MazumaBusinessAccounting

AUGUST 26, 2021

If your business goes too many years without making a profit, it can be classified as a hobby. When it becomes a hobby, you can no longer claim losses as business deductions. If you want to reverse the IRS’s decision about your business, then you have to prove your intention was to make a profit. Website domain.

accounting and finance 98

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ThomsonReuters

APRIL 13, 2023

These two words can strike fear in the hearts of your tax and accounting clients: IRS audit. That is true for both large accounting firms and small accounting firms , since any client could be the target of an audit. These steps will help when clients come under IRS scrutiny.

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Going Concern

FEBRUARY 12, 2024

EY piled more than $700mn of extra debt on to its global operating business to deal with the costs of the failed plan to spin off its consulting arm, according to newly filed accounts. That’s been happening across the industry, according to Adrienne Gonzalez, who edits the accounting blog Going Concern. Anyone have any nice plans?

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Nancy McClelland, LLC

MARCH 22, 2024

The IRS is offering an amazing deal to those who either fraudulently or mistakenly claimed Employee Retention Credits (ERC) to which they weren’t entitled. million claims have been submitted, and the IRS refunds run up to $26,000 per employee… we’re talking about big dollars here. Considering that more than 3.6

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ThomsonReuters

DECEMBER 19, 2023

From staying informed on ESG trends and regulations to identifying green tax breaks, more and more businesses are turning to accountants for ESG reporting and compliance. Blog For more information on claiming green tax credits, see our guide to environmental IRS forms. In the U.S.,

Tax 52

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Shay CPA

MARCH 6, 2024

It’s the R&D credit that the IRS will let you apply toward payroll taxes. Reducing your payroll tax liability The IRS has long offered a tax credit for increasing research activities. Of course, as with all things IRS, it can get complicated. And as a tech startup, you can most likely capitalize on it in a big way.

payroll tax 52

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Nancy McClelland, LLC

APRIL 11, 2023

An extension is a form filed with the IRS to request additional time to file your federal tax return. In some states, filing an extension with the IRS will automatically extend the time to complete a state income tax return. Am I more likely to be audited if I extend? What does filing an “extension” do? •

Tax 98

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ThomsonReuters

JANUARY 12, 2023

The primary role of an accountant is to handle a variety of tasks including tax preparation, financial planning and audits. . One of these expanded service areas is audit. . But what exactly does offering auditing services entail? And what tools and resources are available for accountants who want to specialize in audit?

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AdviceForTaxpreparers

JULY 29, 2019

Advice for Tax Preparers Making tax preparers lives easier one blog at a time HOME. Sharing a laugh brings us all together (especially during any busy season). 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. Miscellaneous.

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ThomsonReuters

JULY 6, 2023

With an expert tax navigator at the helm, both individuals and businesses can successfully achieve their financial goals with less tax exposure. What is the difference between an accountant and a tax advisor? Most tax and accounting firms build their business model on the number of tax returns completed.

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ThomsonReuters

MAY 6, 2022

All businesses need accurate record-keeping to claim expenses and calculate tax accurately. Finance and tax are heavily regulated and can be a lot for businesses to manage. An accounting consultant can help businesses remain compliant with all the relevant regulations and suggest areas for improvement. 3. Audit management.

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ThomsonReuters

MAY 12, 2022

What triggers a sales tax audit and how do you reduce the risk of an audit? Almost all companies undergo a sales tax audit at some point. This sales tax audit guide can help indirect tax teams avoid common audit triggers and manage the sales tax audit as smoothly as possible. What is a sales tax audit?

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ThomsonReuters

NOVEMBER 15, 2023

Rules for cash donation tax deductions Filling out Schedule A for Form 1040 Helping clients with tax deductible donations on their tax return As the season for giving approaches, many individuals and businesses consider making monetary donations to charitable organizations. Donations to qualified organizations. Limits and specific rules.

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ThomsonReuters

JANUARY 12, 2023

For those of us in the tax and accounting profession, we’ve witnessed the amazing time savings and efficiency automation can bring—and audit is no exception. . Not so long ago, auditing in accounting meant spending long hours manually entering taxpayer data, sifting through loads of paperwork, and scrutinizing spreadsheets line-by-line.

