Vancouver Chartered Professional Accountants Discuss Tax Structure when Buying an …

Vancouver Chartered Professional Accountants Discuss Tax Structure … Vancouver, BC — (ReleaseWire) — 10/15/2020 — With the reopening of the BC … of fields—including restaurants, real estate, retail, and the service industry.

Different methods for acquiring a business can impact purchase cost and tax benefits

This press release was orginally distributed by ReleaseWire

Vancouver, BC — (ReleaseWire) — 10/15/2020 — With the reopening of the BC economy, business owners can finally pursue all the goals contemplated during the lockdown. For those wondering about the tax and legal considerations of acquiring a business, the Vancouver chartered professional accountants at Mew + Company have recently published an article on this subject. For more, go to https://www.mewco.ca/blog/tax-structure-when-buying-an-incorporated-business/

After a quiet and somewhat painful summer in BC, the economy is slowly chugging along. As business owners begin to put plans that were on-hold into action, it’s advisable to consider the tax ramifications, particularly if plans include business acquisition.

For owners acquiring new businesses, there are two ways this is done: buying the shares of the company or buying the desired assets of the company.

Share Purchase

A share purchase is simply when the buyer buys the shares of the corporation from the current shareholder. From a tax perspective, share purchase is relatively straightforward for both parties. The presale assets, liabilities, and all relevant tax values of the company are inherited by the new shareholder.

If the company continues in the same line of business, the non-capital losses carry forward and can be used to offset future operating gains under the new ownership. Due to the relative simplicity of a share purchase, professional fees could be lower. The downside of a share purchase is the legal responsibility for future tax reassessments, past environmental pollution, or any other non-tax legal claims also pass onto the new shareholder.

The most significant benefit of a share purchase transaction is for the vendor. The lifetime capital gains exemption of $ 866,912 can be used to reduce the taxable capital gain. Understanding this sizeable tax benefit to the vendor on a share purchase will impact the negotiated price.

Asset Purchase

The other way to acquire a business is to buy strategic assets, which could be almost all the assets of the business. This method requires that assets being acquired be valued based on the current negotiated price with any excess of the purchase price over the fair market value of tangible assets allocated to goodwill. Hence, the buyer gets to record the acquired assets at the price paid, getting the benefits of capital cost allowance on the higher “bumped up” asset values in the future.

For the vendor, the sale of assets creates more accounting and legal work. The sale of the assets is by the company, not the shareholder. Hence, the company reports the gains and losses. Then there is also personal tax consequence from the distribution of the company’s retained earnings as dividends.

The bottom line is the sale of assets is not the preferred choice for the vendor, so the buyer should expect to pay more.

As a firm of chartered professional accountants in Vancouver, the team at Mew + Company can assist in many purchase negotiations. Besides quantifying tax savings, an advisor can perform the required due diligence, providing the purchaser with greater security and peace of mind. More importantly, an accountant can advise on how to allocate the purchase for optimal business tax planning.

Anyone looking for personal or corporate tax planning services is encouraged to contact Mew & Company Professional Chartered Accountants in Vancouver at 604-688-9198.

About Mew + Company Chartered Professional Accountants

Mew + Company Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, log on to https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP

Mew + Company Chartered Professional Accountants

604 688 9198

Company Website: https://www.mewco.ca

For more information on this press release visit: http://www.releasewire.com/press-releases/vancouver-chartered-professional-accountants-discuss-tax-structure-when-buying-an-incorporated-business-1310271.htm

Corporate Tax Software Market Forecast Analysis 2020 – 2026 with Major Key Players – H&R …

… with Major Key Players – H&R Block, Credit Karma, Bloomberg Tax Fixed Assets, inDinero, TaxJar, Vertex, Corptax, TurboTax Business, Avalara.

The analysis supplies a holistic summary of this global Corporate Tax Software market with the assistance of application sections and geographic regions that regulates the industry now and explains the industry growth hampering due to COVID-19.

International Corporate Tax Software market report 2020 supplies a skilled and comprehensive study on the present condition of the industry alongside competitive landscape, global Corporate Tax Software market share and sales predictions 2026. The analysis introduced the fundamentals: product specifications, categories, software, and industry series review; Corporate Tax Software industry policies and plans; definitions; fabricating procedures; cost arrangements and so forth. Subsequently, it studied the Corporate Tax Software key region market requirements, for example, product price, benefit, capacity, production, capacity use, distribution, demand, and industry increase rate, etc. The Corporate Tax Software report introduced investment yield investigation, investment feasibility investigation, and SWOT and PESTEL analysis.

