The 15% minimum tax on multinational corporations should pass before year-end. Here's what you need to know as an investor, taxpayer or corporate officer.
Cecil Nazareth interviews Steven Plotnick
Now Is an Ideal Time for a Mid-Year Review
(203) 956-4899 | (203) 291-9093
cecil@nazarethcpas.com
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Resources
Here's what you need to know when it passes.
Eligible for 20% Qualified Business Income (QBI) Deduction?
Self-employed people, farmers, and individual owners
of pass-through entities, such as partnerships, LLCs,
S corporations and certain trusts, can take the break,
subject to limitations for upper-income individuals.
Nonprofit That Benefits Only One Individual Won't Qualify for Tax Exemption.
The family of a cancer patient recently set up a group to help offset the patient's medical costs through fund-raising. IRS said the group’s earmarking of the proceeds for the family member DID NOT meet the required public benefit test.
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Suspect a friend or loved on is not getting the best possible tax advice?
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Tax Deadlines & Reminders
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Sept. 15, 2021 -- If you pay quarterly, 3rd quarter estimate for 2021 is due September 15th.
Foreign Bank Accounts (FBAR) and Foreign Tax Returns
- You must file FINCEN FORM 114 by 10/15/21 for tax year 2020.
- Some taxpayers still have not complied with FBAR. There is still time to file. If you don’t files, remember penalties are steep!
IRS Audits
Expect IRS audits to increase for corporations, large partnerships and high net-wealth individuals. Penalties are steep and enforcement is getting tougher.
Many Tax Rates Likely to Increase Soon
- C-corporation tax rates will likely increase to 28% (or may be 25%) from the current 21%.
- For corps., foreign income likely be taxed at 21%--twice the current rate of 10.5%.
- Strong push for a global minimum tax on C- corporations of 21%
Put your mind at ease.
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Why Have a Personal Financial Statement?
- Helps your plan your overall wealth.
- Aids in estate planning, gifting and trusts.
=========================================Now Is a Great Time to Refinance
- Mortgage rates are at historic lows.
- Lower your monthly payments; increase cash flow.
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Security - Phone scams. NEVER respond to phone calls or emails from the IRS. The IRS will only send you written communication by postal mail. Never email documents containing your Social Security numbers.
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Why You Want an Independent Review of Your Company's Financial Statements
Banks, lenders, acquirers and auditors look more favorably at your financials if they’re independently reviewed or audited and you’ll likely receive better rates and terms.
Contact us for assistance with your personal and business financial statements.
We offer three levels of service:
1) Compilation. Simple compilation of financial statements.
2) Review. More analytical procedures performed.
3) International Tax Planning. (India-US specialty).
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