CPA Practice

AUGUST 9, 2023

Year-end is right around the corner, which means quarterlies, tax preparation, and more for accounting firms. Review what can be repurposed, e.g., 2022 tax prep tips, regulatory changes (hello meals and entertainment deductions), bookkeeping tips, unique tax situations you can highlight, and more.

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Withum

JANUARY 17, 2022

Financial affairs include organizing your investments, determining doable goals, simplifying your investments, working to reduce your tax preparation fees and claiming unclaimed funds. There is also a third category for people that own businesses. I hope to “see” you Thursday. Contact Us.

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Going Concern

MARCH 24, 2023

Journal of Accountancy ] Pandemic pressures have worn the workforce thin, and the economy is in the thick of rapid, radical change. Many practitioners in public accounting are feeling burned out. It’s time for firm leaders to ensure their businesses are on course to not just survive but thrive. CLA, 8th Largest U.S.

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Going Concern

NOVEMBER 3, 2023

Scott Scarano is not your typical accounting firm owner. In his teens, Scott was set on making it big in the entertainment and music industry. In his teens, Scott was set on making it big in the entertainment and music industry. His entertainment dreams were crushed, and the future looked bleak.

Non-Profits 67

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MyIRSRelief

APRIL 22, 2024

Victoria Gardens in Rancho Cucamonga is a premier shopping and entertainment destination in the Inland Empire. With a mix of upscale retailers, dining options, and entertainment venues, it’s the perfect place to spend a day indulging in some retail therapy. Victoria Gardens: Shopaholics rejoice!

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LyfeAccounting

MARCH 16, 2021

Does this apply to entertainment expenses? This full tax deduction does not appear to apply to entertainment expenses. Or at least the Tax Act does not specifically extend the full deduction to entertainment expenses. We offer various tax services so be sure to get in touch with us today at 470-240-1437.

Tax 52

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Basis 365

MARCH 6, 2022

While we may not be tax accountants , we, too, look for ways to save money, and having tax write-offs is a great way to save your business some money. In that sprint, we’ve devised a list of some common tax write-offs that you might consider when preparing your taxes this season.

Tax 52

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SkagitCountyTaxServices

AUGUST 26, 2021

Per the Treasury , the bill will target tax increases on big corporations (raising the corporate income tax — i.e. C-corps — to 28%, among other moves) while protecting the majority of small businesses (around 97%). The food you buy during an entertainment activity is also a separate deduction from the entertainment itself.

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ThomsonReuters

APRIL 25, 2024

Navigating state taxes on retirement income is a critical aspect of financial planning for retirees. While federal tax rules apply uniformly across the country, state tax rules can vary widely. Individuals withdrawing funds from their 401(k) plans may be subject to state income taxes depending on where they reside.

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South Dakota Rhode Island New Hampshire Wyoming 52

MyIRSRelief

MAY 1, 2024

They can advise on maximizing retirement contributions, choosing the most advantageous business entity, and implementing investment options that minimize your overall tax burden on forms like 1120, 1120S, and 1065. Time Efficiency: Tax preparation and research are notorious time-sinks.

Tax 130

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Going Concern

JANUARY 19, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. And take our 2024 Predictions for the Accounting Profession survey ! Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

Arizona 82

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xendoo

JULY 6, 2023

You use the same bank account for both business and personal expenses. Meal, travel, and entertainment expenses The IRS pays close attention to claims for large meal and entertainment deductions. Similar to home office deductions, taxpayers mistake what they can claim as a meal, travel, or entertainment expense.

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xendoo

JULY 6, 2023

You use the same bank account for both business and personal expenses. Meal, travel, and entertainment expenses The IRS pays close attention to claims for large meal and entertainment deductions. Similar to home office deductions, taxpayers mistake what they can claim as a meal, travel, or entertainment expense.

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Going Concern

JULY 28, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. According to his family, he originally had planned to become a chemical engineer but changed to accounting because of ongoing prejudice against Jews. News Obituary of Jerome A.

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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. . Car expenses. Travel expenses.

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ThomsonReuters

FEBRUARY 8, 2022

When you seek to win new tax clients, it’s best to start at the beginning. With so many generations in need of tax and accounting services in the market today, it can be a challenge to discover what a client truly wants or needs, or how they want to connect with you. That’s the first step to winning new business.

Tax 105

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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?”. Meals and entertainment in which business was discussed. With certain exceptions, only 50% of meals and entertainment can be written off.

Tax 52

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xendoo

SEPTEMBER 2, 2021

The IRS watches consultants closely, and every tax dollar that is owed has to be accounted for. The good news is that the money you spend on your business can often become “yours” again through tax savings. Here are some tax-saving tips for consulting firms to minimize what they owe to the IRS at the end of the fiscal year.

Tax 52

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inDinero Tax Tips

NOVEMBER 15, 2021

The current business tax rate is 21% at the federal level, plus state corporate taxes that range anywhere from 0-11.5%. Each state has different tax laws , and it’s a good idea for businesses to get advice for tax preparation. Our CPAs Answer Your Top 5 Burning Tax Questions.

Tax 52

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Snyder

DECEMBER 28, 2022

What happens after a tax audit? The tax auditor either verifies the correctness of your accounting statements or finds a mistake. In the latter case, you might have to pay additional taxes, as well as penalties and interest. Do the following: Use automated accounting software. Hire a professional tax preparer.

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audit Tax tax return auditor 98

xendoo

NOVEMBER 1, 2021

Meals with clients can also be deducted from your taxes, though only when these meals also serve as business meetings. If you and a client decide to see a movie or sporting event, these entertainment costs will not count among your normal and necessary business expenses. Tax Planning Takes Time and Xendoo Can Help. Absolutely.

Tax 95

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xendoo

JUNE 23, 2021

At tax preparation time, you will need to determine whether the standard or actual cost deduction will save you the most money. #2 Keep careful records of how much you spend on any office-related rent and purchases, so you have an accurate accounting of this component when it comes time to file. #3 2 – Office Space.

Real Estate 52

Real Estate Tax Legal tax preparation 52

MyIRSRelief

OCTOBER 16, 2023

Job-Related Expenses Explore miscellaneous deductions, such as unreimbursed job-related expenses and tax preparation fees. Tax Credits for Individuals 3.1. Popular Individual Tax Credits a. Child Tax Credit Learn about the Child Tax Credit, including recent changes that have made it more accessible to many families.

Tax 130

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Accounting Insight

FEBRUARY 1, 2024

Such a business tax enquiry is not to be confused a regular compliance check into personal tax returns or simpler corporation tax returns, which typically focus on a single tax year or accounting period, and sometimes just a handful of aspects. This is what sets apart an HMRC business enquiry.

corporation tax 52

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Ronika Khanna CPA,CA

APRIL 14, 2022

If you are not able to do your tax return by May 2nd, you might want to consider estimating your taxes payable and making an instalment payment to avoid interest charges. If you are planning to outsource, you should find an accountant as soon as possible as they tend to be very busy at this time of year.

Tax 52

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ThomsonReuters

JANUARY 9, 2024

Record a net operating loss: C corps are taxed on their income, but if a business’s losses after deductions exceed its income, it is not liable for taxes that year. That said, C corp taxes can be extremely complex, and only an experienced tax professional can explain how all the rules might apply to any given organization.

corporation tax 52

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