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.
Are you a business professional who has to gather all your miles to expense for your job? Do you actually have the time to record all the mileage you traveled with your busy schedule?
MileIQ was created in order to alleviate the problems associated with tracking business travel. 55 million U.S. workers have the ability to expense the miles they drive. Using MileIQ comes with features that make it extreme user friendly. Some of these features include:
On October 3rd of 2016, the Internal Revenue Service (hereinafter “the Service”) issued Final Treasury Regulations setting forth guidance on research and development efforts in connection to Internal Use Software (hereinafter “IUS”) for purposes of claiming the Research & Development Tax Credit (hereinafter “RTC”) under I.R.C. § 41.
Most taxpayers are aware that an organization must submit papers to a state official, usually the Secretary of State in order to obtain a corporate charter and file an 1120 tax form as a corporation. However, one must meet all the IRS requirements for corporate status in order to file as a corporation.
First, some background. In founding a Limited Liability Company (LLC) the taxpayer must file with the appropriate state official and receive its charter as an LLC. Read More
While working on the St. Peter 2016/17 Stewardship Campaign it became very clear to me that some very smart endowed good people simply do not know about the various types of charitable contributions that can be created or even simply how to charitably give.
Once you’ve recognized the significance of giving back, you may as well achieve some immediate tax benefits in the process. It all starts with understanding the terminology. Read More
A New York City man pleaded guilty today to a criminal information charging him with tax evasion for tax years 2003 through 2005 and 2007 through 2010, announced Principal Deputy Assistant Attorney General Caroline D. Ciraolo, head of the Justice Department’s Tax Division, and U.S. Attorney Robert L. Capers of the Eastern District of New York.
What is a Canadian federal goods and services tax (GST) account and do I need to register for one?
Previously, we attempted to take the air out of the most common argument owners make for ignoring the planning necessary to successfully exit their companies: They believe that their businesses aren’t worth enough to meet their financial needs. “When it is,” they claim, “that’s when I’ll think about leaving.”
What is the net worth of your business? One way that you, your investors or creditors can tell is by looking at your balance sheet. This financial statement offers a snapshot of the health of your business. It shows your assets versus liabilities and equity. If you’re not sure how to document these financials, read on to learn how to create a balance sheet.
Salim Omar’s goal with the “CPA Practice Growth and Freedom” Intensive is to SHOW YOU (side-by-side in the trenches) how to create a CPA Firm that allows you to dramatically increase the income you earn, to work when and how you want, that gets you quality clients you love working with… and that enables you to live a life of massive personal freedom.
While fiscal consolidation was the key driver of tax reforms in the years following the global economic crisis, the main emphasis of recent tax reforms has shifted back to tax measures aimed at boosting economic growth, according to a new OECD report.