ThomsonReuters

DECEMBER 6, 2023

James Creech, a senior manager with Baker Tilly’s tax advocacy and controversy team, explained that the origin of the current issues with the ERC can be traced back to before the health emergency and the absence of tax preparer oversight. “Tax preparation is kind of the Wild West,” Creech began.

tax preparation 105

tax preparation Tax tax return payroll 105

CPA Practice

OCTOBER 5, 2023

The IRS is slashing the costs for paid tax return preparers to renew their preparer tax identification numbers (PTINs) in 2024 by nearly 36%, after a court ruled earlier this year that the agency had previously overcharged tax professionals to obtain a valid PTIN. down from $30.75 for PTIN renewals in 2023.

tax preparation 105

tax preparation tax return Tax 105

CPA Practice

MARCH 19, 2024

Not only does the platform provide the 10 most in-demand skills for the accounting profession in 2024, but Upwork also lists the three fastest-growing skills in the accounting category. To arrive at its findings, Upwork sourced skill data in its database from U.S. freelancer earnings between Jan.

bookkeeping 136

bookkeeping tax preparation Management Consulting corporate accounting 136

Shay CPA

FEBRUARY 14, 2024

Does thinking about filing your taxes put some tension on your shoulders? By giving you a heads-up in some key areas, we can make filing your tech company’s 2024 taxes a whole lot easier — and less stressful. He teed up a few tips to help you avoid unwelcome surprises as you navigate your 2024 tech company tax filings.

Technology 52

Technology Tax CPA accounting principles 52

Going Concern

APRIL 20, 2024

We observed many of them raising prices, implementing thorough onboarding procedures that would immediately eliminate the pain in the ass clients who can’t fill out basic paperwork in a timely manner, and best of all (for them, not the clients), tax preparers across the board were turning away clients left and right.

Tax 91

Tax tax preparation cpas Account 91

Shay CPA

FEBRUARY 28, 2024

You’re looking ahead and probably getting excited about everything your startup will accomplish in 2024. Don’t shoot the messenger: it’s time to do your taxes. Very few founders enjoy doing their taxes. If that sounds good, follow these steps to get your books ready for your 2024 tax filings. #1:

Tax 52

Tax CPA bookkeeping tax preparation 52

CPA Practice

MAY 17, 2023

The IRS is planning to roll out its own free online tax-filing system in a move that could put the agency in direct competition with online tax preparation behemoths like Turbo Tax and H&R Block. Free File does not auto complete any of the financial information but does provide free filing for most state taxes.

tax preparation 52

tax preparation Tax tax return Washington 52

Nancy McClelland, LLC

APRIL 5, 2024

This week, I discovered a gift that Gusto created for tax preparers with clients that use the Gusto+Guideline combo — a reporting tool that will literally prepare the Form 8881 “Credit for Small Employer Pension Plan Startup Costs” for you. On the left side bar, click on “Tax credits” 3.

tax preparation 52

tax preparation Tax bookkeeping payroll 52

Going Concern

MAY 16, 2024

Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of skilled remote accountants without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

Real Estate 59

Real Estate Account accountant accounted 59

CPA Practice

FEBRUARY 28, 2024

A group of Mississippi tax return preparers were sentenced to prison on February 22, 2024, for charges related to a conspiracy to prepare and file false tax returns for clients in Jackson, Mississippi. Earnest and Randell were also convicted of preparing such returns. million in tax loss to the IRS.

Mississippi 52

Mississippi tax return tax preparation Tax 52

CPA Practice

MARCH 18, 2024

Date: March 29, 2024 | 12 noon EDT Duration: 60 Minutes | Cost: Free Sponsor/CPE Provider: Intuit Accountants Register Here If you feel overworked and underappreciated, consider updating your tax preparation practice to lead with planning and advisory services, powering prosperity for your firm and your clients.

Tax 52

Tax tax preparation Account accountant 52

CPA Practice

JANUARY 15, 2024

The Tax Blotter is a round-up of brief news items relating to tax preparation, policy and legislation. Now that we have started another new year, there are several important tax dates to circle on your calendar or bookmark on your phone. Tax season kicks off. No wiggle room in 2024. Ask for more time.

Tax 40

Tax Massachusetts tax preparation income tax 40

Accounting Today

OCTOBER 24, 2023

The service began allowing nearly 800,000 tax preparers to renew their Preparer Tax Identification Numbers for next year.

tax preparation 126

tax preparation Tax 126

CPA Practice

JANUARY 8, 2024

With the 2024 tax filing season starting later this month, the IRS is launching a special Tax Professional Awareness Week , from Jan. 8-14, 2024, to assist tax professionals on what to expect during the filing season and start the year on the right foot.

