CPA Practice

JANUARY 26, 2024

23, 2024, to two years in prison for a scheme to file false tax returns, and to two years in prison for an unrelated online romance scam. According to court documents and statements made in court related to the tax scheme, Iona Coates owned and operated Bits & Bytes Accounting Services Inc., A Florida woman was sentenced on Jan.

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Withum

JANUARY 16, 2024

We are excited to announce that Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR) released a bipartisan tax framework that promotes Main Street businesses, while also providing more financial security to families in need.

Tax 118

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CPA Practice

JANUARY 15, 2024

By Sam Becker, Fast Company (TNS) The Free File software service from the IRS went live on Friday, meaning taxpayers can start using it in the run-up to the official start of tax season on Jan. 29—which is when Americans can actually start filing their returns for the 2023 tax year. Here’s the full list for 2024: 1040Now Drake ( 1040.com

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CPA Practice

JANUARY 8, 2024

The IRS has announced that it will start accepting and processing income tax returns on January 29, 2024. This article includes a handy reference chart taxpayers can use to estimate how soon they may get their income tax refund. That’s without an expensive “tax refund loan” or other similar product.

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Xero

JANUARY 30, 2024

Property investment accounting, or landlord accounting, manages your property portfolio assisting with tax compliance and return on investment. Know property investment accounting regulations and taxes To swim well, you need to know the strokes, and how to navigate the water. Your primary residence is usually exempt.

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CPA Practice

JANUARY 18, 2024

In today’s fast-paced world, you are constantly juggling between client needs, regulatory demands, and staying abreast of ever-changing tax laws. Helping [your niche] stress less this tax season! Ready to check taxes of your to-do list? Saving [your niche] money one tax write-off at a time! link to your contact page] b.

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CPA Practice

JANUARY 30, 2024

A team of students from University of Nebraska , Lincoln, claimed victory at the Deloitte FanTAXtic national case study competition by presenting the best analysis on a complex, issues-driven business tax case. The national finals were held Jan. After all, the success of any organization lies in its people, their skills and their passion. “The

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CPA Practice

JANUARY 4, 2024

My new client needed a tax-smart plan to kick Uncle Sam to the curb before he was forced to take that money out of his 401(k) in the form of required minimum distributions (RMDs). Why is tax planning so important for those with $1 million or more in their 401(k)s or IRAs? Is there anything you can do to avoid the “tax torpedo?”

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Nancy McClelland, LLC

JANUARY 16, 2024

” During the pandemic, we began requiring all clients to submit a copy of their IRS Account Transcript along with their Tax Organizer and other annual tax prep documentation. Initially, this was to confirm the amounts of stimulus payments and child tax credit payments. “Now What Do I Do With These Files?

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Going Concern

JANUARY 10, 2024

Today in clients behaving badly, the DoJ announced Friday that Las Vegas restaurateur Raul Gil, who owns and operates three Casa Don Juan restaurants in the city, is headed to prison for 37 months for evading his federal income taxes. In total, Gil caused a tax loss to the IRS of approximately $1.6 District Judge Andrew P.

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CPA Practice

JANUARY 8, 2024

My new client needed a tax-smart plan to kick Uncle Sam to the curb before he was forced to take that money out of his 401(k) in the form of required minimum distributions (RMDs). Why is tax planning so important for those with $1 million or more in their 401(k)s or IRAs? Is there anything you can do to avoid the “tax torpedo?”

Tax 59

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Menzies

JANUARY 29, 2024

Online tutors are easy to find and there are many websites offering to match students to tutors, but how many tutors consider the potential UK tax reporting obligations arising from their endeavours? Every tutor can receive up to £1,000 of income each tax year (the “trading allowance”) without having to pay tax on this income.

Tax 59

Tax tax return chartered accountant Start-ups 59

Going Concern

JANUARY 19, 2024

Leadership PwC Vets Finalists for Top Job as Industry Meets AI, Gen Z Era [ Bloomberg Tax ] PwC’s next leader will confront the challenges of rapidly advancing technology, recruiting and training an evolving workforce, and keeping up with the needs of its core accounting clients. I get my tax documents in early. Fair enough.

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Arizona accounting and finance audit auditor 103

ThomsonReuters

JANUARY 18, 2024

Accountant vs. CPA vs. tax preparer: What are the differences? Accountant duties, in general, involve the preparation and examination of financial records, and they possess a distinct set of skills to effectively serve as their clients’ trusted advisor. Recording expenses and preparing financial reports.

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Going Concern

JANUARY 3, 2024

Someone mentioned the private equity trend in our open survey on issues affecting the profession in 2024 , writing that the future of the profession “actually existing vs it all being PE owned and for tax and consulting” is a conversation that needs to be had. Anyway, RSM. It made us into a national firm, which was great.

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Cherry Bekaert

JANUARY 31, 2024

Dealers should register as soon as possible to receive advance payments that will offset the amount of tax credits that are applied to customers’ purchase prices. They may be eligible for a tax credit of up to $7,500 under Internal Revenue Code Section 30D. Additionally, any excess credit cannot be applied to future tax years.

Tax 83

Tax Sales 83

ThomsonReuters

JANUARY 9, 2024

Designed to prevent the practice of moving profits to lower tax jurisdictions, under the new “Pillar Two” rules , companies whose revenues exceed €750m will have to pay a minimum tax rate of 15% in each country where they do business. We already have Excel and tax provision software, so why can’t we use that?

