TaxConnex

DECEMBER 28, 2023

The new year will no doubt be another active one in sales tax. Weaker state revenue The kind of year it’s going to be for state coffers could greatly influence such future sales tax trends as new levies, tougher nexus thresholds and intensifying audits. Overall, state tax revenues dropped 5.3%. If so, watch out for 2024.

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MyIRSRelief

MAY 1, 2024

Yet, amidst the excitement lurks a dark alley – the realm of taxes. Navigating complex tax codes, understanding specific forms like 1120, 1120S, and 1065, and ensuring compliance can feel like deciphering ancient scrolls. Here’s where a qualified business tax professional becomes your secret weapon.

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TaxConnex

SEPTEMBER 7, 2023

Nonprofits are often thought to be exempt from sales taxes, but is that correct? Other stats say more than 2 million charities exist that are tax-exempt according to Internal Revenue Service rules. Are non-profits exempt from sales tax obligations? These same organizations are not necessarily exempt from sales tax.

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CPA Practice

APRIL 19, 2024

The new deduction is the result of Georgia’s 2019 abortion law, which allows expectant parents to claim an embryo or fetus as a dependent on their taxes. The exemption for 2022 was worth $3,000 per embryo or fetus, as it is for other minor dependents, which results in about a $170 tax benefit. Compared with Georgia’s $36.1

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CPA Practice

MARCH 8, 2024

What AI cannot help your business with, it seems, is tax prep. An investigation by The Washington Post tested new built-in AI systems offered by TurboTax and H&R Block, and found that they were frequently unhelpful and often just plain wrong when it came to offering advice.

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CPA Practice

MARCH 12, 2024

What AI cannot help your business with, it seems, is tax prep. An investigation by The Washington Post tested new built-in AI systems offered by TurboTax and H&R Block, and found that they were frequently unhelpful and often just plain wrong when it came to offering advice.

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Going Concern

JANUARY 12, 2024

million in audit fees in 2022.) How did Deloitte, the auditing heavyweight watching over Tingo’s books, miss a scam that Hindenburg, an outsider, called out as painfully obvious? Audit Do former regulators improve the quality of audits? Audit Do former regulators improve the quality of audits? Tingo paid $1.6

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CPA Practice

SEPTEMBER 19, 2023

Taylor, Kiplinger Consumer News Service (TNS) IRS audits raise anxiety for many taxpayers. That’s been the case with the earned income tax credit (EITC), which has been the subject of recent controversy. (A Fewer IRS audits involving credits for taxpayers with lower incomes? Now, in a Sept. Now, in a Sept.

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TaxConnex

AUGUST 25, 2022

In a field that changes as fast as sales tax, it’s a necessity. You generally have three options to address your sales tax compliance obligation: try to manage everything in-house; outsource to an experienced provider; or do nothing and roll the dice. This one of the key steps to complying with sales and use tax laws nationwide.

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CPA Practice

OCTOBER 9, 2023

Two could majorly change the tax landscape. First, is taxing unrealized income valid? This has come up in a case in which a couple who are minority owners of an Indian corporation were charged the repatriation tax. The 2017 tax law assessed a mandatory one-time tax of up to 15.5% The tax was due from U.S.

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CPA Practice

AUGUST 4, 2023

Working with closely held companies, nonprofit organizations, and individuals in service areas of assurance, tax and consulting, Frost & Company has deep industry experience in construction, health care, professional services, nonprofits, and real estate.

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MyIRSRelief

MAY 24, 2023

The notice will state the amount of tax due, as well as interest and penalties. The notice will also include the following information: The amount of tax due The amount of interest and penalties The due date for payment Instructions on how to pay What do I need to do if I receive an IRS CP14 notice? What is an IRS CP14 notice?

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TaxConnex

JULY 21, 2022

Understanding economic and physical nexus and the taxability of your products and services goes a long way to ensuring your sales tax compliance. But nothing’s that simple with sales tax. nexus requires remote sellers to collect sales tax because they hit certain thresholds of revenue or sales in states. Off to marketplace.

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CPA Practice

APRIL 15, 2024

Progress was cited in eliminating most of its tax return backlog, more on-time tax refunds, and improvements in customer service availability and responsiveness. Explosion in data sharing Tax agencies worldwide recognize the untapped potential of integrating new data sources into their processes. What has held them back so far?

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TaxConnex

OCTOBER 4, 2022

So you’ve done the smart thing and determined that your company has sales tax obligations in various states. Now you must collect, file, and remit sales tax in multiple states. You then need to create a billing process to apply tax to your invoice, manage your sales tax-exemption certificates and prepare and file sales tax returns.

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MyIRSRelief

MAY 24, 2023

The notice will state the amount of tax due, as well as interest and penalties. The notice will also include the following information: The amount of tax due The amount of interest and penalties The due date for payment Instructions on how to pay What do I need to do if I receive an IRS CP14 notice? What is an IRS CP14 notice?

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CPA Practice

AUGUST 3, 2023

Supreme Court has agreed to hear a landmark tax law case this fall, highlighting again the ever-changing extreme complexity of federal tax law. The case underscores an unfortunate reality: Businesspeople need a tax mitigation plan just as critically as they do a financial plan, a succession plan or an estate plan.

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CPA Practice

JULY 19, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The IRS allocated some of its funding from the Inflation Reduction Act to tax enforcement, and tax-evading millionaires and billionaires are targets. The agency has already closed approximately 175 delinquent tax cases, resulting in a $38 million payday for the U.S.

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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. The Department of Justice filed a civil complaint in Eastern Washington District U.S.

