income tax, Non-Profits and tax preparation

Form 990: A Guide for Accountants Working with Non-Profit Organizations

Canopy Accounting

OCTOBER 6, 2023

As accountants, working with non-profit organizations requires a deep understanding of specific financial reporting requirements. One of the critical documents that demands attention is Form 990 - Return of Organization Exempt from Income Tax.

Non-Profits

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IRS Direct File Tool May Especially Help Latinos

CPA Practice

APRIL 1, 2024

Each year, taxpayers grapple with a convoluted, inefficient and perplexing tax filing system. These challenges have an outsize impact on Latino taxpayers, particularly those from low-income, non-English speaking and immigrant households. With tax filing season in full swing, Latinos may turn to for-profit tax preparers.

tax preparation

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Monday Morning Accounting News Brief: Semper Fi-nancial; EY Gets a D in Auditing; Deepfake CFOs Are a Thing | 2.26.24

Going Concern

FEBRUARY 26, 2024

Check out the last one LOL: During its inspection, EY Canada disclosed to the PCAOB a number of potential areas of non-compliance related to independence, particularly related to financial relationships. Some related to non-audit services (such as legal services) to the audit client. ” Pennsylvania Auditor General Timothy L.

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How are C corporations taxed? Tips on how to avoid double taxation and reduce taxes

ThomsonReuters

JANUARY 9, 2024

The IRS taxes C corps as “ separate taxpaying entities ” that engage in business, earn revenues, realize profits and losses, and distribute profits or dividends to corporate shareholders. This means that a C corp’s profits are effectively taxed twice. How do C corps file taxes? Corporation Income Tax Return.

corporation tax

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What Happens if You Don’t Report Cryptocurrency on Taxes?

inDinero Tax Tips

MARCH 2, 2023

Bitcoin Tax Rate: What You Need to Know As the popularity of cryptocurrency grows, so does the scrutiny of tax authorities. The Bitcoin tax rate depends on the holding period of the cryptocurrency and the taxpayer’s income tax bracket. Do You have to pay taxes on cryptocurrency gains?

Tax

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What Partnerships Should Know About Schedule K-1 Before Filing Taxes

inDinero Tax Tips

FEBRUARY 10, 2023

Also known informally as a K1 form, a Schedule K-1 is a federal tax document that the IRS requires of partnerships. Two or more partners use a Schedule K-1 to report their share of profits, losses, and dividends. Startup businesses often are not aware of their obligation to provide the K1 tax form to their partners.

Tax

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How to Prepare Your Business for Tax Time

xendoo

SEPTEMBER 2, 2021

Adopting a proactive strategy can help you stay ahead of business tax filing deadlines, avoiding the rush and the headache during tax season! . To help business owners with their tax preparation , we’ve prepared a business tax filing guide to walk you through the process. Corporate Income Tax Returns.

Tax

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Guide to accountant responsibilities

ThomsonReuters

JANUARY 18, 2024

Accountant vs. CPA vs. tax preparer: What are the differences? Additionally, depending on the type of firm, accountants may be involved in more advisory-centric responsibilities, such as analyzing financial data and providing clients with strategic guidance and recommendations on how to reduce costs and boost profitability.

Account

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2023 Readers’ Choice Awards – The Readers Have Voted!

CPA Practice

APRIL 17, 2023

The Readers’ Choice awards also give professionals the chance to see which technologies and workflow systems their peers are using and trust, which can help them build more efficient and profitable workflows for their own practice. We thank the more than 5,000 professionals who participated in voting this year.

quickbooks

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Child and dependent care tax credit 101

ThomsonReuters

SEPTEMBER 7, 2023

Jump to: Child and dependent care credit FAQs What is kiddie tax? What is the adoption tax credit? Claiming children on taxes Choosing the best tax preparation software As all working parents know, the cost of child and dependent care can be a significant financial burden. If the child’s unearned income (i.e.,

Tax

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What Partnerships Should Know About Schedule K-1 Before Filing Taxes

inDinero Tax Tips

FEBRUARY 10, 2023

Also known informally as a K1 form, a Schedule K-1 is a federal tax document that the IRS requires of partnerships. Two or more partners use a Schedule K-1 to report their share of profits, losses, and dividends. Startup businesses often are not aware of their obligation to provide the K1 tax form to their partners.

Tax

Tax tax return Non-Profits income tax

What Partnerships Should Know About Schedule K-1 Before Filing Taxes

inDinero Tax Tips

FEBRUARY 10, 2023

Also known informally as a K1 form, a Schedule K-1 is a federal tax document that the IRS requires of partnerships. Two or more partners use a Schedule K-1 to report their share of profits, losses, and dividends. Startup businesses often are not aware of their obligation to provide the K1 tax form to their partners.