Tax 111

Tax tax return income tax Minnesota 111

ThomsonReuters

APRIL 17, 2024

The emergence of g enerative artificial intelligence ( GenAI ) has sparked both excitement and apprehension in the tax industry, with professionals divided on its potential impact. Access full report The new report The Thomson Reuters Institute has released its latest report on GenAI, titled 2024 GenAI in Professional Services.

Tax 98

Tax tax preparation tax return Technology 98

CPA Practice

MARCH 6, 2024

24, 943,000 taxpayers had filed returns this tax season through Free File , a 9.7% increase from last year’s comparable period when 860,000 tax returns were filed, the IRS reported on Friday. The increase in Free File usage comes as the IRS released new data on how the 2024 filing season is progressing. Through Feb.

Tax 105

Tax tax preparation tax return Start-ups 105

CPA Practice

APRIL 30, 2024

By Chris Tisch, Tampa Bay Times (TNS) A Largo, FL, man arrested five years ago on charges that he stole more than $300,000 from clients who hired him to pay their taxes has been accused of doing the same thing while out on bail awaiting trial. ©2024 Tampa Bay Times. The client lost nearly $26,000, reports state. Visit tampabay.com.

tax preparation 52

tax preparation Florida Tax 52

CPA Practice

JANUARY 29, 2024

The Internal Revenue Service opened the 2024 tax season on January 29, 2024, accepting and processing federal individual tax returns, and announcing that it expects more than 146 million individual tax returns for 2023 to be filed this filing season. The Where’s My Refund? Paperless processing. Online Account.

tax return 116

tax return Tax income tax tax preparation 116

CPA Practice

APRIL 5, 2024

TNS) A Kennewick tax preparer cost the United States $42 million in lost tax revenue between 2017 and 2020 after filing tax returns that were riddled with errors, fabrications and fraudulent entries, alleges the Department of Justice. By Annette Cary, Tri-City Herald, Kennewick, Wash. The complaint also asks that U.S.

tax return 103

tax return Tax tax preparation income tax 103

CPA Practice

JANUARY 9, 2024

With the 2024 filing season right around the corner , the IRS is alerting tax professionals about a new round of email schemes in which cybercriminals pose as potential clients looking for tax help. Cybercriminals try to capitalize on tax season by masquerading as real taxpayers looking for help.

Tax 101

Tax tax preparation tax return CPA 101

CPA Practice

APRIL 9, 2024

But when it comes to taxes, misleading information on social media can lead to financial or even legal problems, the IRS warns. Social media—things like Facebook, Instagram and TikTok—can be used to circulate “wildly inaccurate tax advice,” the agency said. It is not a form the average taxpayer can use to avoid tax bills, the IRS said.

Tax 116

Tax tax return tax preparation payroll 116

Nancy McClelland, LLC

FEBRUARY 24, 2024

The past four years have been challenging in so many ways, to so many people — but as a tax preparer, I can confidently say that the inability for the IRS to provide its usual level of customer service has been among the most impactful. To find an AARP Tax-Aide site, use the AARP Site Locator Tool or call 1-888-227-7669.

tax return 52

tax return Tax income tax tax preparation 52

Going Concern

JANUARY 25, 2024

An incredible phenomenon is underway, one that many tax pros have been begging their compadres to get on board with for years: CPAs are increasing their fees. Client graduated # 1 in accounting and so doesn’t need us to do his simple tax returns anymore. My tax preparer told me her price is increasing to [whatever dollar amount].

cpas 120

cpas tax preparation tax return CPA 120

CPA Practice

OCTOBER 17, 2023

Thirteen states have agreed to participate in a trial run of the IRS’s free online return filing system, called Direct File, during the 2024 tax season, the agency said on Tuesday. In this limited pilot for 2024, we’ll be working closely with the states that have agreed to participate in an important test run of the state integration.

tax return 116

tax return Tax South Dakota tax preparation 116

CPA Practice

DECEMBER 15, 2023

Accounting software also simplifies tax preparation by identifying taxable income and deductions with ease. Why not start 2024 out right, with an accounting software application that provides the features needed to manage a small business? Not all small businesses are on board yet.

accounting system 116

accounting system small business accounting business accounting quickbooks 116

CPA Practice

OCTOBER 2, 2023

October 16 is this year’s deadline for taxpayers who requested additional time to file their taxes. However, taxes expected to be owed were required to be owed by the original April 18, 2023, deadline. 24, 2024, to file various individual and business tax returns. This list continues to be updated regularly. 16 due date.

