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Why you should have separate bookkeepers and tax accountants

Basis 365

You have two options to achieve this goal: hire a professional or have a year-end accounting firm handle your bookkeeping. It's OK to ask an outsourced accountant for help with your daily books. Before we get into the reasons, let's first look at how the duties of accountants and bookkeepers differ.

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Top Remote Accountants of the Week | May 2, 2024

Going Concern

Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? With our Always-On Recruiting service, access a pool of skilled remote accountants without any upfront costs. Accountingfly can help!

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Top accounting issues in 2023

ThomsonReuters

The accounting profession has faced a profound shift in recent years: from significant regulatory changes to an influx of innovative technologies, to reimagined business models, to an increase in client expectations. What are the current issues in accounting? but there are several common hurdles that often run industry wide.

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What is a provision for income tax and how do you calculate it?

ThomsonReuters

A tax provision is just one type of provision that corporate finance departments set aside to cover a probable future expense. Other types of provisions a business typically accounts for include bad debts, depreciation, product warranties, pensions, and sales allowances. Apply the current tax rate.

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What happens if you get audited and don’t have receipts?

xendoo

For example, if your deductions include certain expenses like entertainment, you can’t claim the Cohan rule. Keep in mind that some vendors might charge a fee for their time to retrieve past invoices, receipts, and other statements. Professional tax services like Xendoo make bookkeeping easy for businesses.

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What happens if you get audited and don’t have receipts?

xendoo

For example, if your deductions include certain expenses like entertainment, you can’t claim the Cohan rule. Keep in mind that some vendors might charge a fee for their time to retrieve past invoices, receipts, and other statements. Professional tax services like Xendoo make bookkeeping easy for businesses.

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