Withum

NOVEMBER 28, 2023

With the year coming to an end, it’s essential to kickstart your 2023 tax preparations and start thinking about tax-saving techniques, potential opportunities, and the recent legal modifications that might impact your tax obligations. Mucenski-Keck Principal New York, NY Kimberlee S.

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CPA Practice

FEBRUARY 3, 2023

(TNS) A Columbus, GA-based tax preparer has pleaded guilty in federal court to charges that she submitted false claims for tax credits for her clients and also failed to pay her own personal taxes. As tax season is currently underway, citizens should be reminded that committing tax fraud will lead to criminal prosecution.”

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Nancy McClelland, LLC

APRIL 5, 2024

This week, I discovered a gift that Gusto created for tax preparers with clients that use the Gusto+Guideline combo — a reporting tool that will literally prepare the Form 8881 “Credit for Small Employer Pension Plan Startup Costs” for you. On the left side bar, click on “Tax credits” 3.

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CPA Practice

JANUARY 29, 2024

The Internal Revenue Service opened the 2024 tax season on January 29, 2024, accepting and processing federal individual tax returns, and announcing that it expects more than 146 million individual tax returns for 2023 to be filed this filing season. Another option is the Direct File pilot program.

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Cherry Bekaert

NOVEMBER 28, 2023

There are several key tax considerations and tactical approaches for businesses to address while closing out 2023 and moving into 2024. From leveraging tax incentives to optimizing deductions, this guide offers insights into tax planning to help businesses make informed decisions and set a solid foundation for the upcoming year.

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CPA Practice

JANUARY 8, 2024

Building off the success of the 2023 tax season that saw significant improvements following passage of the Inflation Reduction Act, the 2024 filing season will continue reflecting the focus on improving services to taxpayers. Most tax return preparers provide outstanding and professional tax service.

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CPA Practice

APRIL 17, 2023

And now, the results are in: IN-FIRM TECHNOLOGIES Federal/State Income Tax Preparation Insight : As was true in every year of voting, the tax prep system category is always the most voted-on, with nearly all respondents selecting a preferred system. LinkedIn 33.9% YouTube 17,1% Instagram 16.3% Twitter 12.5%

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CPA Practice

JANUARY 29, 2024

Regardless of how you do your taxes, you won’t have an automatic extension of the deadline for filing your 2023 return — at least not yet. There have been no federal disaster declarations in California thus far, so the deadline for filing your federal and state returns for 2023 remains April 15.

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Nancy McClelland, LLC

FEBRUARY 24, 2024

The past four years have been challenging in so many ways, to so many people — but as a tax preparer, I can confidently say that the inability for the IRS to provide its usual level of customer service has been among the most impactful. It’s available for all military members, and some veterans, with no income limit.

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Withum

DECEMBER 22, 2023

On December 21, 2023, the IRS released details about its second settlement initiative relating to the employee retention credit (ERC). See IR-2023-247 , Announcement 2024-3 , general information , and FAQs. The IRS placed the ERC on top of its Dirty Dozen list of tax schemes and issued a processing moratorium in September 2023.

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CPA Practice

AUGUST 15, 2023

Date: Tuesday, September 12, 2023 Time: 3 PM EDT / 2 PM CDT / 12 PM PDT / 7 PM GMT Sponsor: Drake Software Duration: 1 Hour Receive 1 hour of free CPE credit for participating in this live webinar. Ann Campbell , CPA CIA, joined Drake Software in 2021 as a Tax Software Trainer. Already registered for this webinar?

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CPA Practice

JANUARY 13, 2023

She and her co-conspirators are all scheduled to be sentenced on March 15, 2023. Acting Deputy Assistant Attorney General Stuart Goldberg of the Justice Department’s Tax Division made the announcement. Loyd faces a maximum penalty of five years in prison for the conspiracy charge and twenty years in prison for wire fraud.

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CPA Practice

OCTOBER 17, 2023

According to the IRS, Arizona, California, Massachusetts, and New York have decided to work with the agency to integrate their state taxes into the Direct File pilot program for the 2024 filing season. In addition, the state of Washington agreed to join the integration effort for its application of the Working Families Tax Credit.

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Nancy McClelland, LLC

JANUARY 30, 2024

Tax preparers everywhere spent the past two months gearing up for yesterday’s “opening day” of tax season, January 29th. (Many thanks to the AICPA Town Hall for allowing members to leverage their resources, such as the slides included in this article.

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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. For example, the filing deadline in 2023 was April 18.

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CPA Practice

SEPTEMBER 8, 2023

In an initial decision announced on Sept 8, 2023 , the Federal Trade Commission’s chief administrative law judge, D. Michael Chappell, ruled that Intuit Inc., taxpayers,” this also must be disclosed in a clear and conspicuous manner.

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ThomsonReuters

APRIL 25, 2024

This means that the funds are deposited into your retirement account before they are taxed — and you won’t owe any income tax on these funds until you withdraw the money from your account, typically after you retire. Are 401(k) contributions tax deductible? What is the 401(k) tax limit?

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Nancy McClelland, LLC

APRIL 16, 2023

To that end, when you do share something with your tax preparer, I beg you to phrase it in respectful language that recognizes they are experts in their field. Although many of these benefits were modified and expanded upon with SECURE 2.0 , the new rules didn’t take effect until 2023.

