Sunny Arora, MBA BSEE

If you're interested in finding out more about navigating R&D Tax Credit changes, check out this great new blog post from the San Jose-based MTS Professional Tax Service Inc. Just click below.

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Understanding and effectively utilizing Foreign Tax Credits (“FTC”) is critical for optimizing international business operations. We have written a full blog on this here - https://lnkd.in/gPGWKXQR Providing here’s a concise breakdown for your quick reference: 1️⃣ Core Eligibility: FTC allows Indian residents to offset their tax liability by taxes paid abroad, provided they meet key criteria like residency status and the non-refundable nature of foreign taxes. 2️⃣ Strategic Provisions: Sections 90 and 91 of the Income Tax Act, along with Rule 128, offer vital frameworks such as Double Tax Avoidance Agreements (DTAAs) and unilateral relief, essential for strategic tax planning. 3️⃣ Optimizing Benefits: Timely and accurate filing of Form 67 is crucial for successful FTC claims, ensuring compliance with Indian tax regulations and leveraging exemptions effectively. Dive deeper into expert insights and strategies on our comprehensive blog to harness FTC advantages for your global ventures. #InternationalTax #ForeignTaxCredits #TaxStrategy #Finance #Business #TransferPricing #Tax

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💼 Understanding Above-the-Line Deductions💼 As tax season approaches, it's crucial to understand the tools available to optimize your tax return. One key component of a smart tax strategy is leveraging above-the-line deductions. Above-the-line deductions are expenses listed directly on your Form 1040 that you can subtract from your gross income. They are available to all taxpayers, regardless of whether they take the standard deduction or itemize. Lowering your AGI can help you qualify for other deductions and credits that have AGI limits. Common Above-the-Line Deductions include: 1. Educator Expenses: Eligible educators can deduct up to $300 of unreimbursed expenses for classroom supplies. 2. Student Loan Interest: You can deduct up to $2,500 of interest paid on qualified student loans, subject to income limits. 3. Health Savings Account (HSA) Contributions: Contributions to an HSA can be deducted, up to certain limits, if you have a high-deductible health plan. In 2024, an individual can contribute up to $4,150 and for families the amount is $8,300. 4. Self-Employment Tax: Self-employed individuals can deduct the employer-equivalent portion of their self-employment tax. 5. Self-Employed Health Insurance: You may be able to deduct premiums paid for medical and dental insurance and qualified long-term care insurance for yourself, your spouse, and your dependents. 6. Traditional IRA Contributions: Contributions to a traditional IRA can be deducted, up to certain limits based on your income and whether you or your spouse are covered by a retirement plan at work. 7. Penalty on Early Withdrawal of Savings: If you were charged a penalty for early withdrawal of savings, such as from a certificate of deposit (CD), you can deduct the penalty amount. 8. Moving Expenses for Armed Forces Members: Moving expenses can be deducted if you are an active-duty member of the Armed Forces and the move is due to a military order. Above-the-Line deductions not only lowers your overall tax liability but also makes you eligible for various other tax benefits. By staying informed and proactive, you can make the most of these deductions and optimize your financial outcomes each tax season.💼💡 #TaxPlanning #Taxes #Teachers #Military #SelfEmployed #CollegeGrads #TaxEfficiency #TaxSeason #AbovetheLineDeductions

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𝑬𝒍𝒆𝒗𝒂𝒕𝒆 𝒀𝒐𝒖𝒓 𝑪𝑷𝑨 𝑭𝒊𝒓𝒎 𝒘𝒊𝒕𝒉 𝑴𝑵𝑪𝑶 𝑮𝒍𝒐𝒃𝒂𝒍 In today’s competitive business landscape, CPA firms face mounting pressures to deliver high-quality services while managing costs and efficiency. Client Accounting Services (CAS) outsourcing has emerged as a transformative solution, and MNCO Global is at the forefront, offering unparalleled CAS, bookkeeping, tax return preparation, audits, payroll, and administrative task outsourcing. 𝑾𝒉𝒚 𝑪𝑨𝑺 𝑶𝒖𝒕𝒔𝒐𝒖𝒓𝒄𝒊𝒏𝒈 𝒘𝒊𝒕𝒉 𝑴𝑵𝑪𝑶 𝑮𝒍𝒐𝒃𝒂𝒍? 𝑶𝒗𝒆𝒓𝒄𝒐𝒎𝒆 𝑻𝒂𝒍𝒆𝒏𝒕 𝑺𝒉𝒐𝒓𝒕𝒂𝒈𝒆𝒔 Access top-tier accountants and bookkeepers without the hassle of recruitment and training. MNCO Global ensures continuity and quality, even in a tight labor market. 𝑬𝒏𝒉𝒂𝒏𝒄𝒆 𝑺𝒕𝒂𝒇𝒇 𝑹𝒆𝒕𝒆𝒏𝒕𝒊𝒐𝒏 𝒂𝒏𝒅 𝑹𝒆𝒅𝒖𝒄𝒆 𝑩𝒖𝒓𝒏𝒐𝒖𝒕 Free your team from routine tasks. MNCO Global’s services alleviate workload pressures, boosting job satisfaction and reducing turnover. 𝑰𝒏𝒄𝒓𝒆𝒂𝒔𝒆 𝑪𝒍𝒊𝒆𝒏𝒕 𝑬𝒏𝒈𝒂𝒈𝒆𝒎𝒆𝒏𝒕 𝒂𝒏𝒅 𝑩𝒖𝒔𝒊𝒏𝒆𝒔𝒔 𝑫𝒆𝒗𝒆𝒍𝒐𝒑𝒎𝒆𝒏𝒕 Free up your practice leaders to focus on clients and growth. Outsource administrative tasks to MNCO Global and dedicate more time to strategic initiatives and client relationships. 𝑻𝒉𝒆 𝑴𝑵𝑪𝑶 𝑮𝒍𝒐𝒃𝒂𝒍 𝑬𝒅𝒈𝒆 𝑪𝒐𝒎𝒑𝒓𝒆𝒉𝒆𝒏𝒔𝒊𝒗𝒆 𝑪𝑨𝑺 From financial reporting to bank reconciliations, our advanced technologies and expertise deliver accurate, real-time financial insights. 𝑬𝒙𝒑𝒆𝒓𝒕 𝑩𝒐𝒐𝒌𝒌𝒆𝒆𝒑𝒊𝒏𝒈 Ensure meticulous record-keeping and compliance with MNCO Global’s professional bookkeeping services. 𝑨𝒄𝒄𝒖𝒓𝒂𝒕𝒆 𝑻𝒂𝒙 𝑹𝒆𝒕𝒖𝒓𝒏 𝑷𝒓𝒆𝒑𝒂𝒓𝒂𝒕𝒊𝒐𝒏 Optimize your clients’ tax positions with our knowledgeable and proactive tax professionals. 𝑻𝒉𝒐𝒓𝒐𝒖𝒈𝒉 𝑨𝒖𝒅𝒊𝒕𝒔 Gain trust and credibility with MNCO Global’s rigorous and transparent audit services. 𝑬𝒇𝒇𝒊𝒄𝒊𝒆𝒏𝒕 𝑷𝒂𝒚𝒓𝒐𝒍𝒍 Simplify payroll processing with our compliant, timely solutions. 𝑹𝒆𝒍𝒊𝒂𝒃𝒍𝒆 𝑨𝒅𝒎𝒊𝒏𝒊𝒔𝒕𝒓𝒂𝒕𝒊𝒗𝒆 𝑺𝒖𝒑𝒑𝒐𝒓𝒕 Streamline operations and focus on strategic initiatives with our comprehensive administrative services. 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦 𝐘𝐨𝐮𝐫 𝐏𝐫𝐚𝐜𝐭𝐢𝐜𝐞 CAS outsourcing is essential for thriving in today’s fast-paced environment. Partner with MNCO Global to enhance efficiency, reduce costs, and focus on your core competencies. Address talent shortages, improve staff retention, and increase client engagement. Choose MNCO Global and transform your CPA firm into a powerhouse of excellence. [email protected] | +1 888 400 1929