Technology 52

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LyfeAccounting

APRIL 8, 2021

In most of our previous posts, we’ve been busy revealing all of the ways to help you save on taxes and claim every deduction and tax credit as much as you can. Now, we want to help you avoid an IRS audit! And, the IRS loves catching them. 8 IRS Audit Red Flags to Watch Out For.

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ThomsonReuters

FEBRUARY 2, 2022

million small businesses in the U.S., However, finding individual and small business clients is more challenging, particularly for those just starting out. Here are a few ways you can market your firm’s services to individuals and small businesses. Marketing accounting services to individuals vs. small businesses.

accounting firms 98

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ThomsonReuters

MARCH 1, 2024

How a corporate tax software can help filing S corporation taxes Setting up your business as an S corporation (S corp) provides several tax advantages that are not available to owners of C corporations (C corp) or Limited Liability Companies (LLCs). Extension requests (using IRS Form 7004 ) are also due on this date.

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ThomsonReuters

MARCH 25, 2024

. __ Here are three important takeaways from their conversation: #1 – Big changes to research expenses The treatment of Section 174 research expenses following the Tax Cuts and Jobs Act (TCJA) is a source of great uncertainty for businesses. DiSangro said the IRS’s strategy is to find the weakest links.

Tax 45

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ThomsonReuters

APRIL 18, 2023

For business owners, payroll is complex and often their greatest expense. The top five payroll errors are: Misclassifying employees Incomplete records Overlooking fringe benefits Wage garnishment noncompliance Missing deadlines When businesses don’t have the proper resources at hand, these payroll mistakes can happen.

payroll 107

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CPA Practice

NOVEMBER 7, 2023

This article first appeared on the Thomson Reuters blog.] He explained that staying on top of the more “copiloted” decisions was a competitive advantage to larger businesses, “[but A.I.] has helped to level the playing field for more businesses looking to expand by assisting with more copiloted payroll decisions.

payroll 122

payroll Technology audit Legal 122

ThomsonReuters

AUGUST 24, 2023

For example, a tax preparer may use a client’s information to offer them additional services, such as financial planning, bookkeeping, or audit protection. For example, you can tell your clients that by not signing a 7216 consent form, they may miss out on valuable opportunities or offers that can benefit them or their business.

tax preparation 52

tax preparation tax return Tax Technology 52

ThomsonReuters

MAY 10, 2022

The excise taxes, effective July 1, 2022, and the complexities around how they are levied pose serious challenges for companies that import, manufacture, produce, sell, or use any of the 42 taxable chemicals, and 150 listed substances, identified in IRS Notice 2021-66. . Challenges created by Superfund for business tax and IT professionals.

Technology 98

Technology Tax accounting and finance Manufacturing 98

ThomsonReuters

JANUARY 26, 2023

Whether the work performed is an integral part of the employer’s business. Whether the worker uses specialized skills to perform the work and whether those skills contribute to business-like initiative. Lebowitz described the IRS test as a “Right to Control” test.

Legal 59

Legal Tax California New Jersey 59

Shay CPA

MAY 3, 2023

It’s the R&D credit that the IRS will let you apply toward payroll taxes. Reducing your payroll tax liability The IRS has long offered a tax credit for increasing research activities. Of course, as with all things IRS, it can get complicated. And as a tech startup, you can most likely capitalize on it in a big way.

payroll tax 52

payroll tax payroll Tax tax return 52

Nancy McClelland, LLC

DECEMBER 26, 2023

The most important point is that only businesses need to issue 1099s — if you paid someone for personal purposes, you are not (yet) required to send them or the IRS a Form 1099. – The IRS launched IRIS, a new free online portal , for businesses to file 1099 returns. .

bookkeeping 52

bookkeeping tax return Non-Profits Tax 52

Nancy McClelland, LLC

DECEMBER 26, 2023

The most important point is that only businesses need to issue 1099s — if you paid someone for personal purposes, you are not (yet) required to send them or the IRS a Form 1099. – The IRS launched IRIS, a new free online portal , for businesses to file 1099 returns. .

