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

JUNE 21, 2023

The IRS has reduced its backlog of unprocessed paper tax returns by 80%, has sent out refunds more quickly in 2023 than in previous years, and has cut wait times for those trying to reach the agency by phone, the national taxpayer advocate said in her midyear report to Congress on June 21. Erin Collins “What a difference a year makes!”

tax return 64

tax return Tax account management accounting manager 64

CPA Practice

APRIL 11, 2024

By Jean Ross, InsideSources.com (TNS) If there’s one thing we should be able to agree upon, it’s that everyone should pay the taxes they owe without having to pay for the privilege of doing so. This year, for the first time, residents of 12 states who file simple tax returns can file online for free using the IRS’s new Direct File portal.

Tax 52

Tax tax return income tax Arizona 52

Withum

DECEMBER 22, 2023

Taxpayers also must disclose to the IRS identifying information and other details about any advisors or tax preparers who advised or assisted them with their ERC claims. In addition to the VDP, the IRS announced that it started sending up to 20,000 letters with proposed tax adjustments to recapture erroneously claimed ERCs.

income tax 123

income tax Tax audit tax preparation 123

Going Concern

MARCH 24, 2023

Up until now, Tax Heaven 3000 creators MSCHF have been known for sneaker drops more than sketchy tax prep games (is anyone known for sketchy tax prep games?). A 2020 NYT profile explains : MSCHF isn’t a sneaker company. It’s always been a dream of mine to meet that special someone…and file their tax return.

Tax 119

Tax tax return Gaming income tax 119

Withum

MARCH 20, 2024

For the latest news and updates on Montana state and local tax March 20, 2024 Montana Releases Pass-Through Entity Tax Common Issues to Avoid Authored by: Jessie Racioppi and Penny Sweeting , CPA The Montana Department of Revenue released “Common Errors to Avoid when Filing Form PTE – Tax News You Can Use.” 03/18/2021.)

Montana 52

Montana Tax income tax tax return 52

AdviceForTaxpreparers

JULY 29, 2019

Advice for Tax Preparers Making tax preparers lives easier one blog at a time HOME. I put together this post to bring together any funny and entertaining accounting and tax videos, puns, jokes, pictures, etc. A successful tennis player has a lot of net income. Accounting Jokes, Videos, Puns and Humor.

tax preparation 212

tax preparation Account accountant accounted 212

LyfeAccounting

JUNE 2, 2021

Want to Know How to File an Amended Tax Return? As an accounting firm, we’ve filed our fair share of amended tax returns. In today’s post, we’ll be going over when to amend your taxes and the 5 steps to actually amend your taxes. Steps to Take When Filing Amended Tax Return.

tax return 52

tax return Tax accounting and finance tax preparation 52

Nancy McClelland, LLC

APRIL 16, 2023

(c) Nataliya Vaitkevich via Pexels I used to find it annoying when a client would forward me an article about a tax deduction or credit, to make sure I would take it on their tax return. – Payment or billing for the food and beverages occurs after December 31, 2020, and before January 1, 2023.

Tax 52

Tax tax preparation tax return income tax 52

CPA Practice

AUGUST 11, 2023

The Department of Justice recently arrested a New Jersey tax preparer for allegedly seeking more than $124 million from the IRS. The multi-millions came from filings of over 1,000 false tax forms claiming the pandemic-related employee retention credit, also referred to as the ERTC or ERC. Treasury Department.

New Jersey 98

New Jersey tax preparation Tax auditor 98

inDinero Tax Tips

MARCH 3, 2021

Whether you file your business’s taxes yourself or you have help, making sure your tax returns are right and on time is a lot easier when you. By outsourcing your business’s accounting and taxes with inDinero , you’re covered on both fronts. Are you still working on your 2019 business taxes? annual or quarterly).

business tax 59

business tax Tax income tax tax return 59

Ronika Khanna CPA,CA

MARCH 31, 2022

The information from this form would then be entered on Schedule T777 of your personal tax return. This covers home office expenses and also other employment expenses such as supplies, cell phones and vehicles For 2020, The T2200s is a simplified version of the T2200 in that it only has one section for home office expenses.

tax return 52

tax return Tax tax preparation income tax 52

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 52

Tax income tax tax return tax preparation 52

Going Concern

FEBRUARY 26, 2024

The US audit watchdog also inspected four EY Canada audits in 2020 and found deficiencies in half the engagements. Aaaaand now there’s one less tax preparer in Florida to handle the load. Price and his tax return preparation business, Price’s Accounting Firm Inc., million in tax loss to the IRS.

audit 57

audit Mississippi auditor tax return 57

Nancy McClelland, LLC

APRIL 9, 2023

The post below is about how to pay IL taxes personally ; click here for how to make IL business tax payments. There are multiple options for paying personal quarterly estimated taxes. Next, follow the instructions for making a quarterly estimated tax payment; it will make you enter your personal information (SSN, etc.)

Illinois 52

Illinois Tax tax preparation bookkeeping 52

Nancy McClelland, LLC

APRIL 9, 2023

The IRS “Direct Pay” landing page, There are multiple options for paying personal quarterly estimated taxes. You can: have your tax preparer create vouchers that you then print and mail with a check; prepare your own vouchers and do the same; or pay online. IRS “Direct Pay” Step 3 of 5, part one.

