CPA Practice

AUGUST 23, 2023

When it comes to a corporation’s relationship with its accounting firm, the firm itself is less important than the partner who leads its engagement team in lowering its tax rate, according to a new study from Iowa’s Tippie College of Business. Wilde’s team analyzed more than 94,000 tax returns of U.S.

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LyfeAccounting

JUNE 2, 2021

Want to Know How to File an Amended Tax Return? As an accounting firm, we’ve filed our fair share of amended tax returns. In today’s post, we’ll be going over when to amend your taxes and the 5 steps to actually amend your taxes. When to Amend Your Taxes? Let’s dive right in!

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ThomsonReuters

JULY 13, 2023

If you’re part of a small or medium-sized tax and accounting firm, you may think artificial intelligence (AI) solutions are solely designed for large organizations – but think again. To learn more, let’s take a look at three ways accounting firms can use AI as a competitive advantage.

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CPA Practice

JUNE 26, 2023

on July 1, after the sixth largest accounting firm in the nation by revenue officially changes from its current partnership structure to a professional services corporation based in Delaware. Even though partnerships aren’t taxed, they must file a tax return each year unless the partnership has no income or expenses.

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Going Concern

AUGUST 28, 2023

Accounting firms across the pond are ditching Zoom interviews, writes Sunday Times : Zoom calls became the norm for business meetings during the pandemic — but accountancy firms, among the biggest graduate recruiters, are going back to face-to-face interviews when hiring, saying it is easier to assess candidates’ characters.

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ThomsonReuters

JANUARY 28, 2022

Tax season is a critically busy time of the year for accountants, and we all know the stress that can come with such a high demand for services during that part of the year. But for some tax and accounting firms, the high volume of clients from January to April represents the majority of their business for the year.

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TaxConnex

DECEMBER 7, 2021

Rolling the dice with sales tax compliance can backfire in a big way. Keep reading to see some recent sales tax missteps that had big costs. Tax air-or. million penalty for failing to pay sales tax on air-inflation services, as well as for tax avoidance schemes by underreporting sales and paying workers off the books.

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xendoo

FEBRUARY 23, 2022

As tax season looms, you may be wondering whether you should have an accountant prepare your taxes. In addition to considering how much an accountant costs , you’ll also want to consider how long an accountant will take to do taxes compared to trying to do it yourself. State or local property tax.

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Menzies

OCTOBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. If you earn Esports income from activities such as streaming, sponsorship, or tournament winnings, did you know you may need to declare this to HMRC and you may have tax to pay? If you receive any prize money from outside the UK, tax may be withheld on these earnings.

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CPA Practice

MARCH 29, 2023

The interim rules provided by Treasury and the IRS also address determining CAMT adjustments for depreciation and the treatment of federal income tax credits, as well as providing a safe-harbor method for determining whether a corporation is an applicable corporation subject to CAMT.

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Menzies

FEBRUARY 13, 2024

Menzies LLP - A leading chartered accountancy firm. Income tax Tax Liabilities Given the increased interest rates, more taxpayers will be benefitting from increased interest on income. This means more taxpayers may find themselves with undisclosed tax liabilities and/or needing to file a tax return.

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Xero

AUGUST 15, 2022

For accountancy firms, growth is extremely welcome but not without its challenges. Davenports Accountancy , founded over 20 years ago by Scott Davenport with partner Jason Davenport, who heads up the separate marketing division, has enjoyed a period of rapid growth. . Challenging times. The right solution. Everything connected.

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ThomsonReuters

OCTOBER 12, 2023

How to report foreign income What is Form 1099-DIV? Tax implications for owning property abroad What is FATCA? Helping clients with foreign income tax forms For U.S. citizens living abroad or earning income from foreign sources, questions often arise on how the U.S. tax liability on that income.

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CPA Practice

MARCH 27, 2023

For many accountants, busy season can certainly feel more like “survival season” – last year, nearly 200 million individual and business tax returns were filed , with accountants shouldering a large portion of the work. How can accountants maximize the benefits of these brief client conversations?

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CPA Practice

AUGUST 16, 2023

Most of our clients are dabbling in it through platforms like Robinhood Crypto,” said Elizabeth “Li” Connolly, a firm partner. “One Crypto mining operations—the process of creating new digital coins—have unique tax issues because the rules aren’t clear if miners are taxed as cryptocurrency investors or business owners.

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CPA Practice

JUNE 8, 2023

The accounting profession has been facing a staffing crunch brought on by fewer college graduates entering the profession and experienced tax practitioners transitioning to different careers in accounting. When it comes to tax season, we can all use an extra hand.

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ThomsonReuters

DECEMBER 29, 2022

Companies are facing an ever-increasing burden of corporate tax compliance and the pace of complexities shows no sign of slowing. Helping companies ensure compliance by outsourcing for business processes represents a growth opportunity for today’s tax and accounting firms. . “ Find the right corporate tax solution.

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Menzies

JULY 26, 2022

Menzies LLP - A leading chartered accountancy firm. Thinking of going freelance when you graduate, or started your own side business already, but don’t know what to do about tax? You may also need to pay additional ‘payments on account’ due by 31 st January and 31 st July annually. Making Tax Digital (MTD).

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CTP

NOVEMBER 16, 2022

What are my ethical responsibilities when I use software to produce a tax plan? In the world of taxes, there are many ethical issues that can come into play. And according to the same research firm, the use of AI in the accounting and tax industry will likely grow more than 50 percent by the year 2030.

