Shay CPA

DECEMBER 7, 2022

Close your accounts. You’ve probably already thought about closing your bank accounts, but that’s not the only area where you need to get things sorted. Specifically, you should look at: Payroll accounts, including withholding, Department of Labor, and state unemployment insurance accounts. Sales tax accounts.

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MyIRSRelief

FEBRUARY 8, 2023

Los Angeles Tax Preparation Service Tax preparation refers to the process of gathering, organizing, and preparing the necessary information and documents to complete your tax return. This process can be time-consuming, complicated, and overwhelming, especially if you are not familiar with tax laws and regulations.

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MyIRSRelief

JULY 3, 2023

During an ERC audit, the IRS reviews the business’s records, including payroll records, tax returns, and supporting documentation related to ERC claims. Tax Attorneys: Tax attorneys are lawyers who specialize in tax law. ERC IRS Audit Process 2.1 What Happens During an ERC Audit? How is the Audit Initiated?

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Nancy McClelland, LLC

APRIL 7, 2023

However, there simply aren’t enough accountants out there who know about this model, or how to navigate some of the special treatment under Internal Revenue Code. That’s why the work that the National Society of Accountants for Cooperatives is essential. Field of Study: Taxes Program Level: Basic CPE Credit: 1.5

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Nancy McClelland, LLC

DECEMBER 1, 2022

As a result of these and other changes made in an attempt to match the rising costs of groceries and other daily necessities, some Americans will find that when they file their 2023 tax returns, they may actually have lower tax bills than in the prior season. HSAs allow pre-tax contributions to pay for medical bills.

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xendoo

FEBRUARY 15, 2022

The National Society of Accountants (NSA) reports that tax consultants typically charge between $176 and $457. It may cost more if you are filing more complex and specialized tax forms. It costs $323 on average for an individual filing a tax return Form 1040 and a state return with itemized deductions.

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CTP

DECEMBER 28, 2023

If they meet the qualifications, the IC-DISC will then become its own entity, separate from the original business, so it must maintain its own books, have its own bank accounts, file its own tax returns, and pay its own organizational fees. The IC-DISC is a legal provision that has been around for over 50 years.

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Going Concern

JANUARY 19, 2023

The IRS Criminal Investigation unit has released its top cases for 2022 and in it we get reality TV personalities, a rogue tax preparer, some garden variety PPP fraud, and even a former decathlete with his own Wikipedia page. Burnell did not report any of the money he received from victims in 2011 or 2012 on his income tax returns.

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TaxConnex

NOVEMBER 18, 2021

Following the Supreme Court’s Wayfair decision in 2018, all 45 states that have a statewide sales tax now have economic nexus laws, as does the District of Columbia. Download our Sales Tax Nexus guide to learn more! A VDA is a legal means for taxpayers to self-report back taxes owed for income, sales, property and other tax types.

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CPA Practice

AUGUST 15, 2023

Understand your legal and regulatory obligations, develop adequate policies to secure client data and protect your practice. Jared is a popular speaker and advisor due to his expansive knowledge of current tax policies, cybersecurity, and industry trends. Ann Campbell , CPA CIA, joined Drake Software in 2021 as a Tax Software Trainer.

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ThomsonReuters

JUNE 28, 2021

Although it is possible to automate payroll systems to account for these minimum wage increases, it is a good idea for payroll professionals to be aware of these changes to avoid the possibility of underpaying employees. Localities changing their minimum wage on July 1, 2021: Berkeley, California: $16.32 Emeryville, California: $17.13

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CPA Practice

JANUARY 12, 2024

But one of the one of the major things I think that needs to be said about it is that the major the major AI initiative that TR is chasing is the is incorporating sure preps document and information ingesting process on the front end of a tax return. That’s the CEO about the allocation of AI to tax and accounting.

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CPA Practice

AUGUST 4, 2023

Pursuant to the buy-sell agreement, the company redeemed Michael’s shares from his estate for $3 million, and Michael’s estate paid federal estate tax on his shares in the company based upon this $3 million figure. Unfortunately, the IRS audited Michael’s estate tax return and assessed additional estate tax of over $1 million.

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CPA Practice

AUGUST 3, 2023

Pursuant to the buy-sell agreement, the company redeemed Michael’s shares from his estate for $3 million, and Michael’s estate paid federal estate tax on his shares in the company based upon this $3 million figure. Unfortunately, the IRS audited Michael’s estate tax return and assessed additional estate tax of over $1 million.

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Going Concern

NOVEMBER 10, 2023

Footnotes will return as scheduled on November 24. Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Now’s the time so check out Accountingfly’s top remote accounting candidates of the week.

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inDinero Tax Tips

MARCH 13, 2023

You may have to incur legal costs as you amend all the existing contracts associated with the LLC. Becoming a C corp provides a consistent legal structure that makes it easy for investors to compare companies. You may have to dissolve your LLC in order to resolve the legal consequences of losing a member.

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inDinero Tax Tips

MARCH 13, 2023

You may have to incur legal costs as you amend all the existing contracts associated with the LLC. Becoming a C corp provides a consistent legal structure that makes it easy for investors to compare companies. You may have to dissolve your LLC in order to resolve the legal consequences of losing a member.

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LyfeAccounting

JULY 3, 2021

When people give you money or they give you grants, they can write them off as a charitable donation on their tax return. On the other hand, if you are starting a nonprofit organization in California then you need at least 3 directors not related to each other, a president, a secretary, and a treasurer or CFO. Registered agent.

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ThomsonReuters

JULY 7, 2021

The United States first imposed a federal income tax briefly during the American Civil War and also in the 1890s. Constitution in 1913 that permanently legalized a federal income tax. Then, in 1935, the Social Security Act was signed into law, which resulted in a tax on both the employer and employee (6.2%

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ThomsonReuters

JULY 10, 2023

For example, in California, retail sales of tangible items are generally subject to sales tax. The state sales and use taxes provide revenue to the state’s General Fund, to cities and counties through specific state fund allocations, and to other local jurisdictions. People can use tax return due dates to pay use taxes.

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ThomsonReuters

MARCH 1, 2021

The IRS has updated the draft instructions for Form 941, Employer’s Quarterly Federal Tax Return, that accompanies the draft Form 941 posted on January 29, 2021. Trump’s rule faced legal challenges in March of 2020 and a federal district court partially invalidated it in September of 2020 ( New York v. Scalia , DCNY, Dkt.

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PYMNTS

MARCH 21, 2017

The Internal Revenue Service (IRS) continues its efforts to gain access to United States Coinbase customer accounts, filing new documents in federal court to get the California-based company to turn over the records. Coinbase facilitates transactions of digital currencies like bitcoin and ethereum.

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