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Review of this analysis: The report starts with the market review and goes on to pay the increased prospects of their Corporate Tax Software markets. Industry 2020 is a professional report bringing market research data which will be relevant for players that are based or new market entrants. Corporate Tax Software key strategies of these businesses operating from also their impact investigation and the market are within the report. A Corporate Tax Software business summary, revenue share, and analysis of their players from the market are offered from the report.

The most significant players coated in Global Corporate Tax Software Market report-

H&R Block

Credit Karma

Bloomberg Tax Fixed Assets

inDinero

TaxJar

Vertex

Corptax

TurboTax Business

Avalara

Research Coverage: Mixing the information integration and analysis capacities with the findings that are applicable, this report also has predicted the strong prospective rise of this Corporate Tax Software market in every its geographic and product sections. Along with that, several factors that will contour regression models and the Corporate Tax Software industry to ascertain the future management of these markets are employed to produce the report.

Main Product Type coated in Corporate Tax Software sector –

Cloud Based

Web Based

Application coated in Corporate Tax Software sector –

Large Enterprises

SMEs

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The research objectives of the report are:

  • To equitably share comprehensive info concerning the Corporate Tax Software significant elements affecting the growth of industry (increase capacity, opportunities, drivers, along with industry-specific challenges and risks).
  • By obeying its subsegments to learn the market.
  • To profile the players that are vital and analyze their growth aims.
  • To project the total quantity and significance of Corporate Tax Software sub-markets, according to essential regions (various essential conditions).
  • To investigate Corporate Tax Software concerning prospects, growth trends, and their involvement in the business.
  • To study and examine the global Corporate Tax Software market size (volume & value) by the corporation, fundamental regions/countries, services and products, and application, background information in 2015 to 2019, and prediction to 2026.
  • Forthcoming years primary manufacturing Corporate Tax Software businesses, analyze, describe and to define the type earnings level, value and market share, promote competition landscape analysis and development plans.
  • To look at advancement including as acquisitions, arrangements, new product launches, and expansions.

The listing supplies hints on the Upcoming pointers:

1.Business Diversification: Exhaustive Corporate Tax Software information about new services, untapped geographies, latest advances, and also investments.

2. Aggressive Assessment: In-depth investigation of stocks, plans, services, and manufacturing capabilities of these top players.

3. Business Penetration: Comprehensive information on Corporate Tax Software made accessible the very active players in the global sector.

4. Product Development/Innovation: Comprehensive information about technology, R&D pursuits, together with brand new product launches out of the global Corporate Tax Software market.

5. Market Development: Comprehensive information regarding flourishing emerging markets which the report assesses the market to get Corporate Tax Software worldwide record.

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From the Tax Law Offices of David W. Klasing – There Is an International Task Force Cracking …

… which often transcend international borders since transactions involving virtual currency are done online and not through any country’s centralized …

IRVINE, Calif., Aug. 26, 2020 /PRNewswire/ — While many people may think of the IRS as a purely domestic agency, this is far from the truth. Some of the IRS’s most important work involves partnering with the tax authorities from nations around the globe to crack down on U.S. taxpayers who fail to report money or assets and the associated taxable income earned in foreign nations via offshore bank / financial accounts.

The Joint Task force, or J5 as it is usually referred to, began in 2018 as a partnership between the Australian Taxation Office (ATO), the Canadian Revenue Agency (CRA), the Dutch Fiscal Information and Investigation Service (FIOD), Her Majesty’s Revenue and Customs (HMRC) from the U.K. and the Internal Revenue Service Criminal Investigation Division (IRS-CI) from the U.S. As noted in a recent article, the group began by “working together to gather information, share intelligence and conduct coordinated operation “so that each country had a broad view of what was happening globally with their taxpayers.

One area of focus for the task force has been crimes related to cryptocurrency taxes, which often transcend international borders since transactions involving virtual currency are done online and not through any country’s centralized financial institutions. Another area of focus has been a series of investigations in multiple countries into an international financial institution located in Central America, whose products and services are believed to be facilitating money laundering and tax evasion for customers across the globe.