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Menzies

JANUARY 10, 2024

In January 2023 we wrote about how HMRC had started to target taxpayers who they suspected may have an undisclosed income from their online trading. This will likely impact not just those with a tax issue to resolve, but those who don’t but just happen to be a user of online platforms.

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CPA Practice

JANUARY 24, 2024

It’s too common in our profession that business owners search for tax deductions after receiving their tax bill. By that time, it is typically too late for anything to be done for that tax year, but to some owners, waiting to “cash in” after the next fiscal cycle is too long to wait. Tax Incentives with SECURE 2.0

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CPA Practice

JANUARY 10, 2024

an accounting, tax, and management advisory firm that specializes in serving private clients through sophisticated tax services. has regularly provided high-net-worth individuals and other private clients with comprehensive, individualized tax offerings. Financial terms of the deal, which became official on Jan.

Rhode Island 52

Rhode Island Connecticut Maryland New Jersey 52

Withum

JANUARY 30, 2024

CBDCs also require integration with existing systems, such as accounting software, payment platforms and tax authorities. Although CBDCs can help to facilitate the collection and verification of tax information, there may also be some tax implications to consider.

CPA 59

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Going Concern

JANUARY 4, 2024

Tax Credits & Incentive Services). Antonache manages federal and state tax consulting and compliance matters related to incentives for renewable energy development. International Tax Services). Mo Huda (Dallas, Texas, State & Local Tax Services). Tax Credits & Incentive Services). Real Estate Practice).

Real Estate 57

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Shay CPA

JANUARY 8, 2024

Startup founders, as you embark on making sure your tech company is compliant with all of its tax obligations in 2024, a host of deadlines are upcoming for you and your finance team to navigate which involve information returns (W2s, 1099s, and other reporting). This information is then used to prepare the 1099’s. Source income.

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Menzies

JANUARY 29, 2024

Likewise, if you add to this wages, payroll taxes, VAT, corporation tax payments, loan repayments, deposit movements and other overheads, the situation can become even more complicated. Without forecasting a company’s cashflow it would be almost impossible to estimate how much cash your company will have at a given time.

Hospitality 59

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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. It estimates that more than 128.7

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Menzies

JANUARY 7, 2024

Have you considered tax structuring and the impact of an acquisition on your existing tax profile? For example, could this result in accelerated tax cash outflows under the quarterly instalment regime or impact on ability to claim R&D relief under the SME scheme? Due diligence – do you really know what you’re buying?

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CPA Practice

JANUARY 31, 2024

By Lee Reams II The tax and accounting profession is undergoing a significant transformation as a wave of boomer partners leaving their posts ushers in the largest retirement exodus of our lifetime. The dual challenges of a talent shortage and increased demand have changed tax and accounting professionals’ roles entirely.

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CTP

JANUARY 22, 2024

What does it look like to operate ethically in the world of tax planning? Circular 230 regulations are intended for those who “practice” before the IRS, but the ethical standards of conduct can apply to any tax professional. Say the company itself wants to hire you to do its yearly tax plan. This would be a conflict of interest.

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Cherry Bekaert

JANUARY 29, 2024

Return of Partnership Income. For tax years prior to 2023, Form 8308 was a simple statement documenting the names, addresses, and tax identification numbers of the transferor partner and the transferee partner, and the date of the sale or exchange between them.

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Reckon

JANUARY 22, 2024

Cash then departs, as outflows, to cover operational costs, expenses, payroll, loan repayments, taxes, and other investments. The essence lies in balance; your business must find the right equilibrium between incoming and outgoing funds to maintain a healthy financial state. Investments Often, you need to spend money to make money.

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CPA Practice

JANUARY 22, 2024

A new survey from Grant Thornton LLP, one of America’s largest providers of audit and assurance, tax and advisory services, revealed how chief financial officers (CFOs) at technology companies plan to achieve growth amidst fierce competition and a slew of other challenges.

Technology 52

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CPA Practice

JANUARY 10, 2024

The report says the IRS virtually eliminated its backlog of unprocessed original individual income tax returns (Forms 1040) and substantially improved telephone service. The areas in which taxpayers continued to experience delays were primarily those that required employees to process tax returns and taxpayer correspondence.”

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Going Concern

JANUARY 12, 2024

So, the team used various indicators, including clients’ financial restatements, discretionary accruals (disparities between reported income and cash flow), the accuracy of internal control opinions issued by the auditor, and audit fees. About 500,000 tax professionals prepare returns for over 85 million taxpayers, she noted.

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Cherry Bekaert

JANUARY 8, 2024

Eligible Employers The VDP is available to employers, that claimed and received an ERC, if they meet the following requirements: The ERC, claimed on an employment tax return, was already processed and paid as a refund. The employer is not under an employment tax examination by the IRS.

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ThomsonReuters

JANUARY 9, 2024

Jump to: How are C corporations taxed? When are C corp taxes due? How do C corps file taxes? How can C corporations reduce their taxes? But what does that mean for your taxes? But what does that mean for your taxes? How are C corporations taxed? What is “double taxation”?

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inDinero Tax Tips

JANUARY 16, 2024

Due dates for business taxes can change from year to year based on a variety of factors, including weekends and federal holidays. So, if you’re wondering when are taxes due in 2024, you’re asking the right question at the right time. They represent the filing deadline, the final day for submitting your business tax returns.

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SkagitCountyTaxServices

JANUARY 5, 2024

I’m here to pick up that subject again, this time addressing more of the financial elements, like taxes and business valuation. We could tackle any number of topics related to a business sale, but today I want to address three: tax implications, business valuation, and terms and conditions. But the effort is worth it.

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