Category: Taxes – Corporations
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States Decoupling from the OBBBA
By now, most taxpayers and practitioners have heard about the One Big Beautiful Bill Act that was signed into law on July 4, 2025. However, what’s often overlooked is the state tax implications of the OBBBA. States operate separately from the federal government so they don’t have to honor the changes enacted by the federal…
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Why Your Book Income Doesn’t Match Your Taxable Income
If you keep your books in QuickBooks, use an outside accountant for financial statements, or prepare your records under GAAP, you’ve probably noticed that your book income never matches the taxable income reported on your business return. That difference isn’t an error — it’s the result of book-to-tax adjustments, which reconcile the rules of financial…
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Understanding Sales and Income Tax Nexus for Entrepreneurs
One of the biggest misunderstandings entrepreneurs face when starting or expanding a business is the concept of nexus — particularly how it applies to sales taxes and income taxes. With online platforms like Wix, Shopify, and WordPress, businesses are now reaching customers across the country. However, understanding where and when you owe taxes is crucial…
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State Corporate Income Tax Rates in the U.S.
How much are states taxing your business? This quick snapshot shows corporate tax rates across the U.S., in addition to the federal flat rate of 21%. Note: In addition to regular income taxes, many states impose other taxes on corporations, such as gross receipts taxes and franchise taxes. Some states also impose an alternative minimum…
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Form 5452 vs. Form 8937: Which One to File for Return of Capital?
When a corporation returns capital to shareholders, it can trigger different IRS filing requirements depending on the nature of the transaction and who it affects. Two key forms to be aware of are Form 5452 and Form 8937. While they may seem similar at first glance, they serve distinct purposes. What is Form 5452? Form…