ThomsonReuters

DECEMBER 20, 2020

Both sales tax and VAT are types of indirect tax – a tax collected by the seller who charges the buyer at the time of purchase and then pays or remits the tax to the government on behalf of the buyer. Sales tax and VAT are a common cause of confusion within the corporate tax community.

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xendoo

NOVEMBER 2, 2021

As their business grows, many business owners opt for S-Corporation Election due to the tax advantages it presents, but they must be mindful of how much they pay themselves, in order to remain compliant in the eyes of the IRS. Like most things involving taxes, it gets complicated. How Do I Pay My Taxes as an S-Corporation?

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Xero

JUNE 18, 2023

Here are our latest updates and what they mean for accountants and bookkeepers in the UK. What’s new for UK practices in Xero Tax In addition to delivering a single client record across Xero HQ and XPM, we’ve made a number of updates to Xero Tax in the UK, to help you further streamline accounts and tax work.

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CPA Practice

MAY 9, 2024

More than three-fourths (77%) of tax professionals believe AI technology can be applied to their work, and more than half (56%) of in-house corporate tax teams think their external tax advisers’ firms should be using AI, shows a new report by Thomson Reuters.

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SingleTrackAccounting

OCTOBER 6, 2020

Like all great things, this one is going to take a little effort and a proficient accountant. Changing the tax filing status of your company is complex and requires a professional. However; once the leg work is done, the tax savings and simplicity is worth every penny. This is our specialty at Singletrack Accounting.

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Accounting Insight

MAY 9, 2024

IRIS has over 24,000 accountancy customers, 6,000 of which are now using Elements to run their practice. Mark Chambers, Managing Director for Accountancy at IRIS commented: “We understand that market innovation and thoughtful product updates have a lasting effect on our customer’s business.

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Accounting Insight

MAY 19, 2023

Accounting software specialist, Bright, has launched its new cloud tax and compliance product at Accountex 2023. The launch of BrightTax offers a new answer to the desire from the accounting industry to adopt cloud-based software which combines secure and essential tools with an enjoyable user experience.

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Accounting Insight

AUGUST 1, 2022

The exhibition is set to welcome over 1500 attendees, including accountants, finance directors and bookkeepers from all over the north of the country. . A 2021 visitor, Heather Palmer, Director at Ascot Bookkeeping Accounting Ltd said “This was my first time visiting Accountex Summit Manchester and I certainly wasn’t disappointed.

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xendoo

JANUARY 12, 2022

February 15, 2022: Financial institutions must send Form 1099-B (sales of stocks/bonds/mutual funds through a brokerage account), Form 1099-S (real estate transactions), and Form 1099-MISC unless the sender is reporting payments in boxes 8 or 10. February 28, 2022: Businesses must mail Forms 1099 and 1096 to the IRS.

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Simple Accounts

MARCH 30, 2022

Accounting is one of the most well-liked professions. The number of students choosing commerce as a major in college and accounting-related employment is on the rise. Companies, both big and small, are looking for the finest accountants. . Companies, both big and small, are looking for the finest accountants. .

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Cheap Accounting

NOVEMBER 12, 2022

If you are operating a limited company then you probably know that your accounts have to be filed at Companies House nine months after the end of your accounting year end – unless it’s the first year when the filing deadline is 21 months after the date of incorporation. So in effect you can make the accounts up as usual.

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xendoo

DECEMBER 6, 2021

As they juggle increasing sales, customer service, marketing, and even bookkeeping and accounting , two questions come to mind – how do I pay myself? How do I pay my business’s taxes? . C-Corporations file their taxes using Form 1120, which reports the business’s income, losses, credits, and deductions.

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MyIRSRelief

OCTOBER 11, 2024

Identifying Tax-Saving Opportunities: Enrolled Agents can help identify tax-saving opportunities. This might include contributing to retirement accounts, making charitable contributions, and taking advantage of tax credits. Implementing the Plan: The Enrolled Agent will help implement the tax plan.

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xendoo

AUGUST 2, 2023

Your business structure impacts your tax savings, accounting practices, and how you pay yourself. Examples of business structures include: Sole proprietorship Partnership Limited liability company (LLC) S corporation (S corp) C corporation (C corp) Businesses often weigh the pros and cons of forming an LLC vs. S corp.

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ThomsonReuters

APRIL 8, 2024

The accounting profession is no exception. Given these findings, it is no surprise that staying on top of tax regulations and legislation, as well as risk identification and mitigation , ranked as among the top priorities for both tax firms and corporate tax departments.