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Menzies

MAY 11, 2023

Menzies LLP - A leading chartered accountancy firm. One of the main aspects you need to think about when becoming a landlord is the tax position and ensuring that you meet the tax reporting requirements. The income will be taxed at your marginal rate.

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CPA Practice

AUGUST 15, 2023

Jared Ballew, 2022-23 Chair of the ETAAC and Vice President of Government and Industry Relations at Taxwell; and Ann Campbell, CPA CIA and Drake Software Trainer will share an overview of the cyber threats that taxpayers and tax professionals face daily. Program level: Basic (no prerequisites required).

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CPA Practice

MARCH 24, 2023

For many accountants, busy season can certainly feel more like “survival season” – last year, nearly 200 million individual and business tax returns were filed , with accountants shouldering a large portion of the work. How can accountants maximize the benefits of these brief client conversations?

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Going Concern

APRIL 15, 2022

note: Happy almost Easter to those who celebrate, happy 11th birthday today to my cat Cash Money (no, I did not purposely track down a cat born on tax day when I adopted him from Humane Rescue Alliance in DC 11 years ago), and a very happy April 18th to those of you who have been working yourselves ragged leading up to this day.

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Menzies

JUNE 5, 2022

Menzies LLP - A leading chartered accountancy firm. And are there tax consequences you should be aware of? In this article we will look to provide an explanation of the tax implications that may arise for those involved with Cryptoassets. Understanding one’s tax and filing obligations is paramount. Income Tax.

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Menzies

APRIL 4, 2024

Menzies LLP - A leading chartered accountancy firm. Your holding will be classed as a capital asset and any gains or losses realised on disposal will be subject to Capital Gains Tax. It is important to understand the value of your holding to anticipate any future tax liabilities or take advantage of losses.

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Menzies

JULY 26, 2023

Menzies LLP - A leading chartered accountancy firm. April 2024 will see tax changes affecting cryptoasset reporting to HMRC come into effect. The changes will specifically focus on creating a dedicated section within HRMC’s self-assessment tax return form for cryptoasset capital gains tax (CGT).

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Withum

SEPTEMBER 15, 2023

Many companies are experiencing unfavorable cash tax payments when filing their 2022 federal income tax returns this fall, as federal law no longer allows an immediate deduction for Section 174 Research and Experimental (“R&E”) expenses incurred for taxable years beginning after 2021. appeared first on Withum.

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Menzies

JANUARY 21, 2023

Menzies LLP - A leading chartered accountancy firm. The Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS) provide significant tax incentives for external investment into developing technology companies. The maximum subscription for EIS in any tax year which can qualify for relief is £1million.

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Menzies

JUNE 29, 2023

Menzies LLP - A leading chartered accountancy firm. Investing in cryptoassets is becoming more commonplace, but only 42% of crypto owners were aware there might be tax to pay when using crypto in a survey commissioned by HMRC in 2022. It’s not always clear what type of income you receive if you make a profit.

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Menzies

MAY 11, 2023

Menzies LLP - A leading chartered accountancy firm. One of the main aspects you need to think about when becoming Self Employed is the tax position and ensuring that you meet the tax reporting requirements. Income tax is payable on the profit.

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Reckon

APRIL 6, 2024

An accountant goes further and creates insights and deeper recommendations and analysis based on this data. They also provide tax advice, undertake compliance work, produce financial statements and income tax returns. If you feel you need richer advice, you may wish to consult an accountant.

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ThomsonReuters

FEBRUARY 24, 2023

Schedule K-1s, which are tax forms used to report a partner’s or shareholder’s income, losses, capital gain, dividends, etc., K-1s, however, are quite different and can come with some complexities for tax and accounting firms. from the partnership for the tax year. from the partnership for the tax year.

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CPA Practice

APRIL 17, 2023

While the economy and supply chains may still have some hiccups related to the end of the pandemic, one thing is clear: The demand for the services of accounting, finance and tax professionals is growing strong. But even basic tax planning can make a big difference in reducing future tax liability.

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Menzies

APRIL 4, 2023

Menzies LLP - A leading chartered accountancy firm. To allow HMRC to check that the correct amounts of tax have been paid by taxpayers, they have been afforded formal legal powers to request information and documents from taxpayers. a notice issued to a taxpayer about their own tax affairs), or a Third-party notice (i.e.

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Withum

APRIL 27, 2022

The accounting system is the basis for reports that must be provided to grant agencies, prospective donors, lenders, its independent auditors, tax preparers, the Board of directors and management. . Management and board members should consider reviewing IRS Form 990 tax filings for similar and competitive organizations.

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Going Concern

JULY 21, 2023

News Battle accountancy firm urges others to offer opportunities to Ukrainian professionals after successful placement [ SussexWorld via Yahoo! KPMG has said it would co-develop cloud and AI-based products for its employees and its clients—a five-year investment that the firm projects could return as much as $12 billion in revenue.

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Menzies

NOVEMBER 18, 2022

Menzies LLP - A leading chartered accountancy firm. The update in question provides advice regarding the tax treatment of cryptoassets, allowing traders to efficiently organise their digital assets. People often mistake what counts as ‘trading’ in their tax returns. What Are HMRC’s 9 Badges Of Trade?

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