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Filing individual income tax returns can be a complex process, but with the right workflow, professional tax preparers and accounting firms can streamline the experience for both clients and staff. Harnessing technology for individual income tax return filing can transform the efficiency of accounting firms.
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By implementing a cloud-based, state-of-the-art tax-management solution like ONESOURCE , companies of all sizes can plan ahead with confidence knowing that their tax systems are prepared for whatever complexities and uncertainties the world throws at them.
Flexible Income Lookback : Taxpayers can choose to use either current or prior-year income to calculate the child tax credit in 2024 and 2025, providing flexibility in determining eligibility. Inflation Adjustment : Starting in 2024, the child tax credit will be adjusted for inflation to keep up with the rising cost of living.
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K-1s are sometimes confused with Form 1099s, which are tax information documents for individuals who are not employees, like sole proprietors and freelancers. K-1s, however, are quite different and can come with some complexities for tax and accounting firms. from the partnership for the tax year. What is Schedule K-1?
Read our whitepaper about corporate tax management to learn how next-generation tax technologies help tax professionals deliver valuable analysis, insights, and guidance to their companies.
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Preparing for a sales tax audit defense means: gathering all the necessary documentation (invoices, exemption certificates, tax memos, workpapers, etc.) reconciling the company’s accounts, balances, etc. Download our free whitepaper on managing sales and use tax audits.
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citizens and domestic companies and planning to narrow the scope of the act to foreign reporting companies, the department aims to support American taxpayers and small businesses. Explore key resources below Checkpoint Newsstand Thomson Reuters tax and accounting news. By suspending penalties for U.S.
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