CPA Practice

JANUARY 8, 2024

The IRS has announced that it will start accepting and processing tax returns on Monday, Jan. million individual tax returns to be filed by the April 15, 2024, tax deadline. Although the IRS will not officially begin accepting and processing tax returns until Jan. The agency expects more than 128.7

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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. The Where’s My Refund? Paperless processing. Online Account.

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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

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. Word would submit fraudulent claims for earned income credits, education credits and business losses.

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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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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. To find an AARP Tax-Aide site, use the AARP Site Locator Tool or call 1-888-227-7669.

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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.

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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. The result: Drake wins this category again this year, showing the loyalty many professionals have for this company’s tax systems.

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CPA Practice

JANUARY 29, 2024

It’s back to regular IRS deadlines this year, but with a new tool for many low- and moderate-income households: a service that will prepare and file their tax returns online for free. And its chat feature can provide answers to basic tax questions in real time from IRS customer service representatives.

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CPA Practice

OCTOBER 17, 2023

Thirteen states have agreed to participate in a trial run of the IRS’s free online return filing system, called Direct File, during the 2024 tax season, the agency said on Tuesday. 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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CPA Practice

JANUARY 13, 2023

A professional tax return preparer in Texas recently pleaded guilty to “engaging in a multi-year conspiracy to prepare and file false tax returns on behalf of clients and obtaining a fraudulent loan under the Paycheck Protection Program” (“PPP”). In all, the co-conspirators caused a tax loss exceeding $1.8

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ThomsonReuters

APRIL 25, 2024

When it comes to navigating the tax landscape of 401(k) contributions and withdrawals, it’s important for accountants to stay informed and help clients make tax-efficient decisions during their retirement years. Jump to: Is a 401(k) pre-tax? Is there a 401(k) inheritance tax? Is there a 401(k) inheritance tax?

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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. Never mind that the IRS e-file has been offline since November 18th, because it takes over two months to reprogram the systems for new tax laws, updates, and edits to tax forms.

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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. Presenters will also address the WISP and how to apply IRS guidance in the individual tax preparer’s office. Click here to log in.

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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 said it continues to examine the 2021 tax year, and additional mailings are planned.

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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

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

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. So, to make sure we’re all on the same page, here are a few choice tax benefits that are often overlooked.

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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. The State of Illinois also opened its tax season today.

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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. In addition, to prevent ongoing harm to consumers rushing to file their taxes, commission staff also filed a federal district court complaint asking a court to order Intuit to halt its deceptive advertising immediately.

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CPA Practice

MAY 15, 2024

From online programs for tax and accounting functions, to document automation and workflow management processes, as well as tools for collaboration, mobile productivity and office hardware. The result: Drake wins this category again this year, showing the loyalty many professionals have for this company’s tax systems.

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Withum

OCTOBER 18, 2023

These words apply to all sorts of things in life and, of course, when it comes to taxes. 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.

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Steve Feinberg

MARCH 28, 2022

Parsing any state’s tax code can be a multifaceted and complicated affair, but small business owners especially should understand what types of taxes they are required to pay if they live and operate their company in New Hampshire. What is the Small Business Tax Rate in New Hampshire? Is There a Sales Tax in New Hampshire?

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ThomsonReuters

OCTOBER 12, 2023

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. tax liability on that income.

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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

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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xendoo

APRIL 3, 2023

As a business owner, you can pay less in taxes by taking advantage of credits or deductions. Tax credits lower the amount you owe. For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. What is Form 3800? CFO services?

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xendoo

APRIL 3, 2023

As a business owner, you can pay less in taxes by taking advantage of credits or deductions. Tax credits lower the amount you owe. For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. What is Form 3800?

Tax 52

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xendoo

APRIL 8, 2022

Many small business owners miss out on tax savings simply because they aren’t aware of what tax deductions are available. As professional accountants, we know all the small business tax deductions that can save you money, and we’re sharing them in this tax deductions checklist. . What is a tax deduction?

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ThomsonReuters

JANUARY 18, 2024

Accountant vs. CPA vs. tax preparer: What are the differences? Preparing tax returns. According to Pilar Garcia, CPA , Tax and Accounting Executive Editor for Thomson Reuters, “AI, especially generative AI, can propel the accounting profession forward like no other technological advancement since Excel.

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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. You can pay as early as you like.

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Tax tax preparation tax return bookkeeping 52

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.

tax preparation 52

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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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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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CPA Practice

JANUARY 24, 2023

Unlike other industries, cannabis business leaders must navigate an industry with exceptionally high tax rates and complex, ever-changing legal requirements. 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.

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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. So, keep in mind that a company can be an LLC but be taxed as a corporation. The IRS is now planning a phase-in of $5,000 for tax year 2024.

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