While the whole nation is still trying to come to grips with Modi Government�s demonetization drive, there�s a semblance of flurry in India�s eCommerce industry.

Taxpayers who are subject to an income tax audit and certain other specified individuals have until November 15, 2024, to file their income tax returns (ITR) for the financial year 2023-24. This deadline, as reported by The Economic Times, mandates the

Bad news for gamers, specially in Sweden, as the authorities took the decision to tax the so called LAN parties, such as the biggest one in the world, Dreamhack. In fact, the organizers of multiplayer get-togethers will be forced to pay a fee of up to $5,000 in order to receive a "permit" to connect PCs and video game consoles for gaming purposes, although the new rules do not apply to, for instance, Internet cafes, where computers are ma...

The International Lawyers Network ("ILN") is thrilled to welcome a new member firm, 4M Legal and Tax, in Douala, Cameroon. This experienced team adds another reliable solution for our firms and their clients in Africa.

Some of Britain's biggest retailers have warned the chancellor that last month's budget will stoke inflation in the economy and spark job losses as tax hikes add nearly £2.5bn to the industry's annual tax bill.

Small business owners shouldn't have to do their taxes on their own. Tax solutions provide a do-it-yourself way to easily prepare and file taxes — without all the guesswork. If you don't have an accountant, or tax services are way out of your budget, there are several tax apps, software and other tools specifically created with small business tax needs in mind. Here are 10 tax solutions to get you started.

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Owners now say the administrative burdens of tax season pose a bigger burden than their actual tax bill.

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The House voted Thursday to make permanent a tax break allowing small businesses to write off up to $500,000 in new equipment purchases.

While the move adds to momentum for congressional efforts to extend a range of now-temporary tax breaks, it also sharpens a conflict between the House and Senate over whether to extend the breaks permanently or temporarily.

Thursdays vote was 272-144, with several dozen Democrats joining Republicans to support the measure.

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If you are launching a new business, you may want to consider forming a separate entity such as a corporation or LLC, to protect your personal financial life.

The legal form of your business brings different tax implications. When forming an LLC, you receive the benefits of creating a separate entity and thus protecting your personal assets.

When it comes to taxes, however, the IRS has no tax return for an LLC per se. You may treat the LLC as a C or S corporation, partnership or sole proprietorship and file accordingly. Your state taxing agency may have a special set of LLC tax forms for your entity to file.

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Two recent news clips caught my attention. One involved a company trying to avoid the IRS. The other involved the IRS trying to avoid trouble. Taken together, I can see how a small business owner might cynically ask if a small business has a fighting chance as far as taxes.

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Here are some tips to discuss with your tax pro to improve your tax situation and hopefully keep working capital in your bank account rather than in Uncle Sams pocket:

Start a retirement plan. If you are finally a few bucks ahead and don’t have a retirement fund, now is the time to start one. Here is the bonus: it is deductible!

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Following the most wonderful time of the year is a season that strikes fear in the hearts of many small business owners: tax time.

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The more things change…the harder it becomes to do your small business taxes. Between the Affordable Care Act coming into full effect, on-again off-again on-again tax credits gurgling out of Washington, and even a shakeup of the venerable TurboTax product line, this year—more than ever—small business owners need guidance and support as April 15 approaches.

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Whether you decide to outsource your tax tasks or perform them in-house it is important to arm yourself with the relevant knowledge to make sure your business not only complies but also saves time and money wherever possible. Here are a few resources to get you started:

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If you are thinking about starting a new business in one of the states in the US, then this list of 10 best states for business taxes could be very useful to you.

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Do all small business owners need to pay sales taxes? Yes, the majority of businesses that are sales oriented are required to pay taxes to the home state or other locations where they do business. There are only a handful of states that do not require taxes from businesses - Oregon, Alaska, New Hampshire, Delaware, Hawaii and Montana, for the rest of us, sales taxes are something worth paying close attention to.

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Blood pressures are rising at many small businesses now that tax season is underway.

Although many owners hire accountants and attorneys to complete their income tax returns, taxes are a hassle. In a survey released last year by the advocacy group National Small Business Association, nearly 60 percent of the owners surveyed said the administrative burdens were the biggest problems posed by federal taxes. And 85 percent of the more than 675 owners said they relied on a professional to prepare their returns.

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Generally speaking, it allows small business owners to write off up to $500,000 worth of qualified expenses in the year they are made, up to $2 million, rather than amortizing them over a period of years. In addition to spurring immediate spending, which benefits the economy, the deduction theoretically frees up cash that business owners can use to grow their businesses.

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The 2015 tax season is here. Tax planning is a critical part of a small business owners financial plan. The majority of small business owners ignore tax planning; yet good tax advice is a very valuable for a successful business. There are many tax planning strategies available to small business owners. Below are a just a few:

Lowering your tax rate to reduce the amount of taxable income
Taking advantage of available tax credits
Controlling the effects of the AMT (Alternative Minimum Tax)

I encourage business owners to work with a competent accountant or CPA on at least a quarterly basis to take full advantage of all the tax provisions that are available.

