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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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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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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 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 Small Business Guide to Revenue vs. Profit

xendoo

To understand revenue, let’s look at Microsoft’s financials for 2021. Product revenue accounted for $71,074 million while service and other accrued $97,014 million totaling the $168,088 million. Microsoft’s net income was $61,271 million in 2021. Provision for income taxes totaled $9,831.

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Taxpayer Advocate Delivers Annual Report to Congress, Identifies Top 10 Problems with Agency

CPA Practice

The report says the IRS virtually eliminated its backlog of unprocessed original individual income tax returns (Forms 1040) and substantially improved telephone service. Delays in processing amended tax returns and taxpayer correspondence. million users accessed individual online accounts. That’s just over 10%. “To