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IRS unveils new rules for corporate tax: What businesses need to know! If you own a business and need help with finding legal strategies to reduce your taxes, find yourself with IRS problems, or just need help getting your taxes prepared accurately, give us a call today at (972) 821-1991.

S-Corps DO pay corporate taxes, in some cases. S-Corps that were previously C-Corps may be subject to various corporate-level taxes. This article explores S-Corp taxation. #TaxTips #TaxStrategies #TaxServices #Evolved #EvolveWithUs https://hubs.la/Q02Clxl00

Confused about Iowa’s new Pass-Through Entity Tax? Read today’s new blog article by Chief Planning Officer Matt Roberts, MFM, CFP®, CAP® “What You Should Know About Iowa’s New Pass-Through Entity Tax (PTET)” for some insight. #TaxLaws #PTET https://lnkd.in/gxSecJPe

Hello Connections !!! Todays share of the US Tax titbits is on Form 966 Why Filing Form 966 is Mandatory: Legal Requirement: It is a legal requirement under the Internal Revenue Code for corporations that are dissolving or liquidating to file Form 966 with the IRS . IRS Notification: Filing Form 966 notifies the IRS of the corporation's dissolution or liquidation, allowing the IRS to properly manage the corporation’s tax records and ensure all tax obligations are fulfilled . Record Updating: It helps the IRS update its records, preventing future tax filings for a corporation that no longer exists, which can avoid unnecessary penalties and issues. 1. Timely Filing: Form 966 must be filed within 30 days of the adoption of a resolution or plan to dissolve or liquidate the corporation  2.Resolution or Plan Details: Ensure that the resolution or plan for dissolution is properly documented and include the date of adoption on Form 966  3.Accurate Information: Provide complete and accurate information about the corporation, including the Employer Identification Number (EIN), the date of incorporation, and the state of incorporation. 4.Notification to IRS: Use Form 966 to notify the IRS of the corporation's intent to dissolve or liquidate, which assists in updating the IRS records and facilitates the winding-up process. 5.Compliance with Tax Obligations: Ensure that all federal tax obligations are met, including filing final tax returns and paying any outstanding taxes.

Businesses in 2024 continue to contend with unfavorable tax law changes and reconfigured deductions from the last few years. Meanwhile, the IRS has strengthened its enforcement capabilities by upgrading its technologies and building its workforce, underscoring the importance of compliance and accurate reporting. This guide is a helpful tool to manage your businesses federal taxes for 2024.

Corporate Income Tax Nexus: Corporate income tax nexus is a legal concept that determines whether a corporation has enough connection (nexus) with a state to be subject to that state's corporate income tax. In simpler terms, it answers the question: Does a corporation need to pay income tax to a specific state? Here's a breakdown of the key points: Not all states where a corporation does business require income tax: Just because you sell products or services in a state doesn't automatically mean you owe income tax there. Nexus establishes a connection: Each state has its own rules for determining nexus, but it generally involves having a certain level of physical presence or economic activity within the state. Physical presence nexus: This might involve having an office, employees, or inventory located in the state. Economic nexus: This focuses on the volume of economic activity within the state, such as exceeding a certain threshold of sales or gross receipts. Impact of nexus: If a corporation has nexus in a state, they are typically required to register with the state's tax authority and file corporate income tax returns, even if all their profits are earned elsewhere. Why is corporate income tax nexus important? - Compliance: Understanding nexus helps corporations avoid penalties for non-filing or underpayment of state income taxes. - Planning: Knowing which states you have nexus in allows for better tax planning and budgeting. Things to consider: - Nexus rules vary by state: Each state has its own specific rules and thresholds for determining nexus. - Supreme Court decisions: Landmark court cases like Quill Corp. v. North Dakota have impacted state nexus rules for online businesses. For more such posts, follow me (CA. Yashu Jindal) #usaccounting #ustax #corporatetax #irs #federaltax

#REDW #taxadvisors Tax laws are intricate – our team at REDW is here to help! Stay informed on Arizona's #PTE tax in 2024. 🌵 Navigate the complexities with the help of our trusted experts. Jeanna Schenk has the latest update. #taxes #Arizona

This week’s tax map will consider the effects of an alternative form of corporate taxation, known as the gross receipt tax (GRT) https://bit.ly/3WRQfYH

An extension will give you six additional months to organize your tax records and finalize your tax details. #TaxSeason #taxes #taxes2024 Read More: https://lnkd.in/g67ThMaU

How to avoid audit risks filling for a business tax extension https://ow.ly/Z3AN50R71V0