CPA Practice

MARCH 29, 2023

The Internal Revenue Service warns that trusting tax advice found on social media can lure otherwise honest taxpayers and tax professionals into compromising tax situations. Social media can circulate inaccurate or misleading tax information, and the IRS has recently seen several examples.

Tax 137

Tax tax return payroll Legal 137

CPA Practice

FEBRUARY 24, 2023

Tax season is already in full swing and accounting firms across the country are working non-stop to meet the April filing deadline. Firms often don’t have a sufficient year-round client base to support the staffing levels they need during tax season. By Matt Bowen.

accounting firms 128

accounting firms Tax Account accountant 128

CPA Practice

FEBRUARY 10, 2023

Anyone who electronically files an amended individual income tax return can for the first time select to have any resulting refund deposited into their bank account, the IRS said on Feb. Individual Income Tax Return , with the IRS had to wait for a mailed paper refund check, adding an extra step onto the amended return process.

tax return 119

tax return income tax tax preparation Manufacturing 119

CPA Practice

NOVEMBER 10, 2023

For many small business retailers, managing a point-of-sale (POS) system comes with the territory of owning a store. With these systems, owners are able to manage things like inventory, scheduling, and more. Enter the small business accountant. Let’s dig in. Let’s go back to our example of a pet store.

Sales 100

Sales business tax Tax tax preparation 100

TaxConnex

AUGUST 10, 2023

Your online business is painfully aware of tax deadlines for income, payroll, property and other local taxes. Sales and use taxes have their deadlines, too – a dizzying number to follow, potentially with bad consequences if you miss even one. A lot of complications Currently, sales tax across the U.S.

Sales 130

Sales Tax tax return payroll 130

CPA Practice

JANUARY 11, 2023

Fourth quarter 2022 estimated tax payments are due on or before January 17, 2023. Many taxpayers, especially the self-employed, are required to make quarterly estimated tax payments during the year, and others do so voluntarily to stay current on their taxes. The IRS reminds people that most income is taxable.

Tax 98

Tax income tax Real Estate Non-Profits 98

ThomsonReuters

DECEMBER 19, 2023

Jump to: How do renewable energy tax credits work? What renewable energy tax incentives does the IRS offer for individuals vs. businesses? To encourage this shift, the IRS offers a range of renewable energy tax credits for alternative energy sources like solar, wind, and geothermal power.

Tax 110

Tax accounting and finance Manufacturing income tax 110

MyIRSRelief

FEBRUARY 1, 2023

Tax anxiety, TAXIETY, comes in different forms of tax problems such as: What is an IRS audit taxiety? An IRS audit is a review or examination of an individual’s or organization’s tax return to ensure that the information is accurate and that the tax return is being filed in compliance with the tax laws.

Tax 147

Tax tax return cpas audit 147

Basis 365

MARCH 16, 2023

eCommerce accounting is managing the financial transactions and records of an online business. Accurate accounting is essential for any business but vital for eCommerce businesses. Good accounting practices help you stay on top of your cash flow, manage your expenses, and make informed decisions about your business's future.

Account 98

Account accountant accounted accounting software 98

Withum

JULY 25, 2023

While gift cards are prevalent in many businesses, there continues to be misconceptions on the impact to a business’ financial statements and tax returns when considering how to report income related to the cash received when issuing a gift card, as well as with the redemption of that gift card.

financial statements 97

financial statements tax return E-commerce Tax 97

Going Concern

JULY 12, 2023

From The Markup ‘s November article : The data, sent through widely used code called the Meta Pixel, includes not only information like names and email addresses but often even more detailed information, including data on users’ income, filing status, refund amounts, and dependents’ college scholarship amounts.

Tax 98

Tax tax return Technology tax preparation 98

CPA Practice

JUNE 15, 2023

The IRS miscalculated 2021 child tax credit payments for thousands of eligible taxpayers as of May 5, 2022, according to a new report from the Treasury Inspector General for Tax Administration. 105 taxpayers didn’t receive all of their eligible child tax credit, estimated at $139,000. The IRS informed TIGTA on Oct.

