ThomsonReuters

DECEMBER 6, 2023

James Creech, a senior manager with Baker Tilly’s tax advocacy and controversy team, explained that the origin of the current issues with the ERC can be traced back to before the health emergency and the absence of tax preparer oversight. “Tax preparation is kind of the Wild West,” Creech began.

tax preparation 105

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Going Concern

MAY 23, 2024

The post Top Remote Accountants of the Week | May 23, 2024 appeared first on Going Concern. Our recruiting services are exclusively available for clients and candidates in the United States. About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

Real Estate 57

Real Estate Account accountant accounted 57

Going Concern

JANUARY 25, 2024

Client graduated # 1 in accounting and so doesn’t need us to do his simple tax returns anymore. He says CPA was charging $500 for a 26 rental unit tax return and is upset his fee went up to $1,000 over 2 years. My tax preparer told me her price is increasing to [whatever dollar amount]. What should I do?

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CPA Practice

APRIL 5, 2024

TNS) A Kennewick tax preparer cost the United States $42 million in lost tax revenue between 2017 and 2020 after filing tax returns that were riddled with errors, fabrications and fraudulent entries, alleges the Department of Justice. By Annette Cary, Tri-City Herald, Kennewick, Wash.

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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.

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Going Concern

MAY 16, 2024

The post Top Remote Accountants of the Week | May 16, 2024 appeared first on Going Concern. Our recruiting services are exclusively available for clients and candidates in the United States. About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

Real Estate 57

Real Estate Account accountant accounted 57

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. And NerdWallet recently published a list of free and tax preparation resources.

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CPA Practice

MAY 17, 2023

The IRS is planning to roll out its own free online tax-filing system in a move that could put the agency in direct competition with online tax preparation behemoths like Turbo Tax and H&R Block. Any path forward should start with a limited pilot to assess operational factors described in this study.”

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CPA Practice

JANUARY 8, 2024

With the 2024 tax filing season starting later this month, the IRS is launching a special Tax Professional Awareness Week , from Jan. 8-14, 2024, to assist tax professionals on what to expect during the filing season and start the year on the right foot.

Tax 111

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Shay CPA

FEBRUARY 28, 2024

You’re looking ahead and probably getting excited about everything your startup will accomplish in 2024. Don’t shoot the messenger: it’s time to do your taxes. If that sounds good, follow these steps to get your books ready for your 2024 tax filings. #1: Clearly, tax prep isn’t easy. Don’t wait on this.

Tax 52

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CPA Practice

APRIL 9, 2024

But people should be careful with who they’re following on social media for tax advice. Unlike hacks to fix a leaky kitchen sink or creative makeup tips, people shouldn’t rely on made-up ways on social media to patch up their tax return and boost their refund,” he added. ©2024 Advance Local Media LLC.

Tax 116

Tax tax return tax preparation payroll 116

CPA Practice

MARCH 12, 2024

The American Institute of CPAs and CPA.com announced the participants of its 2024 Startup Accelerator program, which will kick-off this week at a meeting at their headquarters in New York.

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CPA Practice

MARCH 6, 2024

24, 943,000 taxpayers had filed returns this tax season through Free File , a 9.7% increase from last year’s comparable period when 860,000 tax returns were filed, the IRS reported on Friday. The increase in Free File usage comes as the IRS released new data on how the 2024 filing season is progressing.

Tax 105

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CPA Practice

JANUARY 15, 2024

The IRS Free File system allows taxpayers with an adjusted gross income of $79,000 or less during 2023 to file and process a simple federal tax return for free. Here’s the full list for 2024: 1040Now Drake ( 1040.com Taxpayers will need to gather their tax documents (W2s, 1099s, etc.),

tax return 105

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CPA Practice

MAY 22, 2024

The Free File program , a partnership between the IRS and tax preparation companies that make their online filing software available to eligible taxpayers for free, has been extended through 2029, the tax agency said on May 22. million returns as of May 11, according to the IRS, an increase of 7.3% from the 2.7

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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. And now we’re superstars to them.

tax preparation 52

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ThomsonReuters

APRIL 17, 2024

T raining and policies The future of work New Report: 2024 Generative AI in Professional Services Explore all the latest comprehensive insights into how GenAI is shaping professional services. Conducted in early 2024, the survey gathered valuable insights from respondents across the United States, United Kingdom, and Canada.

Tax 98

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Canopy Accounting

FEBRUARY 1, 2024

Income Tax Return for Estates and Trusts , documents the income an estate earns after the estate owner passes away. For estate planning and taxation, IRS Form 1041, U.S. It’s also used to track income before any beneficiaries receive designated assets.

income tax 98

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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. That sort of virtual hand-holding is similar to what you’d get by using commercial tax preparation software.

