BuildYourFirm

MARCH 31, 2020

Irene Wachsler is a Certified Public Accountant specializing in accounting and tax solutions for small businesses, self-employed individuals, nonprofits, and the film and entertainment industry. Memorable Quotes: “Especially the smaller ones [film companies], they don’t realize they need to file tax returns.”.

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MyIRSRelief

MAY 1, 2024

Your tax professional will guide you through tasks like payroll tax deposits, estimated tax payments, and state and local tax regulations for your chosen business structure (C corporation, S corporation, or partnership), ensuring smooth sailing with tax authorities.

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AdviceForTaxpreparers

JULY 29, 2019

I put together this post to bring together any funny and entertaining accounting and tax videos, puns, jokes, pictures, etc. Be audit you can be. AT THE IRS “Why are we paying so much tax?” It’s an accrual world, audit can help you bridge the GAAP. Interstellar Tax Debt Self Prepared Tax Return Mindset?

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MyIRSRelief

APRIL 3, 2023

Tax Planning and Preparation: An accountant (EA or CPA) can help small business owners navigate the complex world of tax laws and regulations, ensuring compliance and minimizing tax liabilities. They can also help prepare tax returns, file necessary forms, and represent the business in the event of an audit.

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Going Concern

APRIL 15, 2022

A string of disgruntled clients also told CNN that he had taken their money and never submitted their taxes or that he filed them incorrectly. The Financial Reporting Council (FRC) said it had opened an investigation in relation to Deloitte’s audit of Go-Ahead’s annual financial accounts between 2016 and 2021.

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Going Concern

SEPTEMBER 25, 2023

The long-running TPB investigation found that Mr Carter lodged false BAS and amendments for unwitting clients and lied about their tax returns and debts that did not exist. The audit also showed the system was badly mismanaged by the Police Department.

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Ronika Khanna CPA,CA

OCTOBER 5, 2023

There are also a number of specific rules with respect to meals and entertainment expenses. This is one of the most audited areas by CRA and RQ and as such it is very important to document the business reason for travel eg. If you do not file your taxes by June 15th, Revenue Canada and Revenue Quebec will impose a penalty.

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Ronika Khanna CPA,CA

DECEMBER 9, 2021

Sending a diamond bracelet to a customer who has purchased something from you once, will very likely be audited and disallowed. This will jog your memory in the event of an audit and provide a documentary trail that auditors are fond of seeing.

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xendoo

SEPTEMBER 19, 2022

As long as a trip is primarily for business, you could claim it as a business travel expense (within reason) and save some money on taxes. Here’s how to follow the rules while saving a bundle on your tax return. For a business trip to qualify for a tax deduction , it needs to meet these criteria. Entertainment.

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CPA Practice

JANUARY 31, 2024

It’s a smart way to save for unexpected medical expenses, and HSAs offer several tax benefits, including: The money you deposit in your account is deductible on your tax return. You can invest the money in your account and watch it grow tax-free over time. To be clear, this must be a legitimate business trip.

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Ronika Khanna CPA,CA

FEBRUARY 23, 2023

Meals and entertainment in which business was discussed. With certain exceptions, only 50% of meals and entertainment can be written off. It is a good practice to write the name of the client/customer or business purpose on all receipts in case of audit. Corporations are required to file a separate corporate tax return.

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inDinero Tax Tips

AUGUST 29, 2023

Nor can you write off late fees paid on federal or state taxes owed with your tax return 8. Nondeductible Entertainment Expenses You may wonder if you can write off entertaining clients as a business expense. Unfortunately, these are nondeductible entertainment expenses.

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CPA Practice

JULY 6, 2023

And Monaco this year, just for a little entertainment. Because someone that I’ve known for quite a few years, Mark Edmondson who is the CEO in flow, produced a white paper called The audit technology ecosystem, the audit technology ecosystem. We have another technology lab on audit site, for example. But I did enjoy it.

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Ronika Khanna CPA,CA

APRIL 14, 2022

Being a small business owner comes with challenges, not the least of which is doing your taxes. While most Canadian taxpayers have relatively simple tax returns that can easily be completed using software, small business owners have the additional burden of reporting details relating to their businesses.

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xendoo

SEPTEMBER 10, 2021

You’ll need to partner with an online accountant who has clear experience in preparing tax returns and financial documents for companies that have a similar profile to yours. . After all, most entrepreneurs entertain dreams of growing their businesses. Xendoo provides a number of ways to keep clients connected to the process.

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inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. However, if you’re claiming ineligible business expenses , you risk facing an audit. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . Many of them may affect the 2021 tax year.

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FraudFiles

FEBRUARY 3, 2022

Personal income tax returns (Form 1040) for the last 5 years, including any amended returns. W-2 and/or pay stubs for all years for which personal income tax returns have not yet been completed or filed. Copies of personal financial statements prepared for any purpose in the last 3 years.

Real Estate 52

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ThomsonReuters

FEBRUARY 8, 2022

One significant trend sweeping the tax profession is the rise of value-added services. Adding services in the areas beyond filing tax returns, such as accounting, payroll, bookkeeping, business planning, payroll and audit solutions, will always be services clients need.

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inDinero Tax Tips

JUNE 24, 2023

Non-Work Related Benefits : Benefits you provide employees related to entertainment, such as club memberships, social events, and recreational activities, do not qualify as deductible business expenses. Employee pay as a tax-deductible business expense differs from employee tax deductions and withholding.

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ThomsonReuters

FEBRUARY 1, 2021

The FUTA tax rate is currently 6.0% FUTA tax credit reduction when they file their Form 940 (Employer’s Annual Federal Unemployment (FUTA) Tax Return), resulting in a net FUTA tax rate of 0.6%.FUTA on the first $7,000 in wages per employee each year. However, employers generally receive a 5.4%

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Accounting Insight

FEBRUARY 1, 2024

Such a business tax enquiry is not to be confused a regular compliance check into personal tax returns or simpler corporation tax returns, which typically focus on a single tax year or accounting period, and sometimes just a handful of aspects. What is a business tax enquiry / hmrc corporate enquiry ?

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Nancy McClelland, LLC

MARCH 6, 2022

Tax Update April 28, 2022 | 11:00 AM EST FREE NSAC Members | $56 Non-Members CPE: 1 Credit Hour This session will bring attendees the latest and up-to-date tax law changes and new tax return reporting items. Additionally, the CLN will explore any anticipated future tax law changes. Click here for more info.

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Withum

FEBRUARY 1, 2023

LIFO The Last-In First-Out inventory method is a common inventory valuation method used by many dealerships that can help taxpayers lower their income tax for a period of time. In order to use the LIFO method, a taxpayer must file Form 970 with their tax return to make the election. This applies to tax years 2021 and 2022.

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inDinero Tax Tips

MAY 24, 2023

You need to have a clear picture of what you’re spending on your business, not to mention the IRS requires documentation for all business expenses claimed on tax returns. Costs To Subtract From Gross Revenue To calculate gross revenue, you’ll need to identify the expenses you put toward your business over the course of a tax year.

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ThomsonReuters

FEBRUARY 8, 2024

LLCs are considered “pass-through entities,” which means the LLC itself does not pay federal income taxes on business income. Instead, income “passes through” to individual members of the LLC, who pay federal income tax earned from the LLC via their own individual tax returns. The post How are LLCs taxed?

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