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How to File Income Tax Return: Tax Filing Preparation Guide 2022

Snyder

For e-commerce business owners, income tax filing season marks the start of a highly stressful time. Among the taxes that e-commerce businesses need to file, income tax is the most common one. To help you meet the income tax filing season fully armed and prepared, we have compiled a step-by-step guide.

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BDO USA is Shifting From a Partnership to a Corporation

CPA Practice

First reported by Going Concern on June 19 and confirmed by Bloomberg Tax on June 21, the move gives BDO USA certain advantages that “position our firm for ongoing success as we continue to grow and transform,” it said in a statement to Bloomberg Tax. But Koltin said that’s not the case.

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IRS: Taxpayers Can Now Upload Documents for These 9 Notices

CPA Practice

Nine notices will be available for this feature, potentially helping more than 500,000 taxpayers each year who receive these notices, including military personnel serving in combat zone areas and recipients of important credits like the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC).

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Today’s The Day! 2022 Tax Filing Season Begins

Nancy McClelland, LLC

Earned Income Tax Credit or Additional Child Tax Credit refunds: Taxpayers may file their returns beginning Jan. 23, but the IRS cannot issue refunds involving the Earned Income Tax Credit or Additional Child Tax Credit before mid-February. “Where’s My Refund?

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IRS Adds Features to Tax Pro Account for Managing Client Authorizations

CPA Practice

With the recent enhancements, tax professionals can now use Tax Pro Account to send Power of Attorney (POA) and Tax Information Authorization (TIA) requests directly to a taxpayer’s individual IRS Online Account. More than 260,000 people have used Tax Pro Account since it launched in July 2021.

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4 Ways Small Business Owners Can Stay Tax Compliant

xendoo

By keeping your books up-to-date, you can be confident that you are reporting your income and expenses correctly, paying the proper amount in taxes, and paying your estimated taxes in a timely manner, which produces a stress-free tax season. Pay Self-Employment Tax. April 18, 2022. June 15, 2022.

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The Difference: Cash Basis Accounting vs. Accrual Accounting

xendoo

Income is recorded only when you receive payment, which means that you’ll pay taxes on the cash your business receives. . In other words, with cash basis accounting, your company will only pay tax on the cash you receive, rather than on future transactions. Getting Behind? We’re Here to Help!