inDinero Accounting

OCTOBER 17, 2024

As we delve into the specifics, remember that tax laws are as dynamic as the business world itself. So, buckle up as we embark on this journey through the labyrinth of small business tax deductions, uncovering often-overlooked opportunities and strategies to maximize your tax savings.

business tax

Nancy McClelland, LLC

APRIL 8, 2025

Did your accountant (possibly me) ask you to make a business tax payment for your Illinois pass-through entity, such as a Partnership or S-Corp — maybe an estimated tax payment or extension payment? On the Summary tab, look for the Business Income Tax section. (In Go to the “Summary” tab.

Illinois

Going Concern

NOVEMBER 7, 2024

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs. Accountingfly can assist you!

Real Estate

Withum

JULY 4, 2025

One Big Beautiful Bill Tax Provisions The One Big Beautiful Bill includes the following significant federal income tax provisions. Our team closely monitors and analyzes proposed tax legislation, providing individuals and businesses with timely insights to help navigate the evolving tax landscape.

income tax

Nancy McClelland, LLC

JANUARY 12, 2025

“What is an IRS Account Transcript and Why Do I Need One?” ” During the pandemic, we began requiring all clients to submit a copy of their IRS Account Transcript along with their Tax Organizer and other annual tax prep documentation. account, the ID.me No worries — the IRS did.

Tax

ThomsonReuters

NOVEMBER 26, 2024

If there is one thing accountants and tax preparers know for sure, it’s that an efficient tax workflow is key to remaining competitive in an increasingly digital tax and accounting landscape. To achieve this, many forward-looking accountants and tax preparers are shifting toward a fully digital tax workflow.

Technology

inDinero Tax Tips

OCTOBER 22, 2024

Table of Contents LLCs Are “Pass-Through” Entities LLC Taxes in Nevada Nevada Commerce Tax Frequently Asked Questions Conclusion The Entrepreneur’s Guide to Tax Saving Strategies Fill out the form to download your guide to find out how you can pay less in taxes Click Here LLCs Are “Pass-Through” Entities LLCs aren’t taxed directly.

Nevada

Shay CPA

APRIL 28, 2025

Tax Credits and Incentives for Setting Up a Retirement Plan Setting up a 401(k) or similar plan can bring federal tax benefits, including: SECURE Act Small Business Tax Credit: Employers with fewer than 100 employees may claim a tax credit for up to three years to offset the administrative costs of starting a retirement plan.

New York

Accounting Today

JULY 28, 2025

Prosperity Partner CEO Jeremy Dubow Jesse Sutton "Its always the people challenge in accounting right now," shared Jeremy Dubow, CEO of Chicago-based Prosperity Partners, the No. Our profession needs a 4% increase in accountants to be sustainable, yet were experiencing a greater than 1% decline since 2019," he explained.

Technology

Accounting Today

JULY 25, 2025

SmartVault plans release of AI document management solution Document management Sutthiphong - stock.adobe.com Document management solutions provider SmartVault announced the upcoming release of SmartRequestAI, a new tool designed to transform the way firms collect client information and documents during tax season. All rights reserved.

Technology

ThomsonReuters

DECEMBER 4, 2024

Filing individual income tax returns can be a complex process, but with the right workflow, professional tax preparers and accounting firms can streamline the experience for both clients and staff. Harnessing technology for individual income tax return filing can transform the efficiency of accounting firms.

tax return

ThomsonReuters

JANUARY 6, 2025

Learn more about embedded tax solutions and how they can benefit your organization, download our white paper on business tax transformation today.

Tax

MyIRSRelief

OCTOBER 11, 2024

If you’re searching for an “Enrolled Agent near me,” you’re likely looking for someone who can provide a wide range of tax services. Get help today by calling us at 1-877-78-TAXES [1-877-788-2937]. Business Tax Preparation Business tax preparation is another critical service offered by Enrolled Agents.

tax services

Summit CPA

OCTOBER 10, 2024

This could include: corporate fraud failing to file taxes money laundering employment tax fraud cybercrimes and scams identity theft filing false returns concealing sources of income false claims false deductions misreporting financials (misreporting income, refunds , etc.) account fraud What is Negligence?

auditor

Menzies

OCTOBER 30, 2024

Menzies LLP - A leading chartered accountancy firm. Tax reliefs for the UK’s world-leading creative industries, which will provide £15 billion of support over the next 5 years. A key theme of today’s budget was “Invest, Invest, Invest!” with the intention of driving economic growth.

Manufacturing

ThomsonReuters

MARCH 20, 2025

From an unending stream of regulatory changes to increasing client demands, the accounting profession is in a constant state of change. Just as one tax season wraps up, the next is already on the horizon, bringing with it new rules, expectations, and challenges.