Tax 52

Tax tax preparation tax return bookkeeping 52

LyfeAccounting

JUNE 11, 2021

New IRS Unemployment Tax Refund Update. If you, or anyone you know, paid any taxes on unemployment last year, read on because we have some very important news for you. It is regarding 2020 tax refunds and those who paid taxes on their unemployment compensation last year. Who Should Be Receiving a Tax Refund.

Tax 52

Tax tax return tax preparation accounting and finance 52

LyfeAccounting

APRIL 27, 2021

But as a CPA who prepared at least hundreds of returns, we can tell you that a tax refund is usually the result of a mistake. A tax refund is a refund of the taxes you OVER paid. So in actuality, you paid more in income taxes than was necessary by law. The Child Tax Credit or CTC.

Tax 52

Tax income tax tax return accounting and finance 52

LyfeAccounting

JANUARY 30, 2021

And if you have been adhering to our suggestions or taken advantage of the tax system in 2020 then you likely know what to expect and excited for this tax year. On the other hand, if you’ve paid very little attention to some of the tax changes or programs then you’ve got a lot to catch up on. February 12, 2021.

Tax 52

Tax tax return bookkeeping bookkeeping services 52

Ronika Khanna CPA,CA

APRIL 14, 2022

Being a small business owner comes with challenges, not the least of which is doing your taxes. While most Canadian taxpayers have relatively simple tax returns that can easily be completed using software, small business owners have the additional burden of reporting details relating to their businesses.

Tax 52

Tax tax return business tax accounting and finance 52

inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . The IRS announced a plan to increase audits for small businesses by 50% for the 2020 tax year. Our CPAs Answer Your Top 5 Burning Tax Questions.

Tax 52

Tax income tax Legal Entertainment 52

LyfeAccounting

MAY 3, 2021

But in this post, we want to explain the differences between tax credits vs tax deductions so you can spend your time wisely! Now as tax preparers for many years, finding tax credits and tax deductions for our clients is one of the most satisfying parts of preparing a tax return.

Tax 52

Tax tax preparation tax return tax consultant 52

LyfeAccounting

JULY 16, 2021

A little background, in case you didn’t know, due to the recent passage of the American Rescue Plan of 2021… …the IRS has now considered the first $10,200 of unemployment compensation received in 2020 as non-taxable. In this case, make sure to include any required forms or schedules with your amended return.

Tax 52

Tax tax return tax preparation income tax 52

Going Concern

FEBRUARY 16, 2024

Between January 2020 and June 2023, Jeffrey T. I’m a professional tax preparer.” She says Krystal had already filed her taxes for her. “That’s when my eyebrows started to raise because how could you file my taxes without my permission?

Real Estate 101

Real Estate Iowa audit CPA 101

LyfeAccounting

FEBRUARY 19, 2021

This basically means that the IRS can ignore the business for tax purposes and instead collect taxes through the business owner’s PERSONAL income tax filing. How a Single Member LLC is Taxed. This way of taxing profits is known called pass-through taxation which then references LLCs as pass-through entities.

Tax 52

Tax income tax tax return accounting and finance 52

Nancy McClelland, LLC

FEBRUARY 13, 2022

In tax year 2021, the domestic partnership or S corporation has no foreign activity, including foreign taxes paid or accrued or ownership of assets that generate, have generated, or may reasonably be expected to generate foreign-source income (see Regs. 2021 Tax Advisor) • AICPA Comment Letter, K-2/K-3 (Sept.

tax preparation 52

tax preparation Tax CPA tax return 52

Going Concern

JULY 21, 2023

Waldref said between 2020 and 2023, 25-year-old Carol Casilla of Spokane worked for Spokane Dermatology Clinic (SDC) as an accountant, during which time she allegedly stole over $715,000 via fraud. PwC, which triggered the inquiry with its tax leaks scandal, has provided its agreement but asked the committee to keep it confidential.

audit 90

audit Tax Manufacturing Government 90

Nancy McClelland, LLC

DECEMBER 26, 2023

.) – You must file now file 1099 Forms electronically if you have 10 or more information returns (down from 250). 1099-NEC This form was new for 2020 and replaces the old Box 7 of Form 1099-MISC. 3) You may need to reconcile this form against the amount of sales income you report on your tax return.

bookkeeping 52

bookkeeping tax return Non-Profits Tax 52

Nancy McClelland, LLC

DECEMBER 26, 2023

.) – You must file now file 1099 Forms electronically if you have 10 or more information returns (down from 250). 1099-NEC This form was new for 2020 and replaces the old Box 7 of Form 1099-MISC. 3) You may need to reconcile this form against the amount of sales income you report on your tax return.

bookkeeping 52

bookkeeping tax return Non-Profits Tax 52

MyIRSRelief

NOVEMBER 19, 2021

That’s why so many people choose to hire a tax preparer/ EA, Attorney, CPA, they don’t want the hassle of doing it themselves, and they trust an expert to handle their business. Tax credits to look out for. Earned Income Tax Credit (EITC). Small-business tax credits.

Tax 100

Tax CPA Education business tax 100

CPA Practice

AUGUST 16, 2023

So what do you think our tax preparer friends need to know? First, there is a pub 5708, that was put out in August of 2020 2022, I’ll get it out. The point here is that it’s very clear that some some politicians are probably looking to make examples of people similar to the way they made examples of these tax prep firms.

Technology 96

Technology tax return Tax Start-ups 96