Tax 131

Tax tax return tax accountant Technology 131

Cherry Bekaert

MAY 16, 2023

Contributors: John Ford | Senior Consultant, Government Contracting Industry Practice Tony Konkol | Manager, State & Local Tax Practice As a general rule, corporations are responsible for paying Federal and state taxes on the income they earn. This allows S corporations to avoid double taxation on the corporate income.

income tax 88

income tax Tax tax return Connecticut 88

Ronika Khanna CPA,CA

SEPTEMBER 22, 2023

In addition to creating your core product or service , you also need to have a working knowledge of numerous other facets of business including marketing, IT, accounting and operations. This is especially true with respect to the more technical aspects of business such as accounting and tax. Starting a business is hard work.

Tax 98

Tax income tax tax return accounting and finance 98

Anders CPA

OCTOBER 25, 2023

in Computer Management and Information Systems. She is a treasurer for the International Association of Microsoft Channel Partners and is a member of the Computer Management and Information Systems Advisory Board for Southern Illinois University – Edwardsville. in Accountancy from the same university.

Real Estate 97

Real Estate Illinois Missouri Construction 97

inDinero Accounting

JUNE 29, 2023

Accrual Accounting is a vital component of Generally Accepted Accounting Principles (GAAP). It is like a complex machine, with many parts that must work together to create an effective system. What are Generally Accepted Accounting Principles (GAAP)?

accrual accounting 98

accrual accounting accounting principles accounts payable accounting standards 98

Withum

NOVEMBER 30, 2023

1099 filing season is approaching, and now is the time to review your vendor information to ensure everything is in order come January. Form W9 will contain the vendor’s Taxpayer Identification Number (TIN), mailing address, and their classification for tax purposes. Let’s break down what you need to know ahead of time.

Start-ups 126

Start-ups Tax Legal accounting system 126

CPA Practice

APRIL 17, 2023

While the economy and supply chains may still have some hiccups related to the end of the pandemic, one thing is clear: The demand for the services of accounting, finance and tax professionals is growing strong. Unfortunately, there’s also a “critical talent shortage,” says Tom Hood, CPA, a vice president with the AICPA. ( [link] ).

quickbooks 130

quickbooks payroll Technology audit 130

Xero

DECEMBER 1, 2023

Following the Autumn Statement, you might be curious about the specific measures that impact Making Tax Digital (MTD). Especially since digital transformation is already underway, with Making Tax Digital for Income Tax on the horizon. Here’s a guide outlining what the announcement means for your practice and clients.

Tax 88

Tax income tax bookkeeping accounting software 88

Basis 365

MARCH 1, 2023

Common issues are issues with your inventory balance on the Balance Sheet, your Cost of Goods and Gross Margin on the Income Statement, Sales Tax filings, reconciling the fees taken out of your Amazon settlements, just to name a few. Systems are only as good as the personnel that operate in them. An important role for sure.

accounting system 104

accounting system financial statements accounting principles Start-ups 104

Going Concern

AUGUST 30, 2023

The Treasury Inspector General for Tax Administration released a report Tuesday [ PDF ] they initiated in response to a Congressional request from Sen. to evaluate employees moving between large accounting firms and the IRS, a.k.a The Congressional request specifically noted interest in large accounting firms.

accounting firms 67

accounting firms Account accountant accounted 67

CPA Practice

FEBRUARY 17, 2023

Tax season is always stressful. Hurried filers inundate tax preparers working furiously to help their clients file on time while the dreaded tax deadline looms. However, it’s important to pause and reflect on your data privacy standards, digital communication norms, and potential vulnerabilities this tax season.

Tax 122

Tax tax preparation cpas Legal 122

CPA Practice

JANUARY 30, 2023

Let’s talk about tax refunds… and when taxpayers might get theirs in 2023. This has been the top question we get for more than 10 years: “ When will I get my tax refund? ” Will the 2023 tax filing season be normal? These were also sometimes given as a credit on a taxpayer’s taxes, if they did not receive payment directly.

income tax 105

income tax Tax tax return Massachusetts 105

Shay CPA

JANUARY 6, 2023

This would include any software developers that are not employees, graphic designers, lawyers, accountants, and any other vendors your company begins to work with. The W9 is a one-page form that collects basic information about the vendor you are paying. This information is then used to prepare the 1099’s. Source income.