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Based in #Sacramento, Veritas #Accounting draws from a #wealth of experience and the latest data from the financial world to help small and medium-sized businesses gain optimal results and maximized returns. To learn how Veritas Accounting can help you, reach out to us at [email protected]. We look forward to working with you! #accountingfirm

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Now available on-demand! “Charting the Course: A CFO's Guide to Modern Fund Management in 2024” Hear from Joe Harrington, Partner at PwC US, Dana Van Wie, Partner at PwC US, and Adam Walker, Industry Principal of Fund Solutions at Juniper Square, discuss: ▶ How the role of the CFO and skills required of finance leaders are changing ▶ How technology and innovation are transforming fund operations ▶ The importance of investing and building people-first, data-organized systems  ▶ Assessing and mitigating risks, including cybersecurity threats, operational errors, and human error Link to the recording in the comments.

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Mr. Raju Karki, CPA, CGMA, MSIS, is a Nepalese-born entrepreneur leading a top accounting consulting firm in the US. He is a Managing Partner at KARKI Consulting Group, a firm that helps US Government Contractors with accounting solutions. Listen to this amazing conversation that will be released today on YouTube and all your favorite audio platforms. #thedoersnepal #thedoerspodcast #entrepreneur #businesspodcast

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FBR Announces No Extension for Income Tax Filing Deadline The Federal Board of Revenue (FBR) has confirmed that the deadline for filing income tax returns for the financial year 2024 will remain September 30. Despite approximately 1.425 million tax returns already submitted, the FBR is urging those who have not yet filed to do so before the cutoff. The FBR has emphasized that there will be no extension of the deadline. Failure to file returns by September 30 could result in significant repercussions. Individuals earning more than Rs600,000 annually, as well as those owning property or vehicles, must file their returns. . . Read More: https://lnkd.in/eB6QXF3w #FBR #business #inshornews #board #year #million #tax #submitted #cutoff #returns #september

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⏰ For enterprise companies, tax season is equal parts stakes and tedium. To file an IRC Section 41 R&D Tax Credit at an innovative company, the time expenditure can become especially daunting. 🗣 “Recently, a controller at an enterprise company shared with me that they spent 150 hours on R&D Taxes alone,” Neo.Tax Head of Sales Benjamin Eachus says. And that’s before considering the worst-case scenario: an audit means hundreds more hours of labor and possibly burdensome penalties for a company. Think of the value of redistributing those hours toward forward-looking strategy or other tasks needed for the company to succeed. Neo.Tax’s AI solution connects directly with a company’s existing internal task-level data sources to create an accurate, exhaustive, and audit-proof IRC Section 41 filing. Read all about how in our white paper: Leveraging AI in Conducting an IRC Section 41 R&D Tax Credit Study 👇

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Updated Article: Tech Challenges CPA Firms Face - As workforces evolve, the challenges CPA firms and accountants may encounter, #technology is at the center of it. https://lnkd.in/gcXcpFh5 #cpa #accountant #AccountingFirms #Finance #Tax #SmallBusiness #Bookkeeping #QuickBooks #Excel #Accountants

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📈 Debunking the term Liquidity event with Yogi CPA! Equity compensation can make you rich, but have you thought of planning for taxes yet? 💌 Book your consultation with Yogi CPA at [email protected] today! #YogiCPA #FinancialPlanning #Liquidity #Tax #California #NewYork

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