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CPA Practice

OCTOBER 2, 2023

24, 2024, to file various individual and business tax returns. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due. 16 and lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software.

South Carolina 124

South Carolina Tax Georgia income tax 124

CPA Practice

OCTOBER 16, 2023

24, 2024, to file various individual and business tax returns. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due. 16 and lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software.

South Carolina 111

South Carolina Georgia income tax Vermont 111

CPA Practice

JANUARY 9, 2024

With the 2024 filing season right around the corner , the IRS is alerting tax professionals about a new round of email schemes in which cybercriminals pose as potential clients looking for tax help. Is it safe to say that you are accepting new clients for the 2024 tax season?

Tax 101

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CPA Practice

MARCH 4, 2024

24, 943,000 taxpayers had filed returns this tax season through Free File , a 9.7% increase from last year’s comparable period when 860,000 tax returns were filed, the IRS reported on Friday. The increase in Free File usage comes as the IRS released new data on how the 2024 filing season is progressing.

Tax 59

Tax tax preparation tax return Start-ups 59

CPA Practice

FEBRUARY 27, 2024

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The Federal Trade Commission (FTC) has filed a complaint against tax preparation company H&R Block, accusing the tax services provider of unfair and deceptive business practices. All contents copyright 2024 The Kiplinger Washington Editors Inc.

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CPA Practice

APRIL 1, 2024

With tax filing season in full swing, Latinos may turn to for-profit tax preparers. Other Latino filers will turn to online tax filing services, some of which been accused of taking advantage of American taxpayers and falsely marketing their services as free. ©2024 Miami Herald. Visit miamiherald.com.

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Withum

DECEMBER 22, 2023

See IR-2023-247 , Announcement 2024-3 , general information , and FAQs. But if taxpayers are interested in the VDP, they need to act quickly because it only runs through March 22, 2024, and the IRS Commissioner stated that taxpayers “will not get a better offer later.” Let’s discuss the particulars.

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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

ThomsonReuters

JANUARY 4, 2024

Jump to: Utilize short-term staffing solutions Incorporate AI and automation into your workflow Become a strategic advisor As accounting firms usher in 2024, it’s important to take a fresh look at the business landscape — both its challenges and its opportunities — to best prepare for the year ahead.

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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. It was an exciting time for us, as it was finally going to be a return to normal. The opinions shared here are the author’s and not those of AICPA or CPA.com.) Some good stuff.

Tax 52

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ThomsonReuters

NOVEMBER 28, 2023

Reflect on your current tax workflow. In 2024, there is no reason that tax professionals should receive paper, sort paper, shuffle paper, or enter data manually. How are you preparing and reviewing the tax return? How are you delivering the tax return? How are you getting paid?

Technology 112

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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.

New Jersey 98

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Nancy McClelland, LLC

JANUARY 16, 2024

For example, if you’re trying to prepare a tax return for a prior-year and need a list of all the informational documents filed with the IRS that are associated with your SSN, you’d want a Wage & Income Transcript. Print the file to PDF and save it somewhere safe, along with the rest of your tax season documents.

tax return 52

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CPA Practice

FEBRUARY 6, 2024

The volume of tax returns prepared by most CPAs means that they are not going to notice if something is missing. Here are the most common tax forms you, our clients, are receiving: 1098: These are some of the earliest to arrive. This does not mean you pay 85% in taxes. 1099-INT: Interest is back, baby!

Tax 111

Tax income tax tax return tax preparation 111

CPA Practice

FEBRUARY 1, 2024

H&R Block has announced a new “Direct Import” feature, which is designed to make it easy for taxpayers to switch their tax-preparation campaign from TurboTax to H&R Block’s DIY service. A tax filer simply inputs the phone number associated with their TurboTax account to make the switch.

Tax 52

Tax tax preparation tax return Start-ups 52

CPA Practice

FEBRUARY 23, 2024

Similarly, tax practices for firms who embrace AI & TAAS will outperform firms that do not adapt to the coming innovation. Here are some examples of how this will manifest: • Accelerating tax preparation. Advanced tax preparation automation will transform preparers into reviewers and free up staff to focus on client service.

Technology 64

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Going Concern

FEBRUARY 9, 2024

IRS warns tax professionals to be aware of EFIN scam email; special webinars offered next week [ IRS ] The IRS warned that scammers are posing as tax software providers and requesting EFIN documents from tax professionals under the guise of a required verification to transmit tax returns. FY22 net revenue of $13.3

Technology 102

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Nancy McClelland, LLC

APRIL 9, 2024

For years, we have stressed the importance to our clients of making quarterly estimated tax payments. And unlike many tax preparers, we also do bookkeeping, accounting, and consulting for our small business owners — so we’ve also encouraged them to have us do a quarter-by-quarter calculation of how much to pay.

Illinois 52

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