Tax

ThomsonReuters

JUNE 24, 2025

Tension point 1: The vendor transparency gap The most striking disconnect in our research reveals a fundamental communication breakdown between corporate tax departments and their external service providers. 77% of business tax departments want their tax service providers to use GenAI.

corporation tax

CPA Practice

OCTOBER 25, 2024

is the latest to enter the private equity frenzy, as the top 50 accounting firm said on Oct. 25 that it has received a strategic growth investment from Lovell Minnick Partners (LMP), a private equity firm focused on investments in financial services, business services, and financial technology companies. Cleveland-based Cohen & Co.

cpa firm

Ronika Khanna CPA,CA

OCTOBER 18, 2024

Open a separate bank account for your business to keep personal and business finances distinct. This helps with tracking income and expenses and simplifies tax filing. You can calculate your approximate taxes owing by using a tax calculator. This will provide a buffer during slow months.

income tax

ThomsonReuters

JUNE 24, 2025

Tension point 1: The vendor transparency gap The most striking disconnect in our research reveals a fundamental communication breakdown between corporate tax departments and their external service providers. 77% of business tax departments want their tax service providers to use GenAI.

corporation tax

FraudFiles

APRIL 14, 2025

Tax returns can be one of the most important pieces of information a forensic accountant evaluates in a divorce case. Of course, there are other very important financial documents, but income tax returns provide summary information about of lot of financial issues, including income, expenses, and assets.

tax return

ThomsonReuters

JULY 18, 2025

This could lead to modest increases in sales tax revenue and consumer activity, particularly in high-tax states. Revenue planning uncertainty States that previously adjusted their budgets to account for the SALT cap’s revenue impact—either by cutting spending or shifting to other tax sources—will now need to recalibrate.

New Jersey

Withum

DECEMBER 18, 2024

Withums Year-End Tax Planning Resource Center offers tips, legislative updates, and tax-saving opportunities for individuals and businesses. Start Planning Our Income Tax Accounting Expertise Preparing U.S. Start Planning Our Income Tax Accounting Expertise Preparing U.S.

Tax

RogerRossmeisl

DECEMBER 29, 2024

As a small business owner, managing health care costs for yourself and your employees can be challenging. One effective tool to consider adding is a Health Savings Account (HSA). HSAs offer a range of benefits that can help you save on health care expenses while providing valuable tax advantages. You may already have an HSA.

Tax

Going Concern

JANUARY 17, 2025

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs. Accountingfly can assist you!

Real Estate

SkagitCountyTaxServices

JUNE 4, 2025

Which is a pressure a lot more business owners are feeling now. Now they account for over 15 percent , and that numbers only going to go up. This is how your team knows what theyre part of and what theyre accountable for. Another layer of complexity that comes with running a business from home? fast iteration?)

payroll

Going Concern

JUNE 19, 2025

Struggling to Find Remote Accounting Talent? If your firm or internal team is having a tough time sourcing qualified remote tax and accounting professionals, you’re not alone—and you’re not out of options. We’ve Got You Covered.

Real Estate

Withum

MAY 5, 2025

However, meticulous accounting and legal documentation are vital for correctly allocating income and losses among partners. Partnerships may also need to revise agreements to reflect the issuance of profits interests and ensure compliance with tax regulations.

Real Estate

Going Concern

NOVEMBER 15, 2024

On Tuesday, National Taxpayer Advocate Erin Collins said at the AICPA & CIMA National Tax Conference that the IRS “has to deal with it,” “it” being the large backlog of ERC claims the agency is processing at a snail’s pace for fear of letting fraudulent claims slip through.

Tax

Shay CPA

FEBRUARY 10, 2025

While this typically signals pro-business tax incentives, concerns about the federal budget deficit may delay any sweeping amendments to Section 174. million in grant income in 2024 (accrual accounting). This can create a significant, unexpected tax liability, even if the startup has no commercial revenue.

accrual accounting

Withum

JULY 2, 2025

The Shleifers claimed the depreciation deduction on Schedule C dealing with profit and loss from a business of the amended tax return, stating the “business” of operating the jet incurred a loss. Importantly, though, neither the Shleifers nor their accountant submitted anything to the IRS agent on this point in writing.

Tax

Ronika Khanna CPA,CA

JULY 8, 2025

When you pay yourself dividends : Dividends are paid from your corporation’s after-tax profits. You benefit from the dividend tax credit, which takes into account the fact that dividends are not tax deductible and lower your income tax on the personal side. The corporation cannot deduct dividends as an expense.

income tax

RogerRossmeisl

DECEMBER 15, 2024

This is also an option for self-employed individuals or business owners who wish to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan. A solo 401(k), also known as an individual 401(k), may offer advantages in terms of contributions, tax savings and investment options. How much can you contribute?

CPA

Patriot Software

MAY 9, 2025

There are two types of people come tax time. Youve got the ones who are excited and file their taxes on the first day they can. And, youve got the ones who moan and groan and file at the last minute. Which one are you? Maybe youre the second onethe person whose least favorite thing […] Read More

tax preparation

ThomsonReuters

JUNE 18, 2025

How the SALT cap affects state budgets SALT cap provisions in the One Big Beautiful Bill Act How to stay up-to-date with changing SALT deduction legislation Newsletter Tax and accounting news featuring content from Checkpoint Sign up What is the current SALT cap?

income tax

ThomsonReuters

NOVEMBER 7, 2024

Tax’s contribution to the planning conversation is important because tax is one of the heaviest users of data in a large organization. And, unlike more siloed areas of a business, tax must pull the data it needs from departments across the organization.

Tax

Withum

JUNE 24, 2025

The 199A deduction is eventually phased out for specified service trades or businesses (SSTBs) when an owner’s taxable income exceeds a certain threshold amount. As both chambers continue to make adjustments to the pending legislation, careful attention should be paid to understand the impact on both you and your pass-through entity business.

Tax