CPA Practice

APRIL 5, 2024

(TNS) A Kennewick tax preparer cost the United States $42 million in lost tax revenue between 2017 and 2020 after filing tax returns that were riddled with errors, fabrications and fraudulent entries, alleges the Department of Justice. The Department of Justice filed a civil complaint in Eastern Washington District U.S.

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Withum

OCTOBER 3, 2023

They are governed by separate statutes. The IRS is on “high alert” with regard to specious ERC claims and it is aggressively auditing both new claims and claims that were already paid. Also, keep in mind that the IRS can assert penalties on claims it has paid and on claims that it audits or denies before they are paid.

income tax 122

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MyIRSRelief

OCTOBER 3, 2022

Taxes can be broken down into three categories: what you purchase, what you own, and what you earn. They contribute to resources such as our government, educational systems, law enforcement, libraries, and others. However, individuals who fail to pay taxes can suffer penalties and potential criminal charges.

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MyIRSRelief

FEBRUARY 1, 2023

Tax anxiety, TAXIETY, comes in different forms of tax problems such as: What is an IRS audit taxiety? An IRS audit is a review or examination of an individual’s or organization’s tax return to ensure that the information is accurate and that the tax return is being filed in compliance with the tax laws.

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MyIRSRelief

OCTOBER 30, 2023

Income Tax Return for Estates and Trusts, is a complex tax form that is used to report the income and expenses of estates and trusts. Trust tax preparation can be a challenging task, even for experienced tax preparers. Third, a tax preparer can help you to avoid costly tax penalties and errors.

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Withum

AUGUST 2, 2023

The panel discussed various ERC eligibility criteria and key areas of compliance, including the exclusion of certain employees from the definition of qualified wages, the requirement to reduce wage expense on amended income tax returns for the ERC, and the interaction between the ERC and other grant programs/tax credits.

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Withum

DECEMBER 22, 2023

Taxpayers also must disclose to the IRS identifying information and other details about any advisors or tax preparers who advised or assisted them with their ERC claims. In addition to the VDP, the IRS announced that it started sending up to 20,000 letters with proposed tax adjustments to recapture erroneously claimed ERCs.

income tax 123

income tax Tax audit tax preparation 123

Ronika Khanna CPA,CA

SEPTEMBER 22, 2023

Not reporting earnings from a business venture on your tax return Anyone who earns income, whether you are a freelancer or selling vintage clothing on Instagram or a course/template/digital download on your website is required to declare their net business income on Schedule 2125 of their tax return.

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inDinero Tax Tips

MARCH 2, 2023

That means you must disclose any cryptocurrency trading activity conducted over the past year on your tax return. The anonymous and decentralized nature of blockchains have led many to believe their crypto trades are hidden from the government. As many IRS audits and prosecutions have shown, this is not the case.

Tax 98

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Withum

SEPTEMBER 14, 2022

Before this new funding, taxpayers of all stripes and income brackets enjoyed a period of very low audit rates due to the IRS’s shrinking workforce, which further exacerbated the audit statistics. As a result, the chances of getting audited became about the same as the odds of winning the Power Ball lottery.

Tax 105

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Ronika Khanna CPA,CA

MAY 26, 2023

While submitting your tax return is accompanied by a significant sense of relief, one cannot completely relax until you receive the notice of assessment from Revenue Canada (and Revenue Quebec for those of you lucky enough to file two tax returns). It also provides information pertaining to future years.

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CPA Practice

FEBRUARY 22, 2024

In legal papers filed Wednesday, Mayes points out that the IRS had previously concluded that rebates and payments made by 17 other states to its residents—up to $750 for eligible families—were not subject to federal income tax. Instead, the IRS declared that the tax rebate payments were taxable in full by the federal government.”

Arizona 52

Arizona Tax income tax Legal 52

inDinero Accounting

OCTOBER 16, 2023

Borrow Information: SBA Form 1919 This form gathers information about the applicant, loan details, debt, business leaders, and past or present government financing. Be prepared to provide your personal tax returns for the past two tax years. Your lender will closely review bank statements and tax returns.

tax return 95

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MyIRSRelief

APRIL 3, 2023

Tax Planning and Preparation: An accountant (EA or CPA) can help small business owners navigate the complex world of tax laws and regulations, ensuring compliance and minimizing tax liabilities. They can also help prepare tax returns, file necessary forms, and represent the business in the event of an audit.

Account 130

Account accountant accounted accounting and finance 130

Going Concern

APRIL 15, 2022

A string of disgruntled clients also told CNN that he had taken their money and never submitted their taxes or that he filed them incorrectly. The Financial Reporting Council (FRC) said it had opened an investigation in relation to Deloitte’s audit of Go-Ahead’s annual financial accounts between 2016 and 2021.

accounting firms 52

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. The anonymous and decentralized nature of blockchains have led many to believe their crypto trades are hidden from the government. As many IRS audits and prosecutions have shown, this is not the case.

Tax 52

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Ronika Khanna CPA,CA

FEBRUARY 23, 2023

It is a good practice to write the name of the client/customer or business purpose on all receipts in case of audit. Life insurance premiums are not tax deductible unless the beneficiary is the business. Corporations are separate entities and as such losses cannot be deducted against personal sources of income.

Tax 52

Tax tax return business tax income tax 52

Cherry Bekaert

NOVEMBER 28, 2023

Other states allow the pass-through entity owners to reduce their state taxable income by the amount of income previously reported and taxed by the pass-through entity. Preliminary tax reporting and issue identification can be initiated before the financial statement audit is completed.

