Tag Archive for Corporations

The Power Of AKORE TaxCalendar For Tax Professionals

Tap Into The Power Of AKORE Tax Calendar

We toured the Akore TaxCalendar and discovered how easy it is to organize every imaginable tax return tax professionals are responsible for around the world. The software is easy to use which is the number one feature tax professionals look for in a tax calendar organizer. Akore TaxCalendar is also the most affordable tax calendar on the market because it and does not charge expensive onboarding fees as its competitors. They do not charge you anything for onboarding and they will do the work for you!

The Akore TaxCalendar comes in two versions: Corporate and Public Accounting. The corporate version enables easy customization to include every tax and deadline worldwide. It even gives you advance email updates and reminder notifications for tax due dates so you do not miss tax deadlines. The public accounting version enables you to list all your tax clients and manages your entire client base and tax practice year to year.

We highly recommend you contact Akore TaxCalendar today to set up your private tour. They will show you how easy it is to transfer all your tax information into the Akore TaxCalendar. They will even do the onboarding for you through your cloud server or set up a cloud server for you! The Akore Team will save you time and money.

Request A Tour Today

https://akoretax.com/tap-into-the-power-of-akore

 

Written by | Posted in Akore TaxCalendar

Rethinking Entity Choice In Light of Tax Cuts And Jobs Act

Until the inception of the Tax Cuts and Jobs Act, entity selection by businesses was a fairly easy decision.  In most cases, businesses chose a form of pass-through entity, given the high tax rate of thirty-five percent given to C corporations in the past.  With the new changes brought forth in TCJA, and the lower tax rate of twenty-one percent, change is in the air.  But what are the benefits of considering C corporation status?  Unless you are a very large company, determining if you should change from a pass-through structure to a C corporation will not be an easy one.  Read More

Written by | Posted in Business

Take Advantage Of Higher Tax Rates—Before It’s Too Late

On December 2, 2017, the Senate passed the Tax Cuts and Jobs Act, a sweeping tax reform bill that seeks to reduce tax rates for corporations and individuals following a strategy outlined in our previous Alert. A similar tax bill was passed by the House of Representatives on November 16, 2017. The White House and Congressional leadership plan to have a unified tax reform bill ready for the president to sign into law before the Christmas holiday. Read More

Written by | Posted in 2017 Tax Bill • Tax Cuts and Jobs Act

How Should A Company Respond To IRS’s “Agreement of Facts” IDR?

Kevin Johnson, Tax Advisor

The IRS, within the last year or so, has begun issuing a final Information Document Request that requests the taxpayer to agree to underlying facts relating to an issue under audit (the Facts IDR).

My general advice to clients is to not respond to the Facts IDR.

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Written by | Posted in Corporate • IRS

IRS Form 5472 – What Expats Need To Know

IRS form 5472 is a U.S. filing requirement that affects some Americans living abroad who own or part-own corporations.

Form 5472 must be filed by U.S.-registered corporations that are 25% or more owned by a foreigner, and foreign corporations that trade in the U.S., that make any ‘reportable transactions’ during the filing period. A ‘reportable transaction’ typically means that they have received or transferred any money or assets. Read More

Written by | Posted in Expatriate

Canadian Tax Help – Corporate Departure Taxes

Grant Gilmour

Are there any consequences when a corporation leaves Canada and takes up residence in a new country?

Generally, a corporation is a resident of Canada if its central management and control is exercised from Canada. When this stops occurring, the corporation is considered to be a non-resident of Canada, regardless if initially incorporated in Canada or not. This can result in taxes owing.

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Written by | Posted in International

Personal Services Provided By U.S. Person Coming To Canada

Larry Stolberg

Similiar to the U.S. rules, Canada may tax personal services provided in Canada by U.S. persons who are not residents of Canada for income tax purposes. The provisions governing this are regulations 102, 105 and section 115 of the Income Tax Act (‘ITA”).

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Written by | Posted in International

International FAQ #29 – Foreign Accrual Property Income

Grant Gilmour

What is Foreign Accrual Property Income (FAPI) and what affect does it have on my corporate taxes?

If you are a Canadian resident and own a foreign corporation that earns passive income, the income needs to be reported on your Canadian tax return even if you never received the funds. However, if the foreign corporation has a loss, the loss is not allowed to offset any other income you have for the year. Instead, the loss can be carried back three years against previous FAPI or forward 20 years against future FAPI.

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Written by | Posted in International

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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Written by | Posted in Tax Provision/Tax Reporting

Income 54: Shareholders of Partnerships and S Corporations

John Dundon

The Colorado Department of Revenue has finally revised its guidelines in FYI Income 54 regarding people who do not live in Colorado but are partners and/or shareholders of partnerships and/or S corporations in Colorado, ensuring that pass-through entities pay Colorado income tax on their Colorado-source income. This Enrolled Agent says “About Time!”

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Written by | Posted in Corporate

New Filing Dates For 2016 U.S. Tax Returns

Ron Marini

On July 31, 2015, President Obama signed into law P.L. 114-41, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015,” which includes a number of important tax provisions, including revised due dates for partnership, S corporations and C corporation returns and revised extended due dates for some returns.

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Written by | Posted in Tax Filing

U.S. Taxation of Entities, Associations, and Partnerships: What’s Your “Situs” Roger?

In the U.S. tax system, there is no characteristic of associations or entities (partnerships, corporations, and trusts) that corresponds exactly to the “nationality” or “residence” of individuals. For most organizations, however, there is a place – or at least a distinct legal environment – that establishes their existence and identity. This place, sometimes referred to as an entity’s “situs”, bears heavily on its taxation.

Corporations

The situs of a corporation is inextricably tied to the country of its incorporation. To that end, two simple words define the tax treatment of a corporation: “domestic” and “foreign.” A “domestic” entity (including a partnership or a corporation) is one “organized in the United States under the laws of the United States or of any State.” § 7701(a)(4). Colloquially, Read More

Written by | Posted in Corporate • Estate Planning Tax • Partnership
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