bookkeeping 52

bookkeeping tax return Non-Profits Tax 52

xendoo

APRIL 13, 2023

Running a business is, without a doubt, a challenging task that requires a lot of commitment, effort, and attention to detail. Did you know 82% of small businesses fail due to cash flow management? At Xendoo, we know you didn’t start a business to do the accounting and taxes; but we did.

bookkeeping 52

bookkeeping accounts payable bookkeeping services Start-ups 52

xendoo

APRIL 13, 2023

Running a business is, without a doubt, a challenging task that requires a lot of commitment, effort, and attention to detail. Did you know 82% of small businesses fail due to cash flow management? At Xendoo, we know you didn’t start a business to do the accounting and taxes; but we did.

bookkeeping 52

bookkeeping accounts payable bookkeeping services Start-ups 52

ThomsonReuters

NOVEMBER 11, 2021

ANSWER: The DOL and IRS have both offered guidance about dealing with participants and beneficiaries who are unresponsive or cannot be located—i.e., Under IRS regulations, such an allocation is not an impermissible forfeiture so long as the plan is obligated to restore the missing individual’s account balance.

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ThomsonReuters

MAY 17, 2022

Beginning in 2022, third-party settlement organizations (TPSOs)), including banks and on-line payment networks (payment settlement entities (PSEs), are required to report payments of $600 or more to IRS and payees on Form 1099-K, Merchant Card and Third-Party Network Payments. Start Tracking Deductions.

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Snyder

NOVEMBER 17, 2022

No one can be an expert in all those areas, that’s why finding a helpful blog for accountants is such a great idea. We’ve compiled some great examples of accounting blogs to help you stay up to date on breaking news, the latest accounting software, cloud accounting, taxes, finance trends and so much more. Small business owners.

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ThomsonReuters

APRIL 12, 2022

Otherwise, interest will begin to accrue on underpayments from the date Form 941-X is filed until the payment is received by IRS (see IRC Sec. 6511 does not coincide with the IRS’s ability to audit or make a tax assessment for errors found on a payroll tax return under IRC Sec. 6601 for reference). 6501 (see IRC Sec.

payroll tax 98

payroll tax tax return payroll Tax 98

LyfeAccounting

MAY 27, 2021

No one, and we mean, NO ONE likes letters from the IRS. Today, we are going to break down what you should do if and when you receive an IRS letter. Plus, we’ll share the number 1 best thing you can do to reduce your chances of receiving any more IRS letters in the future. Different IRS Letters You Could Receive.

tax return 52

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ThomsonReuters

NOVEMBER 11, 2021

The IRS focuses an eagle eye on transfer pricing, and the possibility of audits can make this practice a risky one. A recent significant court case between the IRS and Coca-Cola is a compelling example. A recent significant court case between the IRS and Coca-Cola is a compelling example. transfer pricing documentation.

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Snyder

NOVEMBER 10, 2022

The biggest tax season challenge for a small business is tax preparation and filing. Poor tax planning can result in high penalties with accruing interest rates to the IRS. If you want to harness the tax game and avoid losing money, employing tax preparation software for a small business can be a game changer. Accessibility.

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Nancy McClelland, LLC

FEBRUARY 13, 2022

2/16/22 UPDATE: Looks like the IRS may be issuing relief after all! Check out this article — IRS to delay some K-2 and K-3 reporting requirements for partnerships | Accounting Today. Our original blog post is below, for context and reference.). K-2 Mountain (courtesy of Wikimedia Commons). All is not lost.

tax preparation 52

tax preparation Tax CPA tax return 52

ThomsonReuters

OCTOBER 12, 2023

Jump to: What foreign assets should be reported to the IRS? How to report foreign assets Form 8938 instructions FATCA considerations Helping clients with foreign assets In today’s global economy, many individuals and businesses have financial interests that extend beyond their home country’s borders. File Form 8938.

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Real Estate tax return Tax tax preparation 40