Tax Planning Resources

Tax Planning for Businesses

Below, learn more about accounting for income taxes (ASC 740), R&D payroll tax credit, cash flow strategies with credits and incentives, considerations for employers, regulatory updates, and planning strategies for state and local tax and international tax.

Overview for Businesses

Cash Flow Strategies

Businesses that leverage tax credits and incentives wisely can save significant amounts, taking money that might otherwise have gone to the IRS or a state or local department of revenue and reinvesting it in their business instead. In many cases, even if you discover that you qualify for certain credits and incentives after the fact, you can go back over a period of years and amend tax returns to take advantage of them retroactively.

Payroll Tax

If you have employees working outside the states where your business is registered or in a state where the business hasn’t had previous activity, there are payroll tax considerations. The R&D tax credit also can be used to offset payroll taxes, based on eligible expenses.

Find out if your business qualifies for the R&D tax credit and if the credit can be used to offset payroll taxes with a free benefits estimate. The maximum benefit an eligible company can claim against payroll taxes each year under the PATH Act is $250,000.

State and Local Tax

Stay informed on state legislation, relief related to COVID-19 and natural disasters, and pertinent dates. Explore tips and take a deeper dive with state and local tax planning for the below states and related focus areas.

International Tax

Cross-border business brings great opportunity. If you operate distribution channels overseas, plan to expand into emerging markets, trade in the global economy, it’s important to understand international tax systems. Start planning early to help enhance your returns and align with your future business planning.

Income Tax

As income tax provision reporting requirements become increasingly complex, professionals are working harder to comply with tax accounting standards under US generally accepted accounting principles (GAAP) and International Financial Reporting Standards, or IFRS.

Controls around the accounting for income taxes (ASC 740) can be a critical source of material weakness in a company’s internal controls over financial reporting. Accounting for income taxes can also be a primary reason for restating financial statements. Learn more below.

Employer Spotlight

Retaining your best employees and attracting top talent requires understanding executive compensation plans, employee benefit programs, health care offerings, and navigating the cross-disciplinary web of rules and requirements that govern them. Following are some planning strategies to consider.

IRS Updates

Stay abreast of changes from the Internal Revenue Service (IRS) that could affect your business.

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