Building off the success of the 2023 tax season that saw significant improvements following passage of the Inflation Reduction Act, the 2024 filing season will continue reflecting the focus on improving services to taxpayers. Corporations and other organizations preparing financial reports need to be aware of certain 2023 Canadian income tax rate and other changes that may need to be reflected in year-end financial statements. WASHINGTON — The Internal Revenue Service today announced irvine bookkeeping Monday, Jan. 29, 2024, as the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns. Kaya Tax & Bookkeeping Services, Inc. values each client and strives to provide ethical, expeditious and excellent service. We work with clients California statewide, nationwide and internationally. Currently, California imposes a 7.25% statewide sales tax, and allows another 3.5% maximum added by cities and counties; or 10.75% total.
In 2024, the new Global Minimum Tax (GMT) regime comes into force under the OECD’s base erosion and profit-shifting (BEPS) reforms. Designed to prevent the practice of moving profits to lower tax jurisdictions, under the new “Pillar Two” rules, companies whose revenues exceed €750m will have to pay a minimum tax rate of 15% in each country where they do business. Under the federal Protecting Americans from Tax Hikes (PATH) Act, the IRS cannot issue Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds before mid-February. Should show an updated status by February 17 for most early EITC/ACTC filers.
How to achieve global minimum tax compliance with limited resources
IRS Free File will open Jan. 12, 2024, when participating software companies will accept completed tax returns and hold them until they can be filed electronically with the IRS. IRS Free File Guided Tax Software, available only at IRS.gov, is available to any taxpayer or family with Adjusted Gross Income of $79,000 or less in 2023. People should report all their taxable income and wait to file until they receive all income related documents. This is especially important for people who may receive various Forms 1099 from banks or other payers reporting unemployment compensation, dividends, pensions, annuities or retirement plan distributions. If a taxpayer receives Forms 1099-K, they should visit What to do with Form 1099-K to help them determine if that money should be reported as income on their federal tax return. Our in-house bookkeepers are QuickBooks certified and can record a business’ transactions, including methodical posting of debits and credits.
Hakan Kaya’s expertise includes accounting, business, individual and business tax returns, IRS Audit Representation, Board of Equalization Sales Tax Audit Representation, Employment Development Department Wage Garnishment Representation, and IRS collection problems. Hakan Kaya also speaks several languages one of which https://www.bookstime.com/ is Turkish, so you can also think of Hakan Kaya as your Turkish Accountant. As highlighted in this publication, the introduction of the Bermuda CIT law includes various provisions that affect the calculation of deferred tax that must be considered in preparing financial statements that include the date of enactment.