Tax 90

Tax payroll CPA Start-ups 90

ThomsonReuters

NOVEMBER 27, 2023

As the holidays approach, many employers plan on paying out bonuses, incentives, or other supplemental wages to employees that may have unexpected tax and compliance implications. Whichever option you choose will have different tax and compliance implications. Payroll Guide ¶ 4100 et seq. Special considerations: Deposit requirements.

payroll 93

payroll income tax Tax Account 93

inDinero Tax Tips

JUNE 12, 2023

One of the most common problems for startup founders is the commingling of funds: when you pay for personal transactions from a business account, or visa versa. You’ll reimburse yourself if you’ve used personal accounts to pay for business expenses. Mixing funds makes this information difficult to track. Last quarter?

payroll tax 97

payroll tax payroll bookkeeping services Tax 97

CPA Practice

JUNE 21, 2023

Join SafeSend, as they share the journey of solving pain points experienced on the front-end of the tax process and define a new way to get your firm and clients tax ready! Shirley Chen is a Digital Transformation Practitioner who specializes in leading changes in the tax & accounting industry. Click here to log in.

Tax 80

Tax Technology Indiana Michigan 80

Going Concern

NOVEMBER 20, 2023

Gain full access to a pool of highly skilled and experienced remote freelance accountants ready to join your team with with no up-front cost. We are sharing a sneak peek of a few top freelance accounting candidates available this week with Accountingfly. Attention tax pros! Accountingfly is ready to partner with you!

Account 103

Account accountant accounted Tax 103

CTP

NOVEMBER 16, 2023

The accounting landscape is changing rapidly. The American Institute of Certified Tax Planners (AICTP) offers a full-service solution to developing CAS in your firm focusing on the specialization of tax planning. The end results are working fewer hours, recurring revenue, and higher income.

tax planning 98

tax planning Tax Account accountant 98

ThomsonReuters

DECEMBER 1, 2023

Therefore, helping business clients save money and reduce their tax burden by expensing property they’ve purchased for their company and claiming deductions for  depreciation  or  amortization  of assets is critical. Section 179 deductions are limited to annual taxable business income. Let’s take a closer look at the form and its uses.

tax return 97

tax return Tax Transportation Non-Profits 97

CPA Practice

APRIL 28, 2023

Like salaried wages, tips are subject to income and payroll taxes. Waiters, for instance, are technically required to report tips to their employer, who then withholds and pays the proper taxes. The SITCA program will track tips automatically and doesn’t require a tax reporting commitment from employees.

Georgia 126

Georgia payroll tax Tax payroll 126

ThomsonReuters

JULY 6, 2023

Tax teams prepare tax provisions by gathering data, performing calculations, and entering the results into forms. However, corporate tax teams find it difficult to automate this process. What are the benefits of tax provision software? How can tax provision APIs streamline calculations?

Tax 92

Tax general ledger corporation tax audit 92

CPA Practice

SEPTEMBER 7, 2023

The Financial Accounting Standards Board (FASB) unanimously approved new rules on Sept. Our mission is to best reflect the economics of a transaction and provide investors and allocators of capital with the information they need. I think this [standard] moves the needle there.

accounting standards 98

accounting standards financial statements Account accountant 98

Inform Accounting

JULY 14, 2023

Tax payments for the self-employed or those who declare their income under self-assessment are payable by 31 January and 31 July every year. A budget payment plan (BPP) allows taxpayers to make regular advance payments towards their next self-assessment tax bill.

Tax 52

Tax tax accountant online accounting Government 52

Withum

NOVEMBER 29, 2023

The report will require affected businesses to provide personal information about their legal entities, beneficial owners, and company applicants. Only “reporting companies” are required to report information to FinCEN. Federal income tax or information return reporting more than $5 million in U.S.-source

Legal 115

Legal Non-Profits income tax Tax 115

ThomsonReuters

DECEMBER 19, 2023

Jump to: What environmental tax breaks are available? Helping your clients with claiming environmental tax credits As sustainability initiatives gain momentum, the IRS continues to encourage environmentally conscious actions through a range of tax incentives. What environmental tax breaks are available? 

Tax 52

Tax income tax tax return Manufacturing 52

CPA Practice

APRIL 6, 2023

Update various outdated systems in IRS core operations to help ensure the agency has the most modern and robust security in technology to protect taxpayer data. In IRS customer service initiatives, taxpayers can already see important changes this tax season, and the plan provides a foundation for future efforts.

Tax 113

Tax audit Education tax accountant 113