South Carolina 124

South Carolina Tax Georgia income tax 124

CPA Practice

MARCH 12, 2024

The American Institute of CPAs and CPA.com announced the participants of its 2024 Startup Accelerator program, which will kick-off this week at a meeting at their headquarters in New York.

cpas 52

cpas Technology accounting and finance audit 52

CPA Practice

MARCH 4, 2024

24, 943,000 taxpayers had filed returns this tax season through Free File , a 9.7% increase from last year’s comparable period when 860,000 tax returns were filed, the IRS reported on Friday. The increase in Free File usage comes as the IRS released new data on how the 2024 filing season is progressing. Through Feb.

Tax 59

Tax tax preparation tax return Start-ups 59

Cherry Bekaert

JUNE 9, 2023

Contributors : Chris Grimes, Senior Manager, State & Local Tax | Peter Baisch, Senior Manager, State & Local Tax Georgia IRC Conformity and Section 174 On May 2, 2023, Georgia Senate Bill 56 was signed into law, which updated Georgia’s Internal Revenue Code (IRC) conformity date from January 1, 2022, to January 1, 2023.

Georgia 97

Georgia Tax Wisconsin Kentucky 97

CPA Practice

FEBRUARY 5, 2024

But here in the real world, AI is coming for a decidedly more tedious part of modern life: tax filing. Some 70% of Gen Z American adults, who range in age from 18 to 27, say they would consider using AI-based tax preparation software to file their taxes in the future, according to an exclusive new Fast Company-Harris Poll.

Tax 122

Tax tax preparation Technology 122

ThomsonReuters

MAY 16, 2024

While adoption isn’t yet fully widespread, more than half of the professionals surveyed in the 2024 Generative AI in Professional Services Report believe that they should use GenAI in their daily work — and they’re already planning for the specialized tools that will create this reality. Tax research and compliance.

Tax 52

Tax Account accountant accounted 52

ThomsonReuters

JANUARY 4, 2024

Jump to: Utilize short-term staffing solutions Incorporate AI and automation into your workflow Become a strategic advisor As accounting firms usher in 2024, it’s important to take a fresh look at the business landscape — both its challenges and its opportunities — to best prepare for the year ahead.

tax planning 78

tax planning Tax Technology tax return 78

CPA Practice

FEBRUARY 23, 2024

Unfortunately, tax professionals and their clients did not see the same benefits. Artificial intelligence will have an even more profound impact on the profession than the first wave of automation, and this time, tax professionals will be the biggest winners. These issues are often exacerbated during the busy season.

Technology 64

Technology Tax cpas tax preparation 64

CPA Practice

DECEMBER 20, 2023

Corvee will hold a three-day Artificial Intelligence Tax Team Bootcamp. This event aims to provide guidance to firms on seamlessly transitioning from tax compliance to advisory through the use of AI. Corvee is a software and solutions company serving small and medium-sized businesses as well as tax and accounting firms.

Tax 59

Tax tax preparation accounting firms Technology 59

CPA Practice

FEBRUARY 6, 2024

What it actually means is that I am licensed by the IRS to prepare taxes and represent taxpayers, which is not cool or scary. The reality of the situation is that I have the same feelings of unhappiness and annoyance you do every time tax season rolls around. This does not mean you pay 85% in taxes.

Tax 111

Tax income tax tax return tax preparation 111

CPA Practice

JANUARY 17, 2024

By Sam Becker, Fast Company (TNS) Who says tax preparation has to be boring? H&R Block’s website does show that its “Deluxe” tax filing option is advertised for $35 (plus $37 for state filing), which includes “help from a live expert” and AI Tax Assist. Fast Company © 2024 Mansueto Ventures LLC.

tax preparation 98

tax preparation Tax California Legal 98

ThomsonReuters

APRIL 25, 2024

When it comes to navigating the tax landscape of 401(k) contributions and withdrawals, it’s important for accountants to stay informed and help clients make tax-efficient decisions during their retirement years. Jump to: Is a 401(k) pre-tax? Is there a 401(k) inheritance tax? Is there a 401(k) inheritance tax?

Tax 52

Tax income tax tax preparation Account 52