©2010 Galaz, Yamazaki, Ruiz Urquiza, S.C. MONTHLY ESTIMATED INCOME TAX PAYMENTS Héctor Silva Meeting – Breakfast August 18, 2010.

Slides:

Advertisements

Similar presentations

Chapter 3 3 The Corporate Income Tax. Filing Requirements and Computing the Tax.

Advertisements

Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

©2002 Prentice Hall, Inc. Business Publishing Accounting, 5/E Horngren/Harrison/Bamber Retained Earnings, Treasury Stock, and the Income Statement.

Retained Earnings, Treasury Stock, and the Income Statement

Accounting for Receivables

Workshop on Deferred Taxation

© 2012 Galaz, Yamazaki, Ruiz Urquiza, S.C. Compilation of several tax benefits and administrative simplification measures Tax Decree WMTA Breakfast/meeting.

©2010 Galaz, Yamazaki, Ruiz Urquiza, S.C. "New Decree to facilitate tax compliance in México...[sic]". Digital Invoices. Control over deposits July 21,

Income Tax Concepts chapter (2). Tax prepayments: - Employees prepay taxes on wages through payroll-tax withholding. - The tax prepayments are subtracted.

New Information Requirements for Transfer Pricing Fiscal Year 2009 June 16th, 2010.

2011 Income Law for Congress’ discussion Héctor Silva WMTA Breakfast Meeting October 20, 2010.

Corporations: Paid-in Capital and the Balance Sheet

Prepared by. As stewards of a chapter’s money the chapter officers are responsible for the careful handling and dissemination of funds.

SAT extends the period of restructuring to maquiladoras Héctor Silva August 2014.

Chapter 8  Current Liabilities. Chapter 8Mugan-Akman Liabilities obligations of an entity to make a future payment or to deliver goods or services.

Doing Business in Mexico (Tax Regime). June, 2010.

 Click to edit Master text styles  Second level  Third level  Fourth level  Fifth level #10-1 McGraw-Hill/Irwin © 2005 The McGraw-Hill Companies,

Basic Concepts of Financial Accounting

Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

Requesting a Corrected W-2 for a State Employee Oregon Statewide Payroll Services.

MANAGEMENT DECISIONS AND FINANCIAL ACCOUNTING REPORTS Baginski & Hassell.

ACCOUNTING FOR INCOME TAXES

The Individual Tax Formula

CASH MANAGEMENT Cash Receipts and Payments. CASH FLOWS Life blood of a business Monitors surpluses Plan for shortfalls Plan for financing arrangements.

©2011 Galaz, Yamazaki, Ruiz Urquiza, S.C ECONOMIC PACKAGE ‒ General Economic Policy Criteria ‒ Federal Incomes Bill ‒ Bill of Amendments to the.

2009 Payable 2010 Levy Certification Independent School District 196 Rosemount-Apple Valley-Eagan Public Schools December 14, 2009 Educating our students.

©2010 Galaz, Yamazaki, Ruiz Urquiza, S.C. First Job Incentive Héctor Silva WMTA Breakfast meeting December 15, 2010.

The Office Procedures and Technology Chapter 6 Processing and Understanding Financial Information Copyright 2003 by South-Western, a division of Thomson.

Chapter 8  Current Liabilities. Chapter 8Mugan-Akman Liabilities obligations of an entity to make a future payment or to deliver goods or services.

Omnicom Group Employee Stock Purchase Plan (ESPP)

Proposed changes to the IMMEX Decree Héctor Silva Tax Deloitte WMTA meeting/breakfast November 17, 2010.

Utility Sector Tax Services NARUC Spring Meeting 2007 FIN 48 Select Topics Presenter: Charles A. Lenns Partner.

©The McGraw-Hill Companies, Inc. 2008McGraw-Hill/Irwin Chapter 15 Corporate Taxation “Corporations don’t pay taxes, they collect them.” -- Paul H. O’Neill.

FASB Interpretation No. 48

©2010 Galaz, Yamazaki, Ruiz Urquiza, S.C. “HIGHLIGHTS BEFORE FILING THE MEXICAN ANNUAL TAX RETURN” Héctor Silva Meeting - Breakfast March 17, 2010.

10-1 Taxation of Regular (C) Corporations Distinguishing tax feature relative to other business entities: double taxation  Corporate income is taxed at.

Chapter 8 Receivables.

©The McGraw-Hill Companies, Inc. 2008McGraw-Hill/Irwin Chapter 2 Expanded Tax Formula, Forms 1040A and 1040 and Basic Concepts “Taxes: Of life's two certainties,

Chapter 11 Accounting for Receivables Percentage of Sales Method Balance of Selected Accounts at Year-End (Before Adjustment) Accounts Receivable.

Exchange gains/losses and the taxable income for maquiladoras. WMTA - February 18, 2009 ©2009 Deloitte LLP. All rights reserved.

Profit and Loss Account

WMTA Breakfast meeting April 14, 2009 Héctor Silva.

Rocky Mountain Power Collection Agency Fees Docket No T08

Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

RECENT TAX ANNOUNCEMENTS THAT MAY AFFECT THE MAQUILA INDUSTRY Héctor Silva Meeting - Breakfast Junio 17, 2009.