Taxpayers who have failed to report accounts and taxable income stashed offshore are also a primary focus of the task force’s investigations. Once the task force’s work has led to indictments, the situation is going to be exponentially more difficult to deal with than if you reach out to a skilled Tax Attorney and CPA like those at the Tax Law Offices of David W. Klasing before you get caught. We will work to get you into a voluntary disclosure program where you will likely have to pay back taxes and fines, but will ordinarily be given a pass on criminal prosecution. Call 800 681-1295 or schedule ONLINE today.

See the full version of this article here

Public Contact: Dave Klasing Esq. M.S.-Tax CPA, [email protected]

SOURCE Tax Law Offices of David W. Klasing, PC

Bloomberg columnist’s assessment of 401(k) plans prompts backlash

In the article, the former managing director and head of financial market research at AQR Capital Management argues that because taxes are much …

When Aaron Brown asserted in a recent opinion piece in Bloomberg that 401(k) plans today offer little or no tax benefits to savers, he ignited an uproar that the author says he didn’t expect.

In the article, the former managing director and head of financial market research at AQR Capital Management argues that because taxes are much lower today than they were in 1980, savers have less incentive to participate in the plans, particularly if they’re medium-wage earners. Mr. Brown estimates that in 1980 the marginal federal income tax rate for a median-income married couple with two children was 43%, while the likely retirement bracket tax rate was 15%. Today, that same couple would pay a marginal federal income tax of 12%, no different than their likely tax bracket rate in retirement, according to Mr. Brown’s calculations.

“The 1980 version of the 401(k) tax deferral was equivalent to an additional investment return of 9.2% per year, an extraordinary incentive to save for retirement, even without an employer match,” he writes. “Using today’s numbers the benefit comes out to 0.6%, considerably less than the 1% to 2% in fees investors pay in typical 401(k) plans.”

Mr. Brown also notes that retail investors today can easily buy low-cost investments outside a 401(k) given the availability of zero-cost, tax-efficient, well-diversified index funds. In 1980, investors paid 3.5% of assets in fees either in or out of a 401(k), but today they pay more for investments inside the plan, according to Mr. Brown. Investors today pay 1.5% in a typical 401(k), while paying just 0.5% outside, he says.

The industry reaction was swift.

“I give this article two great big thumbs down, way down,” said David Blanchett, head of retirement research at Morningstar, in a LinkedIn comment. Mr. Blanchett took issue with the author’s statements on fees, saying that most participants are in large plans with “incredibly low investment cost” and “excellent overall quality.”

“It’s true that there are some really expensive 401(k) plans. There’s also a lot of really expensive IRAs out there, too,” he said.

Jason Grantz, director of institutional retirement consulting for Unified Trust, also bristled at the author’s comments on fees. “There’s been non-stop downward pressure on fees across the industry for all plan sizes,” Mr. Grantz said in an interview. “I doubt very seriously you’ll find a plan with any kind of sizable assets that’s paying 1.5% or more in fees.”

Critics also faulted the author for placing an overly narrow focus on the tax benefits of 401(k) plans, saying the plans offer much more than tax advantages.

“While I understand the logic behind the diminished tax benefits now in comparison to 1980, the fact remains that there is still the need to save for retirement,” said Nathan Gage, retirement plan adviser at Chemung Canal Trust, in a LinkedIn discussion. “We all know that, lacking a convenient workplace retirement plan, the reality is that far too few people would actually save on their own.”

Others made the point that tax rates could swing in the other direction in the future, making the tax-deferred benefits of 401(k) plans stronger than they are now.

Criticism aside, Mr. Brown stands by his arguments, saying that tax benefits for 401(k) plans have eroded significantly since 1980, and for median and low-wage young workers those tax benefits are now sometimes less than the additional costs of the plans.

“I don’t mind people calling me names. No one should write opinion columns if they don’t want people yelling at them,” he said in an interview. “The whole point of the article is really, ‘hey look at the tax rate, look at the inflation rate’ before you just recycle financial advice that’s been around for 40 years and may no longer be valid.”