Tax

Tax tax return Non-Profits income tax

First-Quarter “Safe-Harbor” Quarterly IRS Estimated Tax Payments: Why and How to Make Them

Nancy McClelland, LLC

APRIL 9, 2024

For years, we have stressed the importance to our clients of making quarterly estimated tax payments. And unlike many tax preparers, we also do bookkeeping, accounting, and consulting for our small business owners — so we’ve also encouraged them to have us do a quarter-by-quarter calculation of how much to pay.

Illinois

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What Happens if You Don’t Report Cryptocurrency on Taxes?

inDinero Tax Tips

MARCH 2, 2023

Bitcoin Tax Rate: What You Need to Know As the popularity of cryptocurrency grows, so does the scrutiny of tax authorities. The Bitcoin tax rate depends on the holding period of the cryptocurrency and the taxpayer’s income tax bracket. Do You have to pay taxes on cryptocurrency gains?

Tax

Tax income tax South Dakota tax return

Learn When Your Should Outsource Your Accounting

xendoo

OCTOBER 20, 2021

Your profitability depends on your ability to generate revenue and sustain growth over time. Non-profits. Tax preparation. The specialized skills of an outsourced accountant typically include experience in tax planning and preparation. Scaling as Your Business Grows. Forensic accounting. IT auditing.

Account

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When are taxes due in 2024?

inDinero Tax Tips

JANUARY 16, 2024

March 15th, 2024: Form 7004 – File extension and pay estimated tax due. Non Profits May 15th, 2024: Form 8868 – Automatic Extension to File. Partnership (including LLC) March 15th, 2024: Form 1065 – File return and pay tax due. March 15th, 2024: Form 2553 – S-Corp Election. May 15th, 2024: Form 990 – File return.

Tax

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How to Lower Your Taxable Income and Pay Less in Taxes

xendoo

FEBRUARY 13, 2023

With some guidance, you can legally reduce your tax liability and avoid paying more than you owe. In this guide, we’ll go over how to lower taxable income and keep more of your profits while staying on the right side of the IRS. Table of contents Tax filing status: How businesses file taxes How much do Americans pay in taxes?

Tax

Tax income tax Non-Profits Legal

IRS Audit Red Flags: How to Avoid Getting Tax Audited by the IRS

Snyder

DECEMBER 28, 2022

This might be explained by the fact that lots of these taxpayers file for a tax return and claim the earned income tax credit ranging from from $560 to $6,935 in the tax year 2022. The IRS pays closer attention to such cases to make sure that there’s no fraud in claiming the earned income tax.

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20 Essential Tax Facts for Small Business Owners

Ronika Khanna CPA,CA

FEBRUARY 23, 2023

Probably the most popular question posed to accountants and tax preparers (especially around this time of year) is “what types of expenses are deductible?”. The short answer is that a business expense is considered to be deductible if it has been incurred with the ultimate purpose of earning income.

Tax

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What Happens if a Business Doesn’t File Taxes?

xendoo

JANUARY 26, 2023

Your tax status – Tax-exempt organizations and non-profits have different filing deadlines than for-profit businesses. The type of return you’re filing – Different returns, including IRS Form 1120 for corporation income tax, have different deadlines.

Tax

Tax tax return Non-Profits Legal

What Unincorporated Small Business Owners Need to Know about Filing Their Taxes

Ronika Khanna CPA,CA

APRIL 14, 2022

This can seem onerous, but understanding what needs to be done, and when, can significantly help reduce the stress and ensure that the tax filing process is smooth and straightforward. If you do have business income, then you are required to declare your business income on a tax return. Legal documents, contracts etc.

Tax

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Rules for When To Issue a 1099 Form to a Vendor – Updated for 2023

Nancy McClelland, LLC

DECEMBER 26, 2023

NEC” stands for “non-employee compensation”. Legally, no business should be using the non-business versions of these payment types… but in real life, many do. My recommendation (for many reasons) is to only use the business versions, and then the 1099-NEC is a non-issue (because Venmo and PayPal will issue a 1099-K instead).

bookkeeping

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Rules for When To Issue a 1099 Form to a Vendor – Updated for 2023

Nancy McClelland, LLC

DECEMBER 26, 2023

NEC” stands for “non-employee compensation”. Legally, no business should be using the non-business versions of these payment types… but in real life, many do. My recommendation (for many reasons) is to only use the business versions, and then the 1099-NEC is a non-issue (because Venmo and PayPal will issue a 1099-K instead).

bookkeeping

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