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Going Concern

JULY 21, 2023

PCAOB inspection reports provide investors, audit committees, and potential clients with important information they can use to make informed decisions. By making that information easier to find and compare, these new tools will empower users to hold firms accountable for producing high-quality audits,” said PCAOB Chair Erica Y.

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LyfeAccounting

APRIL 27, 2021

But in today’s post, we’ll actually be explaining why having a huge tax refund or any refund at all is not necessarily a good thing and the reasons might surprise you. What is a Tax Refund? Well, it’s not just free money from the government (though it might feel that way). The Child Tax Credit or CTC.

Tax 52

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ThomsonReuters

NOVEMBER 15, 2023

Charitable contributions from IRAs How much of a donation is tax deductible? In addition to helping our communities, these donations can also lead to significant tax benefits. The IRS maintains a list of eligible organizations , so it’s crucial to ensure your chosen recipient is eligible to receive tax-deductible donations.

Tax 94

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ThomsonReuters

SEPTEMBER 7, 2023

Which tax software can accountants use for calculating the child tax credit? The child tax credit is a tax benefit provided by the U.S. federal government to help families with the cost of raising children. Newsletter Stay up to date with the latest changes in tax legislation with Checkpoint newsstand.

Tax 52

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ThomsonReuters

OCTOBER 12, 2023

Foreign tax credit carryover Helping clients claim the foreign tax credit For accountants working with U.S. expatriates , understanding the details of the foreign tax credit and Form 1116 is essential in preventing double taxation of income earned abroad and offsetting taxes paid to foreign governments against U.S.

Tax 40

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Ronika Khanna CPA,CA

NOVEMBER 17, 2023

Additionally, CRA has become much more sophisticated in identifying those who are earning more income that they are reporting via lifestyle audits, site visits and review of social media accounts. Once you are identified and audited, you can be subject to significant penalties and ongoing scrutiny which can be deeply stressful.

Tax 52

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CPA Practice

JULY 11, 2023

The new promotions touch the firm’s offices in both Pittsburgh and Columbus, and they reach across several areas of the firm’s service offerings, including the firm’s Tax, Audit and Consulting practices, as well as the Merger and Acquisitions/Transaction Advisory practice. Deatrick joined the firm in 2009.

Real Estate 52

Real Estate West Virginia Construction Manufacturing 52

inDinero Tax Tips

APRIL 11, 2023

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. Delaware is considered “the place” to establish your corporate entity as there’s no Delaware sales tax. Delaware offers perhaps the most favorable tax treatment to businesses. Historically, in the U.S.,

Delaware 52

Delaware Nevada Tax Sales 52

ThomsonReuters

SEPTEMBER 7, 2023

The child and dependent care tax credit provides financial relief for families who pay for child or dependent care expenses. To claim the child and dependent care tax credit, taxpayers must file their Form 1040 federal income tax return using Form 2441. If the child’s unearned income (i.e.,

Tax 52

Tax income tax tax preparation tax return 52

Ronika Khanna CPA,CA

APRIL 14, 2022

Being a small business owner comes with challenges, not the least of which is doing your taxes. While most Canadian taxpayers have relatively simple tax returns that can easily be completed using software, small business owners have the additional burden of reporting details relating to their businesses.

Tax 52

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CPA Practice

AUGUST 11, 2023

Haynes could face up to three years in prison and a $250,000 fine for each count of aiding and assisting in the preparation of false tax returns. Increased scrutiny will include audits and support from the Criminal Investigations division to identify fraudulent claims, and prosecute when warranted.

New Jersey 98

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inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. However, if you’re claiming ineligible business expenses , you risk facing an audit. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . Check out these blogs: Year-End, Capital Gains Tax and Iffy Choices.

Tax 52

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Snyder

FEBRUARY 7, 2023

Every year business owners have to bear the burden of the tax season, paying taxes for income, payroll, property, sales, and so on. In total, nearly 30% of a business’ income is needed to cover all tax payments. government received total tax receipts of 4,05 trillion USD within a year. Contents: 1.

Tax 98

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ThomsonReuters

JANUARY 18, 2024

Preparing tax returns. In fact, more boards and audit committees are, or will be, looking for accountants who understand AI ’ s potential and limitations. GAAP, which is required for for-profits, non-profits, and government entities, used to be considered reactionary or historical accounting.

Account 59

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ThomsonReuters

OCTOBER 12, 2023

It is filed with their annual federal income tax return if they meet certain criteria. government is necessary for compliance with tax and financial disclosure requirements, and it can involve several forms and reporting mechanisms. Report foreign income. tax return. Maintain accurate records.

Real Estate 40

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Withum

OCTOBER 11, 2023

Even though the Notice only provides a short window to adjust a 2022 tax return, it could be worth the time and effort if the cash tax savings are significant. If the capitalization of IRC §174 research and experimental expenditures is also pushed to 2026, the stage will be set for significant federal income tax reform.

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xendoo

APRIL 20, 2021

Just like a traditional brick-and-mortar business, your eCommerce business needs a good bookkeeping system for essential functions like tracking revenues and expenditures and filing tax returns. Once you choose a method, you have to stick with it unless you are willing to go through a lot of government red tape to change it.

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CPA Practice

JULY 24, 2023

The change reverses a decades-long practice by IRS revenue officers, the unarmed agency employees whose duties include visiting households and businesses to help taxpayers resolve their account balances by collecting unpaid taxes and unfiled tax returns.

Tax 98

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SkagitCountyTaxServices

NOVEMBER 17, 2021

But before I dive into this, let’s make sure that your business (and your family) is also capturing every available income tax-saving strategy available right now, and do a little tax planning : Find us here: 360-424-1040. Skagit County Business Owners: Beware the Sales Tax Nexus.

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