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Payroll Taxes Demystified: A Breakdown for Accountants and CPAs Serving Business Owners

CPA Practice

As accountants and CPAs, dealing with payroll taxes is essential to managing finances for your business clients. As an accountant or CPA, you play a vital role in: Calculating and withholding taxes correctly. Your client will be assigned an employer tax account number for the state. By Nellie Akalp.

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IRS Cautions Tax Pros About New EFIN Email Scam

CPA Practice

Please provide a copy of your EFIN Account Summary from IRS e-Services, with a status of ‘Completed’, to Software B for verification. Sign in to your IRS e-Services account 2. Alaska │7 a.m. Alaska │8 a.m. Alaska │9 a.m. Alaska │10 a.m. Alaska │10 a.m. To send us your EFIN Summary document: 1.

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Accountants Aren’t the Most Concerned About AI’s Impact—Except in One State

CPA Practice

Coming on the heels of a Moss Adams study that revealed 69% of accountants believe artificial intelligence has a positive impact on the accounting profession, a new report from AI customer support company DevRev found that accountants don’t fear AI advancements the most among professionals in the U.S.

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How the 50 States Rank By Lifetime Taxes

CPA Practice

Taxpayers in Washington will pay the most on everyday expenses ($83,014), followed by those in California ($78,191), accounting for food, clothing, personal care, and entertainment. Alaska $1,632,895 $400,742 24.5% Alaska $1,632,895 $400,742 24.5% Connecticut $1,731,261 $855,307 49.4% Vermont $1,442,094 $651,434 45.2%

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Can an eCommerce platform alone manage sales tax?

TaxConnex

Examples of states with home rule are Alabama, Louisiana, Illinois, Colorado and Alaska. Even though the marketplace is collecting and remitting the tax on their platform, these sales need to be accounted for to determine whether you’ve reached economic nexus thresholds. Yet again, this can vary.

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States ease nexus thresholds

TaxConnex

Thresholds were established, filing forms and deadlines fixed and one by one states waited for the money to roll in (with Florida and Missouri among the latest of the 45, with Alaska perhaps soon to join them). In 2021, the Government Accountability Office estimated nationwide remote sales tax collections to be about $30 billion.

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What is an IRS CP14 notice? Options for balance due for unpaid taxes

MyIRSRelief

When to Seek Help from a Certified Public Accountant A certified public accountant (CPA) is a licensed professional who has met certain education, experience, and examination requirements. CPAs are qualified to provide a wide range of accounting, tax, and consulting services.