CohnReznick LLP’s Post

Don’t leave manufacturing tax exemptions on the table. Learn how a reverse sales and use tax audit can uncover potential tax savings. https://hubs.la/Q02v2K0r0

Manufacturers: Tax credits are (in general) more valuable than tax deductions. Why? Because a credit reduces the company’s overall tax liability on a dollar-for-dollar basis, whereas a tax deduction only reduces the business’ taxable income. Appropriately using both, of course, is the best way to minimize your tax burden overall, understanding that there are specific rules in place to prevent “double-dipping”… specifically, the General Business Credit (GBC). Learn more on the CJBS blog: https://lnkd.in/gN3DUBwC

Why so many tax with different names?? 🤔   ↳Everything you consume has a value   ↳The larger the bite you consume   ↳The more you can afford to pay tax But, basically we have only two types of taxes! Is it ❓ Yes, here you go 👇🏽 Direct Tax:  🔹It's as straightforward as it sounds.  🔹You earn, you pay.  🔹Income Tax, the classic example. 🔹A direct hit on your income, but hey, it fuels the nation's growth! Indirect Tax:  🔹Sneaky, sneaky!  🔹This one plays hide and seek.  🔹You don't pay it directly; it's embedded in your purchases. 🔹Think GST. Every time you buy, a little goes into the national treasure chest! But then what about   ↳Service tax  ↳Sales tax  ↳VAT That no longer exists, They are replaced by GST in 2017 itself. And what about Property tax, Excise duty and corporate tax? Valid question 👇🏽 🔹Property Tax:  Because owning a piece of the world comes with responsibilities.  Even your property needs to chip in! 🏠 🔹Excise Duty:  Fancy term for taxes on fancy stuff.  Cheers to luxury!💎 🔹Corporate Tax:  For businesses making waves in the market.  Keep booming, keep contributing! 🏢 ------------------------------------------------------------------- What are some other taxes, that makes you scratch your head ❓ Comment down - Let’s make it a piece of cake for you! Follow ARK Academy #caaspirants

For small manufacturers that are organized as pass-throughs, a critical tax deduction is set to expire at the end of 2025. Manufacturers are sounding the alarm as part of the NAM’s #ManufacturingWins tax campaign. Learn more: https://bit.ly/3SFUoMH

Corporate taxpayers can offset their quarterly estimated tax payments using tax credits they “intend to purchase," opening the door for buyers to realize most or all of the benefit of a tax credit before paying the seller. An increasing number of corporate tax directors and treasurers are focused on these types of opportunities, which do not require buyers to go “out of pocket” to invest in a tax credit. In our latest article, we outline four scenarios where buyers can realize tax benefits prior to cash outlay: 📌 Commit to purchasing §45 PTCs (or §45X AMPCs) and pay quarterly in arrears 📌 Commit to purchasing portfolio of §48 ITCs and pay quarterly in arrears 📌 Commit to §48 ITCs early in the year but pay later in the year 📌 Buy tax credits to "top up" at the end of the year, lowering Q4 or final tax payment #inflationreductionact #transferability #cleanenergy https://lnkd.in/gaJsexb9

📢 FBR Updates: Key Tax Ordinances and Acts Amended Up to June 30, 2024! 📢 The Federal Board of Revenue (FBR) has recently uploaded the latest versions of key tax legislations, amended up to June 30, 2024. If you're a business owner, finance professional, or simply someone keen on staying compliant, these updates are crucial for you. 📄 🔍 Explore the Latest Amendments: ◾ Income Tax Ordinance, 2001: Stay up-to-date with the latest provisions and changes in income tax regulations. 🔗 https://lnkd.in/dRe4xQA8 ◾ Sales Tax Act, 1990: Understand the amendments impacting sales tax to ensure your business operations remain compliant. 🔗 https://lnkd.in/dUAP3x9r ◾ Federal Excise Act, 2005: Get acquainted with the revised excise duties and regulations. 🔗 https://lnkd.in/dvPCcNjh 💼 Stay Informed and Compliant! These updates are vital for maintaining compliance and avoiding any potential penalties. Whether you're filing your taxes, claiming refunds, or planning your next fiscal strategy, it's essential to be informed of these changes. At redDOT Business & Taxes Solution, we specialize in helping businesses and individuals navigate these complex tax landscapes. Don’t let the new regulations catch you off guard—let us help you stay ahead! 🚀 💼 Get Your Taxes Filed Today with redDOT! For more information or to schedule a consultation, reach out to us: 📱 Cell: 0333-3485030 📧 Email: reddottaxsoln@gmail.com #Taxation #IncomeTax #SalesTax #FederalExcise #FBR #TaxUpdates #Ordinance #TaxLaws #Finance #Compliance #TaxAmendments #June2024 #TaxProfessionals #redDOTBusiness

Don’t leave tax exemptions on the table. Learn how a reverse sales and use tax audit can uncover potential refund opportunities for manufacturers: https://lnkd.in/gZcMKGmq #Manufacturing #Tax

A carryback is a great way to reduce your tax liabilities from prior years. Learn how it works and how it can be a helpful tool for tax credit buyers. https://hubs.ly/Q02Jq86f0

New York State and New York City require a corporation to make, to each jurisdiction, an MFI payment when the corporation's second preceding  year's tax, after tax credits, exceeds $1,000.   MFI is computed as follows:    a) for New York State:  1. If the franchise, excise, or gross receipts tax, after tax credits, on the corporation's second preceding year's tax return exceeds $1,000, but does not exceed $100,000, the corporation must pay 25% of that tax as MFI.  2. If the franchise, excise, or gross receipts tax, after tax credits, on the corporation's second preceding year's tax return exceeds $100,000, the corporation must pay 40% of that tax as MFI   3. The MFI for life insurance companies is 40% of the tax if the second preceding year tax exceeds $1,000  If the corporation is also subject to the MTA surcharge, they must use the same computation method as mentioned above to remit the MFI as the MTA surcharge estimated tax.   b) for New York City:  The MFI is to be computed as follows: - If the New York City General Corporation Tax or Business  Corporation Tax exceeds $1,000, the C Corporation must pay 25% of the estimated tax as MFI - New York City does not have the 40% provision applicable to the New York State MFI or the provisions addressing insurance  companies. Contact us on: +19292546302 #taxadvisory #taxreturns #ustaxation #NewYork #newyorkcitytx #MFI #MandatoryFirstInstallment #corporatetax

A carryback is a great way to reduce your tax liabilities from prior years. Learn how it works and how it can be a helpful tool for tax credit buyers. https://hubs.ly/Q02DkmMR0