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These Deductions Can Really Help Your Bottom Line
When you deliver your files, receipts and spreadsheets this year, make sure to schedule some time with your accountant to discuss tax deductions that could save your business vitally important revenue. You may be aware of many of them already, but here’s a refresher course just in case.

For example, you probably know that while your salary is a non-deductible draw in many cases, you can deduct the salaries and wages you pay your employees. And speaking of wages, you can also deduct the fees you pay to professional service providers such as accountants, lawyers and perhaps even your tax preparer. Yay!

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Steven Mnuchin, Trumps candidate to run the Treasury Department, has stated that comprehensive tax reform will be an immediate priority of Trumps administration, and that his focus as Treasury Secretary will be stimulating economic growth and creating jobs through tax reform.

But how will this affect small businesses and their owners?

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Paying taxes is unavoidable, yet that does not mean you need to pay more than necessary. You can make smart decisions to minimize your tax burden, without running afoul of the IRS.

For small businesses and entrepreneurs, business structure impacts how you pay taxes, and potentially how much you pay as well. The biggest difference is whether the business is its own entity responsible for paying taxes or whether the business’ profits are passed along to the owners’ individual taxes.

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The Tax Cuts and Jobs Act was signed into law by President Donald Trump on Dec. 22, 2017, and it is being put into action starting with the 2018 tax year.

On the personal side, the final bill cuts income tax rates in almost every tax bracket, doubles the standard deduction, eliminates personal exemptions, doubles the child tax credit, expands medical expense deductions, repeals the Obamacare tax and doubles the estate tax exemption.

On the business side of things, the tax bill lowers the corporate tax rate from 35 to 21 percent -- which is the lowest rate since 1939. For pass-through businesses -- which many small businesses are -- the standard deduction gets boosted to 20 percent.

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Although there are still many unknowns about the tax law that took effect Jan. 1, some small business owners have already figured out that they stand to gain from some of its changes and are changing their plans to maximize their benefits. Some believe they will get a break on income taxes for sole proprietorships, partners and what are called S corporations. Those who buy new computers, vehicles or other equipment can take a bigger deduction.

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Being a small business owner is expensive as it is -- every penny counts when entrepreneurs are living on razor-thin margins and fighting for market share. But owning and operating a small business is even more expensive when you pay more taxes than you owe.

In a survey personal finance expert Garrett Gunderson conducted of his small business-owner clients and wrote about for Forbes, approximately 93 percent of them had overpaid over the past dozen years. Now, nobody expects owners to be tax professionals -- you do have businesses to run, after all -- but it's important to know where you can save money in order to invest that money back into your business.

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The Tax Cuts and Jobs Act (TCJA) was signed into law by President Trump near the end of 2017 and it mostly took effect in 2018. While the TCJA impacts almost every single individual taxpayer to some degree, the changes also significantly impact corporations and small businesses. In some areas, the impact was purposeful and directed. However, in other ways, the TCJA will have both positive and negative secondary effects. One area that could see a secondary or unintended boost due to a new tax deduction (IRC § 199A) for pass through businesses is retirement plans with small business employers.

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In the wake of yesterdays Supreme Court ruling, e-commerce companies are understandably both concerned and uncertain of their future. The 5-4 verdict overruled a 1992 precedent set by the case Quill v. North Dakota that only addressed mail-order businesses at the time, but it became a powerful legal bedrock for the e-commerce industry. It let companies without a robust physical infrastructure thrive during and after the dot-com boom by exempting purchases from sales tax, so long as the seller did not have a physical operation in the state where the customer resided. Now, following the court’s decision, states can start charging sales tax on internet purchases even when a retailer has no physical presence in that state.

A number of retailers, from Amazon to Etsy to Overstock.com, may be impacted. It is not necessarily because those corporations have been skirting sales tax collection, but some enable thousands of third-party sellers to do so, largely thanks to Quill v. North Dakota. In fact, Amazon, which last year started collecting sales tax in all 45 states that require it by law, may have a substantial amount of work to do to help its Amazon Marketplace sellers stay compliant.

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Small business advocates largely grumbled after the nation's highest court overturned a decades-old decision on online sales tax.

The Supreme Court ruled Thursday that states now have the power to force online retailers to collect sales tax in states where they do not have a physical presence, reversing a ruling from 1992 in a 5-4 decision. The move also revives a 2016 South Dakota law that required large, out-of-state e-commerce companies to collect sales tax, one that big e-commerce players fought. Some online retailers, such as Amazon.com, currently collect state sales tax on products they directly sell but do not collect taxes from many of the independent sellers on the site.

The decision removes the sales-tax savings that consumers could reap by making purchases online instead of buying from local brick-and-mortar shops. Although the move does help to level the playing field for physical small businesses, it also places new burdens on small online retailers.

