CPA Practice

MARCH 13, 2024

government by hiding millions of dollars in Swiss bank accounts and lying to the IRS about his foreign assets for decades, according to federal authorities. Prosecutors said in Miami federal court Tuesday that Rotta owes $26 million in taxes, interest and penalties dating back to 2001 and has $38.5 But then in U.S.

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CPA Practice

MARCH 14, 2023

This article will provide a general overview of the current reporting requirements for foreign financial assets on the Report of Foreign and Financial Accounts (“FBAR”) and on Form 8938 under the Foreign Account Compliance Act (“FATCA”). Financial Interest A U.S. FBARs A United States Person (“U.S. US Person A U.S.

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income tax tax return Tax financial accounting 125

Going Concern

SEPTEMBER 1, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Check out this week’s top remote accounting candidates. Check out this week’s top remote accounting candidates. P.S. We’re off for Labor Day, hope you are too.

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CPA Practice

OCTOBER 17, 2023

citizen residing in the Principality of Monaco has pleaded guilty to tax evasion for concealing from the IRS over $5,130,000 in income derived from a real estate transaction and securities investments in offshore bank accounts. million into the new UBS Monaco account, further earning undisclosed interest and dividends until 2017.

Tax 98

Tax Real Estate accounting and finance tax return 98

CPA Practice

FEBRUARY 7, 2024

The American Institute of CPAs has submitted a letter to the Financial Crimes Enforcement Network and Internal Revenue Service (IRS) providing recommendations for the Report of Foreign Bank and Financial Accounts to taxpayers impacted by major disasters.

tax return 64

tax return cpas Tax financial accounting 64

ThomsonReuters

OCTOBER 12, 2023

Paying taxes on money earned abroad Avoiding double taxation Helping clients who live abroad with their taxes U.S. income tax returns, just like individuals living in the United States. However, the tax obligations for expats can be different and more complex due to their international status. tax return.

Tax 75

Tax tax return income tax tax preparation 75

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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tax consultant Tax tax return business tax 103

Ryan Lazanis

JULY 13, 2022

In today’s post, I’m going to show you the very best accounting security tips (23 of them to be precise!) to keep your accounting firm safe and secure. Importance of why you must have accounting security for the safety of your business. Why is Accounting Security Important? Key Takeaways. Table of Contents.

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Nancy McClelland, LLC

MARCH 6, 2022

I often write and speak about my experiences as a co-op accountant, and how challenging it was to become an expert in the field with so few resources. Additionally, the CLN will explore any anticipated future tax law changes. This session will explore recent developments in the financial accounting standards relevant to cooperatives.

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Agriculture Account accountant accounted 52

CTP

JANUARY 9, 2023

Business controls are not limited to financial accountability. Here’s an example: a tax planning business may have a “signing document” where an administrator looks through a tax return right before it is submitted and goes through a ten-step checklist as a quality control measure. Amplify Your Business Controls.

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tax planning Tax tax preparation tax return 97

CTP

OCTOBER 17, 2022

Business controls are not limited to financial accountability. Here’s an example: a tax planning business may have a “signing document” where an administrator looks through a tax return right before it is submitted and goes through a ten-step checklist as a quality control measure. Amplify Your Business Controls.

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tax planning Tax tax preparation tax return 98

Going Concern

OCTOBER 7, 2022

Big 4 accounting firms reap record-high revenues [ The Korea Times ]. The big four accounting firms in Korea posted all-time-high annual revenues last year, due mainly to double-digit year-on-year growth rates recorded in M&As and consulting services. Accounting Firm’s Counterfeit Claim Fails in Similar Name Suit [ Bloomberg Law ].

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Illinois CPA audit tax return 98

ThomsonReuters

OCTOBER 12, 2023

How to report foreign assets Form 8938 instructions FATCA considerations Helping clients with foreign assets In today’s global economy, many individuals and businesses have financial interests that extend beyond their home country’s borders. Report to the Foreign Bank and Financial Accounts (FBAR).