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CPA Practice

MARCH 29, 2023

On January 26, 2023, in the Eastern District of California, Deena Vang Lee was found guilty of three counts of wire fraud, two counts of aggravated identity theft, five counts of aiding and assisting in the preparation and presentation of a false and fraudulent return, and three counts of making and subscribing a false and fraudulent tax return.

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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.

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CPA Practice

JANUARY 24, 2023

Outsourcing also helps ease worries and provide operators with comfort in knowing year-end tax preparation will go smoothly, and all accounting records will comply with Sec. 280E for income tax reporting. Working with a third-party accounting firm allows business leaders to focus on these important business functions.

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CPA Practice

MARCH 14, 2023

Allegations include stealing identities of accountants, tax preparers, and taxpayers. The indictment was unsealed on March 13, 2023. Yusuff and others then allegedly registered with the IRS, posing as authorized agents of multiple taxpayers using stolen information relating to the taxpayers and their real tax preparers.

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Nancy McClelland, LLC

JANUARY 23, 2023

January 23, 2023 — Per IRS 2023-11 , following a successful opening of its systems today, the IRS is now accepting and processing 2022 tax returns; taxpayers have until April 18 to file their taxes this year. 2021 tax returns still being processed: Taxpayers can check Where’s My Amended Return?

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ThomsonReuters

JANUARY 18, 2024

Accountant vs. CPA vs. tax preparer: What are the differences? Accountant vs. CPA vs. tax preparer: What are the differences? Accounting professionals may find that some outside of the profession do not fully understand the differences between an accountant and a tax preparer. So, what are the differences?

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Steve Feinberg

MARCH 28, 2022

What is the New Hampshire Personal Net Income Tax Rate? There is currently no Personal Net Income Tax Rate. However, businesses must pay a 5% tax on all interest and dividend income. Check with your accountant if this tax will impact your business. . Is There a Sales Tax in New Hampshire?

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Withum

OCTOBER 18, 2023

With some economic upheaval and various provisions of the Tax Cuts and Jobs Act (“TCJA”) nearing their end, here are a few things to be mindful of as we cruise into the 4th quarter of 2023. In 2023, bonus depreciation decreases to 80% of an asset’s cost basis. For the 2023 taxable year, an individual is provided a $ 12.92

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inDinero Tax Tips

FEBRUARY 14, 2023

If you are a founder of a new business, an 83b election is a vital tax form that can save you serious money when it comes time to file taxes. An 83b filing could work out great for you, but the ins and outs of this form can be confusing, leaving founders and tax preparers alike unsure of what to do.

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inDinero Tax Tips

FEBRUARY 14, 2023

If you are a founder of a new business, an 83b election is a vital tax form that can save you serious money when it comes time to file taxes. An 83b filing could work out great for you, but the ins and outs of this form can be confusing, leaving founders and tax preparers alike unsure of what to do.

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inDinero Tax Tips

FEBRUARY 14, 2023

If you are a founder of a new business, an 83b election is a vital tax form that can save you serious money when it comes time to file taxes. An 83b filing could work out great for you, but the ins and outs of this form can be confusing, leaving founders and tax preparers alike unsure of what to do.

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Nancy McClelland, LLC

DECEMBER 26, 2023

WHAT’S NEW (or isn’t) FOR 2023: – Beginning in 2022, the 1099-NEC was made so that it’s no longer year-specific; there are no changes to the form for 2023. The IRS is now planning a phase-in of $5,000 for tax year 2024.

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Nancy McClelland, LLC

DECEMBER 26, 2023

WHAT’S NEW (or isn’t) FOR 2023: – Beginning in 2022, the 1099-NEC was made so that it’s no longer year-specific; there are no changes to the form for 2023. The IRS is now planning a phase-in of $5,000 for tax year 2024.

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CPA Practice

MARCH 1, 2023

Unfortunately, when someone is deceased, the decedent’s personal representative is generally required to file any final tax returns for the deceased person. That includes federal income tax returns, that the decedent would have been required to file for the year of his or her death. 31, 2022, you can file a joint 2022 return.

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ThomsonReuters

OCTOBER 12, 2023

Jump to: What is foreign income? How to report foreign income What is Form 1099-DIV? Tax implications for owning property abroad What is FATCA? Helping clients with foreign income tax forms For U.S. citizens living abroad or earning income from foreign sources, questions often arise on how the U.S.

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xendoo

APRIL 3, 2023

Compare your tentative minimum tax and the 25% of the net regular tax liability calculated in the first step. Subtract the greater value from step two from your net income tax to find your general business credit limit. The 200,000-unit limit will phase out in 2023. Identify the greater value.

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xendoo

APRIL 3, 2023

Compare your tentative minimum tax and the 25% of the net regular tax liability calculated in the first step. Subtract the greater value from step two from your net income tax to find your general business credit limit. The 200,000-unit limit will phase out in 2023. Identify the greater value.

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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.

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Ronika Khanna CPA,CA

FEBRUARY 23, 2023

Probably the most popular question posed to accountants and tax preparers (especially around this time of year) is “what types of expenses are deductible?”. The short answer is that a business expense is considered to be deductible if it has been incurred with the ultimate purpose of earning income.

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