©2004 Prentice Hall Business Publishing Financial Accounting, 5/e Harrison/Horngren The Income Statement and the Statement of Stockholders’ Equity.

LESSON 14-6 Calculating Federal Income Tax and Completing a Work Sheet

8-1 Describe the trade-offs of extending credit..

©2010 Galaz, Yamazaki, Ruiz Urquiza, S.C. Certified Company Benefits Customs & Global Trade / March 2011.

Chapter 14 Payroll Accounting, Taxes, and Reports.

DATE POWER 2 INCOME JANUARY 100member X 25.00P2, FEBRUARY 200member X 25.00P5, MARCH 400member X 25.00P10, APRIL 800member.

© The McGraw-Hill Companies, Inc., 2003 McGraw-Hill/Irwin Slide 10-1 LIABILITIES Chapter 10.

Chapter 16 Corporate Operations © 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for.

Chapter 16 Corporations. Learning Objectives Determine the types of entities that can be classified as a corporation for federal income tax purposes Calculate.

Preparing Financial Documents The Income Statement & Balance Sheet.

©2010 Galaz, Yamazaki, Ruiz Urquiza, S.C. MANAGING THE INTERCOMPANY BALANCES FOR TAX PURPOSES Héctor Silva Meeting - Breakfast April 21, 2010.

Chapter – 3 setoff and carry forward of losses

AC113 Seminar Unit 9 – Chapter 8. Financing Operations Businesses must finance operations through one of two ways: –Debt Financing – includes all liabilities.

The Income Statement Balance Sheet –The financial condition of the company on a certain date (a snapshot on that date) –What is OWNED and what is OWED.

Class 5 Lower Cost or Market.

 =   –  + ++= = = = = CALCULATING FEDERAL INCOME TAX Lesson 25-3, page 647.

GLENCOE / McGraw-Hill. Payroll Taxes, Deposits, and Reports.

Chapter 10 Reporting and Interpreting Liabilities 1© McGraw-Hill Ryerson. All rights reserved.

Income Tax Collection Income Tax Collection

FAS 109: Accounting for Income Taxes

Accounting for Income Taxes

CRA Refinancing CRA Refinancing.

Provisions of Turkey Tax Amnesty Law

Audit of Reward Points Florida Tourist Development Tax Association

Presentation transcript:

©2010 Galaz, Yamazaki, Ruiz Urquiza, S.C. MONTHLY ESTIMATED INCOME TAX PAYMENTS Héctor Silva Meeting – Breakfast August 18, 2010

©2010 Galaz, Yamazaki, Ruiz Urquiza, S.C. Article 14 of the MITL “Tax payers shall pay estimated monthly income tax payments in consideration for the annual income tax. Payment shall be made by the 17 th of the month following the one the tax is computed”. 2 MONTHLY ESTIMATED PAYMENTS

©2010 Galaz, Yamazaki, Ruiz Urquiza, S.C. 3 ESTIMATED MONTHLY PAYMENTS FORMULA Gross revenue (*) Profit factor Estimated profit (-) NOL Tax base (*)30% = Estimated income tax (-) Prior payments = Tax due

©2010 Galaz, Yamazaki, Ruiz Urquiza, S.C. ESTIMATED MONTHLY PAYMENTS Profit factor 4 Formula for the profit factor: Prior year’s taxable income Total gross income Notes 1: If no profit factor is obtained from the last twelve months period, the last factor of the prior five years will be used. 2:Income tax Regulations precise that factor used and computed up to four fractions (0.0000)

©2010 Galaz, Yamazaki, Ruiz Urquiza, S.C. RULE OF THE MISCELLANEOUS TAX RULES Maquiladoras may compute their estimated income tax payments for November 2003 and subsequent months by applying the profit factor for October 2003 adjusted with the 3% instead of the 6.5% or 6.9% as stated in article 216-bis of the MITL. 5

©2010 Galaz, Yamazaki, Ruiz Urquiza, S.C. RULE OF THE MISCELLANEOUS TAX RULES Maquiladoras electing to compute their taxable income based on a Transfer Pricing Study, may adjust the profit factor by applying the 3% mentioned to the taxable income used to compute the profit factor. 5

©2010 Galaz, Yamazaki, Ruiz Urquiza, S.C. REDUCTION OF ESTIMATED MONTHLY INCOME TAX PAYMENTS Article 15 MITL When tax payers estimates that income tax will be over-paid at year-end, may request authorization to reduce estimated payments as from the second semester of the year. Any shortage in the estimate will arise the payment of interests. 5

©2010 Galaz, Yamazaki, Ruiz Urquiza, S.C. 8Footer (edita este texto en la opción Insert > Header & Footer > Apply to all) Application for authorization must be filed a month prior due date. Application to reduce the September payment is due by September 17th. Application must include: -Current balance sheet and income statement -Pro-forma BS and IS as of December 31 -Pro-forma of book/tax reconciliation -Payments made during the year REDUCTION OF ESTIMATED MONTHLY INCOME TAX PAYMENTS

©2010 Galaz, Yamazaki, Ruiz Urquiza, S.C. Héctor Silva +52 (664)