John Stancil

The Protecting Americans from Tax Hikes Act (PATH) contains a number of tax provisions that are designed to reduce the amount of taxes paid by United States taxpayers. This act was signed by the President in December 2015. The provisions in the act are not new incentives, but made existing incentives permanent. This can be seen as somewhat significant as there is sentiment in Congress and elsewhere to reduce the tax benefit from charitable contributions. I would add that “permanent” in tax lingo means the provisions do not expire, but may be changed at any time by Congress.

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Tax Brackets, Deductions, And Exemptions For 2016

More than 50 tax provisions, including the tax rate schedules, and other tax changes are adjusted for inflation in 2016. Let’s take a look at the ones most likely to affect taxpayers like you.

The tax rate of 39.6 percent affects singles whose income exceeds $415,050 ($466,950 for married taxpayers filing a joint return), up from $413,200 and $464,850, respectively. The other marginal rates–10, 15, 25, 28, 33 and 35 percent–and related income tax thresholds–are found at IRS.gov.
The standard deduction remains at $6,300 for singles and married persons filing separate returns and $12,600 for married couples filing jointly. The standard deduction for heads of household rises to $9,300, up from $9,250. Read more

Washington National Tax Alert

TaxConnections Member Peter Scalise

On December 15th of 2015, House Speaker Paul Ryan, R-Wis., announced to the Republican lawmakers during a conference meeting that negotiators have reached an agreement in principle on a tax-extenders package worth approximately $800 billion. In addition, an agreement was also reached that would fund the federal government through September 30th of 2016. The bills are expected to arrive on the House floor as early as December 17th with the Senate consideration expected before Congress adjourns for recess.

As a synopsis, the proposed tax-extenders package called for making permanent a number of tax extenders equally split 50-50 between business entities and individuals. Under the proposal, the tax-extenders package would make permanent the Research and Development Tax Credit Program; I.R.C. § 179 Read more

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