In the USA, states have powers to recognize the incorporation of the business in the case of Intracompany sales. If the sales or the provision of services are intercompany then the federal has the jurisdictional right to tax the business structures and make it compliant. Based on this rule of the land, most of the […]
How to expand Business Registration in the USA Read More »
What is W2? W2 is a form prepared, filed with the IRS and shared to all the employees. The structure of the form. Why does an employer prepare W2? As per IRS, an employer needs to prepare the form W2 for all the employees who work in the year. When does the employer need to
Form W-2 Wage and Corporate tax: What It Is and How to Read It Read More »
‘Materiality’ – If you are an audit or accounting professional, this term should sound very much familiar to you. Right from the planning stage up to the issue of Audit report and even while considering the impact of subsequent events, materiality plays a pivotal role at almost every stage in Audit. Considering its importance, lets dive
Audit Materiality & Significance of Financial Statements Read More »
IFRS 9 – Debt Modifications There can be various modifications in the terms of your debt agreements such as change in the maturity dates, change in interest rates, elimination of the conversion feature and so on. The change may be due to any financial difficulties faced by the borrower, change in market conditions, changes in
Debt Modification and Cash Flow Read More »
When we are filing the 1040 of any individual, the most common question for any person is about virtual currency. Here I have tried to explain virtual currency in simple terms. Definition of virtual currency – Any currency which is not a real currency (US$ or other foreign currency) and mostly includes cryptocurrency. Examples of
Are Financial Advisors Ready for Audit Support? Read More »
Recently, a storm hit the area of Florida which caused the loss of lives. IRS (Internal Revenue Service) has recently issued a news release to assist people from disaster-affected areas. The IRS is offering assistance to the area designated by FEMA (Federal Emergency Management Agency). FEMA supports citizens and emergency personnel to build, sustain, and
The IRS Is Offering Relief to Taxpayers Affected By Hurricane Ian Read More »
RRSP(Registered Retirement Saving Plan) herein referred to as a fund can be used as a tool to save personal taxes. Contribution towards fund can be available as a deduction to the income shown in the income tax return i.e. T1. Contribution towards funds can be made through the person himself/herself or the employer of the
How to Save Personal Taxes and Tax Preparation in USA Read More »
In recent times, most of the businesses are on the e-commerce platform and sell all over the world. It is really beneficial for businesses and consumers to have today era as an online store which helps consumers to get good quality products at a competitive rate and also helps businesses to increase sales and make
E-commerce Sales Tax: Everything You Need to Stay Tax Planning & Compliant Read More »
It is really difficult to understand GST/HST/PST in Canada. I have just tried out to sort it out in an easy manner. Canadian GST is managed and governed by the Federal Government which has a rate of 5%. GST of 5% paid on the purchase of goods/services can be claimed as ITC (Input Tax Credit)
Canada GST/HST/Sales Tax Guide for Digital Businesses Read More »
Taxpayers in the US can reduce their tax obligations by taking advantage of a variety of deductions. People can use deductions to lower their taxable income, which could result in significant tax savings. In this post, we’ll examine some of the most important tax breaks in the US and offer tips on how people might
How can I save taxes through deductions? Read More »
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