Real Estate 40

Real Estate tax return Tax tax preparation 40

ThomsonReuters

OCTOBER 12, 2023

From understanding what foreign income is to navigating various tax forms and deductions, it is important for accountants to understand the ins and outs of U.S. federal income tax return ( Form 1040 ). tax return. tax return for foreign income taxes paid to a foreign government.

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Tax tax return income tax Real Estate 40

LyfeAccounting

NOVEMBER 13, 2020

Regardless of what happens to that 20 dollars next, these transactions have started bookkeeping and accounting processes. But a lot of people are still confused when it comes to bookkeeping vs accounting. At LYFE Accounting, we’ve helped companies with their bookkeeping and accounting processes. Why do I need them?

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bookkeeping Account accountant accounted 52

Going Concern

APRIL 15, 2022

To counter this perception, the accounting profession could be rebranded as a foundational force of social stability and progress, and not just as “a job” with long hours and low return on investment (ROI) on education. There is another way of putting this: Accounting is a profession whose brand has not been diluted.

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accounting firms audit Account accountant 52

inDinero Tax Tips

MARCH 2, 2023

That means you must disclose any cryptocurrency trading activity conducted over the past year on your tax return. Taxpayers are required to report all cryptocurrency transactions, including buying, selling, and trading, on their tax returns. How Do Businesses Report Capital Gains Tax on Cryptocurrency?

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Tax income tax South Dakota tax return 98

Going Concern

MARCH 25, 2022

These are the 5 most ‘boring’ — and exciting — jobs in the world, according to a recent study [ CNBC ] You’ll be happy to hear accounting made #2 on the most boring list. Don’t feel bad, MY job ranked #3 most exciting and I assure you it absolutely is not, I write about accounting after all. “I PCAOB Spotlight PDF here.

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tax return audit auditor cpas 52

Going Concern

NOVEMBER 18, 2022

EY split threatens to weaken both sides of firm, say retired partners [ Financial Times ]. More than 150 retired EY partners have written to the accounting firm’s leadership objecting to the radical plan to split its consulting and audit businesses. Bam is a chartered accountant and an outstanding South African.

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Technology audit auditor accounting and finance 89

inDinero Tax Tips

MARCH 2, 2023

That means you must disclose any cryptocurrency trading activity conducted over the past year on your tax return. Taxpayers are required to report all cryptocurrency transactions, including buying, selling, and trading, on their tax returns. How Do Businesses Report Capital Gains Tax on Cryptocurrency?

Tax 52

Tax income tax South Dakota tax return 52

Going Concern

MARCH 4, 2022

Pandemic has exacerbated tax-season anxiety, accountant says [ Global News ] No s**t? in Tax Season ‘Chaos’ [ New York Times ] At the Internal Revenue Service’s sprawling Kansas City, Mo., Decades of Neglect Leave I.R.S. The NFT, Woman #2681, was purchased on Feb.

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audit Kansas auditor bookkeeping jobs 78

FraudFiles

JANUARY 26, 2022

The documents should include income tax returns, bank and brokerage account statements, credit card statements, real estate closing statements, mortgage applications and contracts, documentsrelated to major purchases, wills and trusts, and anything else related to the family’s finances. Open accounts in your name only.

Real Estate 52

Real Estate accounting and finance income tax tax return 52

Withum

OCTOBER 11, 2023

The Internal Revenue Service (“IRS”) released Notice 2023-63 , on September 8, 2023, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year.While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal.

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income tax Tax accounting standards accounting and finance 80

Basis 365

NOVEMBER 30, 2022

It's the most wonderful time of the year until you realize that you still have year-end accounting tasks to complete. What is YEAR-END ACCOUNTING? Before we get into the details of year-end financial accounting, let's first define what year-end is and why it is essential for your company.

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quickbooks accounting software payroll tax payroll 52

inDinero Tax Tips

DECEMBER 18, 2020

The startup costs are then deducted over a steady stream—tax people would say they’re amortized — for fifteen years. If the business shuts down, any remaining un-deducted startup costs are fully deductible on the final year tax return. Let’s say your business incurs $150,000 of startup costs.