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LyfeAccounting

JANUARY 30, 2021

On the other hand, if you’ve paid very little attention to some of the tax changes or programs then you’ve got a lot to catch up on. Regardless of where you are our team at, LYFE Accounting specializes in business tax returns and we’re ready to help you this year. The main thing you need to have is your bookkeeping done.

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ThomsonReuters

JUNE 2, 2024

Jump to: Concerns around GenAI Why you still need GenAI What to look for in an AI assistant 2024 GenAI in Professional Services Discover perceptions, usage, and impact on the future of work View full report The potential benefits of AI for the tax and accounting profession are real. They are worthy concerns.

Tax 52

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ThomsonReuters

MAY 12, 2022

How do you prepare for a sales tax audit? Sales tax auditors examine federal income tax returns to reconcile the gross sales between the federal return, the sales tax return, and the sales recorded in accounting records. How can you help your tax department?

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xendoo

AUGUST 2, 2023

Your business structure impacts your tax savings, accounting practices, and how you pay yourself. Examples of business structures include: Sole proprietorship Partnership Limited liability company (LLC) S corporation (S corp) C corporation (C corp) Businesses often weigh the pros and cons of forming an LLC vs. S corp.

Tax 52

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CPA Practice

FEBRUARY 27, 2024

Businesses of all sizes have compliance issues that require close attention, from client and staff management, to bookkeeping, inventory, budgeting and taxation. To help manage these processes, they often turn to a certified public accountant, a technology they can use in-house, or both. Since the Supreme Court’s S.

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LyfeAccounting

NOVEMBER 9, 2020

In this post, I’m going to explain all of the tax benefits related to LLCs. It is not meant to take the place of legal and accounting advice specific to your business. The tax loopholes associated with LLCs. If your tax rate is 25%, then you would only pay $25,000.00 in taxes as a LLC.

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xendoo

JANUARY 16, 2023

From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate. For example, LLCs that opt for the IRS to tax them as corporations are subject to corporate tax rates.

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Cheap Accounting

JANUARY 4, 2022

As well as doing all of the filing of accounts and Corporation Tax Returns for your Limited Company, if you have untaxed income such as Dividends upon which Dividend Tax is due, you will need to complete a Self Assessment Tax Return. These are reported in the Company Accounts. Declaring Dividends.

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xendoo

DECEMBER 11, 2022

To complete Form 1120 accurately, you can hire a bookkeeper to record your income, expenses, and other financial records for the tax year. Once you file taxes, you’ll have all the information you need on hand to fill out the relevant forms. We’ll file all the tax forms for you, with guaranteed accuracy.

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LyfeAccounting

NOVEMBER 4, 2020

C-corporations are required to pay corporate tax on the profits of the business. Currently, the corporate tax rate is 21%. Shareholders only pay tax if they receive dividends from the corporation which would be calculated on their individual tax return. Not to be confused with 1120S.

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Ronika Khanna CPA,CA

MAY 5, 2024

Accounting software has come a long way in the past few years. Although a good bookkeeper can be invaluable, It has become fairly easy for business owners and their support staff to take on the responsibility of entering day to day transactions while they employ accountants for the more complex aspects of their accounting and tax.

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ThomsonReuters

APRIL 17, 2024

This comprehensive study explores the attitudes, perceptions, and usage of GenAI among professionals in the legal, tax & accounting, risk & fraud, and government sectors. I would not want to be too dependent on it,” said one corporate tax director.

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Accounting Insight

AUGUST 9, 2023

For companies – the new corporation tax rates and the need to identify associated companies via family and other relationships. They’ll discuss topics including whether daily bookkeeping is really possible and whether bookkeepers are really adopting new technology.

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PYMNTS

SEPTEMBER 20, 2017

ctrl is a cloud-based platform providing accounting, payroll and analytics solutions for Canadian SMBs. Compliance and accounting are commonly viewed as obligations that businesses prefer to complete in the most efficient and smooth way possible,” said Deloitte private audit partner Mark Wayland in another statement. “By

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5 Minute Bookkeeping

JANUARY 30, 2025

Without a clear process bookkeepers risk undercharging, overworking and taking on clients who arent a good fit. Think of it as the bookkeeping equivalent of a doctors diagnosis. As always, Id like to invite you to join my 5 Minute Bookkeeping Community on Facebook to connect with fellow bookkeepers.

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