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Financial statements audits
Financial statement audits
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Compliance audits
Compliance audits
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Compilations and reviews
Compilations and audit
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Agreed-upon procedures
Agreed-upon procedures
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Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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International tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Tax compliance
Business Tax
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Individual taxes
Individual taxes
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Estate and succession planning
Estate and succession planning
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Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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Sales and use tax and indirect taxes
SUT/ VAT & indirect taxes
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Tax incentives program
Tax incentives program
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Transfer Pricing Study
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
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Business consulting
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
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Forensic and investigative services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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Fraud and investigations
The commercial landscape is changing fast. An ever more regulated environment means organizations today must adopt stringent governance and compliance processes. As business has become global, organizations need to adapt to deal with multi-jurisdictional investigations, litigation, and dispute resolution, address the threat of cyber-attack and at the same time protect the organization’s value.
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Dispute resolutions
Our independent experts are experienced in advising on civil and criminal matters involving contract breaches, partnership disputes, auditor negligence, shareholder disputes and company valuations, disputes for corporates, the public sector and individuals. We act in all forms of dispute resolution, including litigation, arbitration, and mediation.
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Business risk services
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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Internal audit
We work with our clients to assess their corporate level risk, identify areas of greatest risk and develop appropriate work plans and audit programs to mitigate these risks.
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Service organization reports
As a service organization, you know how important it is to produce a report for your customers and their auditors that instills confidence and enhances their trust in your services. Grant Thornton Advisory professionals can help you determine which report(s) will satisfy your customers’ needs and provide relevant information to your customers and customers’ auditors that will be a business benefit to you.
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Transactional advisory services
Transactions are significant events in the life of a business – a successful deal that can have a lasting impact on the future shape of the organizations involved. Because the stakes are high for both buyers and sellers, experience, determination and pragmatism are required to bring deals safely through to conclusion.
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Mergers and acquisitions
Globalization and company growth ambitions are driving an increase in M&A activity worldwide as businesses look to establish a footprint in countries beyond their own. Even within their own regions, many businesses feel the pressure to acquire in order to establish a strategic presence in new markets, such as those being created by rapid technological innovation.
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Valuations
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Recovery and reorganization
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
What’s New
Coronavirus (COVID-19) related employment tax credits and other tax reliefs
- The Families First Coronavirus Response Act (FFCRA), enacted on March 18, 2020, and amended by the COVID-related Tax Relief Act of 2020, provides certain employers with tax credits that reimburses the cost of providing paid sick and family leave wages to employees for leave related to COVID-19.
Qualified sick and family leave wages and the related credits for qualified sick and family leave wages are only reported on employment tax returns with respect to wages paid for leave taken in quarters beginning after March 31, 2020, and before April 1, 2021, or unless extended by future legislation. If you paid qualified sick and family leave wages in 2021 for 2020 leave, a credit should be claimed on your 2021employment tax return.
- The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, and amended by the Taxpayer Certainty and Disaster Tax Relief Act of 2020, provides eligible employers to claim a credit on their employment tax return, as long as employees are kept on payroll, despite experiencing economic hardship related to COVID-19.
The employee retention credit was extended to 2021 for qualified wages paid to employees between January 1, 2021, and June 30, 2021, and was previously available for qualified wages paid to employees between March 13, 2020, and December 31, 2020. Different rules apply for qualified wages paid after December 31, 2020.
- The CARES Act also allows employers to defer the deposit and payment of the employer share of social security taxes, and which should be reported on your 2020 employment tax return. The deferred amount is only available for deposits due on or after March 27, 2020, and before January 1, 2021, as well as deposits and payments due after January 1, 2021, that are required for wages paid on or after March 27, 2020, and before January 1, 2021.
One-half of the deferred amount of the employer share of social security tax is due by December 31, 2021, and the remaining is due by December 31, 2022. Any payments or deposits you make before December 31, 2021, are first applied against your payment due on December 31, 2021, and then applied against your payment due on December 31, 2022. Because both payment dates are nonbusiness days, and therefore payments made on the next business day will be considered timely.
Notice 2021-11 modifies Notice 2020-65
Notice 2020-65 provides that the due date for the deferred amount of the employee share of social security tax is April 30, 2021. However, the COVID-related Tax Relief Act of 2020, enacted on December 27, 2020, defers the due date for the deferred amount of the employee share of social security tax to December 31, 2021. Therefore, Notice 2020-65 was modified by Notice 2021-11 to reflect the new due date.
Social security and Medicare tax for 2021
The social security tax rate is 6.2% each for employee and employer, unchanged from 2020. The new social security wage limit is $142,800.
The Medicare tax rate is 1.45% each for the employee and employer, unchanged from 2020. There is no wage base limit for Medicare tax.
Social security and Medicare taxes apply to the wages of household workers you pay $2,300 or more in cash or an equivalent form of compensation. Social security and Medicare taxes apply to election workers who are paid $2,000 or more in cash or an equivalent form of compensation.
Form 944(SP) has been discontinued.
Form 944(SP) will no longer be available after 2020. As of tax 2021, employers’ who previously presented the Form 944(SP) will now annually submit Form 944, Employer’s Annual Federal Tax Return, in English.
Link-IRS
(Circular E) Employer's Tax Guide