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CPA Practice

JANUARY 31, 2024

citizen and business owner, I really don’t have a problem with paying the taxes I owe. trillion, net , in federal taxes in 2022) goes toward everything from education, transportation and the country’s defense to Social Security, health care and veterans’ benefits. I understand the money the IRS collects (about $4.3 Hire your kids.

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CPA Practice

AUGUST 7, 2023

Taylor, Kiplinger Consumer News Service (TNS) Does the order of names on your joint federal income tax return reveal significant things about you and your partner? A recent study suggests the answer could be yes—that tax return name order may hold some clues about social norms and beliefs. Income tax returns: Who’s on first?

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CPA Practice

NOVEMBER 15, 2023

The American Institute of CPAs recently recognized three prominent Tax Division members during the 2023 AICPA & CIMA National Tax & Sophisticated Tax Conference and Fall Tax Division Meetings. He is the retired vice president of Tax Policy & Advocacy at AICPA. Dolan, JD, and Edward S. Dixon Award.

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CPA Practice

OCTOBER 11, 2023

average increase in starting salaries for tax roles in public accounting next year and a 3.8% average increase in starting salaries for positions in audit and assurance in 2024. Last week, specialized staffing firm Robert Half released its 2024 Salary Guide , and an analysis of the pay data by CPA Practice Advisor revealed a 3.6%

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TaxConnex

DECEMBER 1, 2022

There’s always something changing in the world of tax, especially sales tax. An Arizona business challenging Louisiana’s remote seller sales tax structure is appealing to the U.S. The five worst states for business based on sales tax are Alabama, Washington, Louisiana, California and Tennessee. Back to court.

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Going Concern

MAY 16, 2023

Once again, in what can only be described as an attempt to market its tax platform, Bloomberg has released its annual awards for the Bloomberg Tax Authors of the Year. Eager readers can pick their flavor of tax writing, all of which are likely to be able to solve insomnia issues, should said readers suffer from them.

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TaxConnex

FEBRUARY 25, 2021

You may think that if you do not have physical or economic tax nexus in a state, you do not have any tax obligations. You can still have obligations to the certain tax authorit ies in a state even where you do not have nexus and are not required to collect and remit sales tax in the state. The reason?

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TaxConnex

JUNE 20, 2023

Almost five years ago, the Supreme Court’s Wayfair decision was heralded as a revenue gateway for almost all states to require remote sellers to collect and remit sales tax. South Dakota joins California, Colorado, Iowa, Maine, North Dakota, Washington and Wisconsin in eliminating transaction-based nexus thresholds. Starting Aug.

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Going Concern

APRIL 19, 2024

Top Remote Accountants of the Week | April 18, 2024 Audit Audit Board Urged to Rein In Plan to Curb Misleading Marketing [ Bloomberg Tax ] CPAs pressed the US audit board to scale back a proposal meant to prevent firms from falsely marketing their registration with the regulator as an endorsement of their work. “The

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CPA Practice

APRIL 11, 2024

McGarry, InsideSources.com (TNS) Tax Day looms, and the taxman cometh. This year, the IRS has launched a pilot program dubbed “Direct File” through which Americans can opt to have the IRS prepare their taxes for free (well, except for the billions of taxpayer dollars used to create the program). By David B.

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CPA Practice

MARCH 26, 2024

Taylor, Kiplinger Consumer News Service (TNS) In a recent announcement, the IRS revealed ongoing efforts to tackle erroneous Employee Retention Tax Credit (ERC) claims. ERC audits. Additionally, the agency says thousands of audits are underway, as are investigations into abusive promoters. By Kelley R.

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MyIRSRelief

NOVEMBER 29, 2019

One of the most important things that a business must report is certain tax information for employment payroll on a quarterly and annual basis. They are required by the IRS to report the amount of 941/940 employment payroll taxes that have been either withheld from employees or what they owe to the government. Get debt relief.

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CPA Practice

MAY 10, 2024

The firm in 2021 combined its tax reporting and audit/assurance businesses into one unit, trust solutions, with the remaining revenue stemming from consulting solutions, which includes tax consulting. Hui Chang , Partner, Consulting, Washington, D.C. Drucker , Partner, Trust, Washington, D.C.

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CPA Practice

MAY 10, 2024

KSM Announces Appointments for Five New Leadership Roles Katz, Sapper & Miller (KSM) recently announced the appointments of Erin Eberly, Jason Patch, Mike North, Mike Lee, and Jamie Ellis to newly created roles overseeing the firm’s tax, audit, and advisory practices, its industry groups, and its operations.

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Going Concern

JANUARY 9, 2023

Deloitte announced today that Anna Taylor — former tax and economic policy principal advisor to Senate Majority Leader Chuck Schumer (D-N.Y.) — has joined Deloitte’s Washington National Tax practice as the deputy managing principal of the Tax Policy Group. What is the secret to a good PPT?

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Withum

SEPTEMBER 16, 2022

It is no surprise that states are seeing significant growth in sales tax revenue, a trend fueled by changes in consumer spending during the pandemic. The third reason for higher sales tax revenue was the Wayfair decision in which the Supreme Court expanded the physical nexus requirement to include economic nexus (e.g.,

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inDinero Tax Tips

MARCH 2, 2023

Cryptocurrency tax rules can be complicated and confusing, but you definitely need to report your crypto gains. Here’s a look at what happens if you don’t report cryptocurrency on taxes — along with answers to common crypto tax questions. What Happens if You Don’t Report Cryptocurrency on Taxes?

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Going Concern

OCTOBER 13, 2023

On Thursday, PwC’s current and former CEOs appeared in front of a Senate inquiry examining the management and integrity of consulting firms in Australia, established in the wake of PwC’s tax leak scandal. News Washington Wizards Partner With Learn Fresh To Bring NBA Math Hoops To Washington, D.C.

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