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inDinero Tax Tips

MARCH 3, 2021

Whether you file your business’s taxes yourself or you have help, making sure your tax returns are right and on time is a lot easier when you. have a year-round reliable accounting team and. By outsourcing your business’s accounting and taxes with inDinero , you’re covered on both fronts.

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business tax Tax income tax tax return 59

inDinero Tax Tips

APRIL 11, 2023

June 30 20% second of four estimated payments on franchise tax over $5,000 owed. September 1 20% third of four estimated payments on franchise tax over $5,000 owed. Final payment on the remaining balance of franchise tax over $5,000 owed. You don’t need a bank account in Delaware or Nevada to incorporate in those states.

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Delaware Nevada Tax Sales 52

xendoo

JULY 14, 2021

Invoice factoring: The business owner sells their accounts receivables (due invoices) to a factoring company at a discount with fees added on top. Financial accounts, i.e., Income Statements, Profit and Loss statements. Financial projections. VAT returns/ Tax returns. Company bank statements.

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Start-ups Gaming accounting and finance Sales 98

inDinero Accounting

JANUARY 9, 2023

Table of Contents What Makes Accounting Services for Startups Different? Why Is Accounting Important for Startups? However, a lack of accounting experience and knowledge can be a hindrance, especially for startups which need to be agile and primed for rapid growth. What Makes Accounting Services for Startups Different?

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inDinero Accounting

JANUARY 9, 2023

What Makes Accounting Services for Startups Different? Why Is Accounting Important for Startups? How to Select the Right Startup Accountant. Getting Started with Startup Accounting. Accountants’ specialized knowledge can support your startup business in many ways. Table of Contents. Getting into legal troubles.

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MyIRSRelief

MAY 15, 2024

Common 990 Compliance Issues: preparation & planning Misclassification of volunteers as employees, leading to potential payroll tax liabilities. Improper reporting of reimbursements under accountable plans, as outlined in IRC Section 62(c). and foreign tax laws. Q: My nonprofit is tax-exempt. A : Not quite!

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inDinero Accounting

DECEMBER 22, 2021

With reliable enterprise accounting software, businesses can have up-to-date information about their finances in real-time. However, with so many options on the market today, finding the right enterprise accounting software can be difficult, especially if you don’t have in-house experts to help you navigate the process.

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accounting software NetSuite Account accountant 52

inDinero Accounting

DECEMBER 22, 2021

With reliable enterprise accounting software, businesses can have up-to-date information about their finances in real-time. However, with so many options on the market today, finding the right enterprise accounting software can be difficult, especially if you don’t have in-house experts to help you navigate the process.

accounting software 52

accounting software NetSuite Account accountant 52

inDinero Tax Tips

APRIL 20, 2021

Delaware incorporated entities that owe $5,000 or more in franchise taxes must make estimated quarterly payments in progressively smaller amounts. Delaware Requirement: Due Date: State of Delaware Corporate Income Tax Return: Form 1100 or Form 1100EZ. Final payment on the remaining balance of franchise tax over $5,000 owed.

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Delaware Wyoming Nevada Oregon 64

Going Concern

AUGUST 5, 2022

note: are you obsessed with accounting news? If the world had no accountants [ The Indicator from Planet Money ] As the unsung heroes of the financial world, CPAs (Certified Public Accountants) are responsible for a wide range of important tasks, from balancing the books to investigating fraud. Yeah, us too.

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Account accountant accounted audit 98

Going Concern

AUGUST 19, 2022

We’re adding accounting firm mergers & acquisitions to the weekly news as they’re happening with such frequency and regular Footnotes readers will notice the news is now sorted by topic. The targeted unit, KPMG Samjong Accounting Corp., accounting firms, has merged with Healdsburg’s Mengali Accountancy Inc.,

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audit auditor accounting firms accounting and finance 89

Going Concern

JANUARY 13, 2023

A group representing minority shareholders on Friday filed a complaint with Brazil’s securities regulator against Americanas SA after the retailer uncovered “accounting inconsistencies” totaling 20 billion reais ($3.89 Trump’s Company Gets Maximum Punishment for Evading Taxes [ New York Times ].

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audit Account accountant accounted 104