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On Thursday, the Supreme Court overturned decades of law and precedent by allowing states to levy sales taxes on internet purchases. Like many things in life, the South Dakota v. Wayfair decision is a mixed bag. On the whole it was probably the right call, cleaning up an enormously incoherent and unfair tax regime that's only gotten worse as online retail has expanded.

But it will also hit many small businesses hard.

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Then, as the recovery progressed, taxes and regulations reemerged.   But over the last year, those two concerns have been displaced by the availability of qualified labor.  Finding qualified employees is always a concern in a growing economy and has certainly grown in importance in this expansion, even more prominent than in 2000, when the ratio of employment to the population hit a record high.

Assisting its rise to number one has been the decline in the concerns about taxes and the cost of regulatory compliance.  The sharp decline in concerns about taxes and regulatory compliance are most likely due to the policies of this administration.  Record levels of proposed regulations peaked in the last two years of the last administration but dropped to practically nothing early in this term.  Since then, many existing regulations and rules have been eliminated or scaled back.

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Tax season can be stressful for anyone, but given a number of changes made in the 2017 Tax Cuts and Jobs Act (TCJA), as well as ongoing legislative changes, the 2018 tax year stands to be especially difficult for small business owners to navigate. However, by making a few smart moves now and being mindful of strategies that will allow you to to capitalize on existing tax benefits, you can close out the year with the peace of mind that you made the best tax moves for your business.

In order to set yourself and your business up for success, know the current tax law and take advantage of what changes are coming and going.

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Despite recent stock market turmoil, everywhere you looked this year someone was heralding the strength of the economy, which grew at 3.5 percent in the third quarter. However, not all economic growth favors small businesses, and some even detracts from it. The Inc. Entrepreneurship Index, which measures the quarterly health of the U.S. startup economy, currently sits at 83 out of 100 for the third quarter of 2018. This is down two points from the second quarter and a full nine points from the first quarter of 2017, when our Index peaked. Our indicator sees one factor in particular still dragging like an anchor on the startup economy: job growth.

Even though overall economic conditions have been largely favorable, small businesses have hit a growth ceiling as larger companies--bolstered by generally strong market conditions, favorable tax policies, support from local governments, and easing federal regulations--have been gobbling up talent. This is why, for the past year, the Index has shown a startup economy that is strong but slowing.

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The Tax Cuts and Jobs Act (TCJA) included a bevy of changes that will affect the 2018 federal income tax returns of many small and medium-sized businesses and their owners. As tax return time approaches, here are the 10 changes that are most likely to affect your business or you as an owner.

1. New flat 21% tax rate for corporations
Before the TCJA, C corporations paid graduated federal income tax rates of 15%, 25%, 34%, and 35%. Personal service corporations (PSCs) paid a flat 35% rate. For tax years beginning in 2018 and beyond, the TCJA establishes a flat 21% corporate rate, and that beneficial rate applies to PSCs too. So the tax cost of doing business as a profitable C corporation is greatly reduced, and this favorable development will show up on 2018 corporate returns. Enjoy.

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Small business owners have plenty of changes to deal with as 2020 begins — higher labor costs for many companies and some owners will discover that they have to comply with new laws that aren’t on the books in their own states.

As of Jan. 1, there are higher minimum wages in a quarter of the states and new federal overtime rules. The IRS has new W-4 forms owners will need to get used to. Plastic bags are on their way out at stores and other businesses in a growing number of places around the country. And California has new laws on freelancers and consumer privacy that can affect out-of-state companies.

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The deadline for filing taxes in the United States is eight weeks away, but new research has shown that small businesses are already being hit by tax season–related cyber-attacks.

Research conducted by Proofpoint indicates that attackers are aggressively jumping into tax season, with the deployment of two main attack strategies.

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Spring may be just around the corner, but for accountants and tax professionals, this is crunch time. Here are five ways you can help smooth out the filing process for your small business clients (and, consequently, yourself) this tax season.

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Traditional tax planning is transactional and, honestly, not nearly as beneficial as one might think. You ask your taxes preparer questions and figure out what to do in the spur of the moment. Creating a long-term plan of action for your taxes is how to create real savings, but it takes months to create an effective plan. Now is the time for business owners and investors to be planning to reap the rewards for the rest of 2020 and into 2021.

Analyze income
Many accountants suggest pushing income to a later year. There are a few different factors to consider when deciding whether to do this. First, is your income so low you lose deductions? Many personal deductions don’t carry over to the next year. Rather than taking deductions now, you may want to accelerate your income to make use of all your deductions. Another factor to consider is the next year’s tax rates. There’s a real chance that income tax rates could increase in 2021, so the best plan would be to accelerate your income into 2020 to avoid paying at a higher rate.

The IRS wants taxpayers to be aware of tax scams. These scams are illegal and can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution. IRS: Beware of Tax Scams