Global Tax Management Software Market is Expected To Thrive At Impressive CAGR By 2025 …

Credit Karma Beanstalk RepaidTax TaxACT SureTAX. Scivantage. The cost analysis of the Global Tax Management Software market has been …

Orbis Research announces the addition of a new market research study to its growing market intelligence repository. The new report studies the Global Tax Management Software Market in detail and presents comprehensive forecasts regarding the market’s growth trajectory in the coming years. The research report on the global market offers a detailed look at the some of the key elements of the overall market. It elucidates the drivers, restraints, threats, and opportunities present in the global Tax Management Software market. This report studies the global Tax Management Software market, analyzes and researches the Tax Management Software development status and forecast in United States, EU, Japan, China, India and Southeast Asia. The micro and macroeconomic factors influencing the growth of the market are covered in detail in this study.

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Furthermore, the prime strengths and weaknesses of the key vendors’ dominant in the Tax Management Software market have been analyzed on the basis of SWOT analysis. The technological advancements taking place in this market have been presented by detailing their impact on the growth of the market. Moving further, information on the research and development taking place in the market has been presented. In addition, the sources of raw materials used for manufacturing by the key manufacturers in 2019 have been detailed in this study.

Major Companies Profiled in Tax Management Software Market are:

Avalara

Accurate Tax

Outright

SAXTAX

H&R Block

Shoeboxed

Drake Software

CrowdReason

Taxify

Paychex, Inc.

Empower

Longview Solution

Exactor

Canopy

ClearTAX

CCH

Rethink Solutions

Credit Karma

Beanstalk

RepaidTax

TaxACT

SureTAX

Scivantage

The cost analysis of the Global Tax Management Software market has been performed while keeping in view manufacturing expenses, labor cost, and raw materials and their market concentration rate, suppliers, and price trend. Other factors such as industrial chain, downstream buyers, and sourcing strategy have been assessed to provide a complete and in-depth view of the market. Buyers of the report will also be exposed to a study on market positioning with factors such as target client, brand strategy, and price strategy taken into consideration.

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All the way through this report, the core dynamic factors of the Tax Management Software market were acknowledged and the commercial partners, end users were also worked out. The business segment organization, business configurations and encounters of this market internationally are also a part of this widespread analysis. Abundant interviews and talks were conducted with the protuberant leaders of the industry to gain dependable and reorganized information relevant to the market.

Global Tax Management Software Market is segmented based by Type, Application and Region.

Based on Type, the Market has been segmented into:

Cloud, SaaS

Installed-PC

Installed-Mobile

Based on Application, the Market has been segmented into:

Personal Use

Commercial Use

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Table of Content (TOC):

Market Overview: The report begins with this section where product overview and highlights of product and application segments of the global Tax Management Software Market are provided. Highlights of the segmentation study include price, revenue, sales, sales growth rate, and market share by product.

Competition by Company: Here, the competition in the Worldwide Tax Management Software Market is analyzed, By price, revenue, sales, and market share by company, market rate, competitive situations Landscape, and latest trends, merger, expansion, acquisition, and market shares of top companies.

Company Profiles and Sales Data: As the name suggests, this section gives the sales data of key players of the global Tax Management Software Market as well as some useful information on their business. It talks about the gross margin, price, revenue, products, and their specifications, type, applications, competitors, manufacturing base, and the main business of key players operating in the global Tax Management Software Market.

Market Status and Outlook by Region: In this section, the report discusses about Gross Margin, Sales, Revenue, Production, Market Share, CAGR, and market size by region. Here, the global Tax Management Software Market is deeply analyzed on the basis of regions and countries such as United States, EU, Japan, China, India and Southeast Asia.

Application or End User: This section of the research study shows how different end-user/application segments contribute to the global Tax Management Software Market.

Market Forecast: Here, the report offers a complete forecast of the global Tax Management Software Market by product, application, and region. It also offers global sales and revenue forecast for all years of the forecast period.

Research Findings and Conclusion: This is one of the last sections of the report where the findings of the analysts and the conclusion of the research study are provided.

About Us:

Orbis Research (orbisresearch.com) is a single point aid for all your market research requirements. We have vast database of reports from the leading publishers and authors across the globe. We specialize in delivering customized reports as per the requirements of our clients. We have complete information about our publishers and hence are sure about the accuracy of the industries and verticals of their specialization. This helps our clients to map their needs and we produce the perfect required market research study for our clients.

Contact Us:

Hector Costello

Senior Manager Client Engagements

4144N Central Expressway,

Suite 600, Dallas,

Texas 75204, U.S.A.

Phone No.: USA: +1 (972)-362-8199 | IND: +91 895 659 5155