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S Corporations: Tax Preparation, TaxPlanning, and the Benefits of Professional Tax Help S Corporations , often referred to as S Corps, are a popular business structure in the United States, particularly among small to medium-sized businesses. However, navigating the tax landscape for S Corps can be complex.
Predictive AI can: Analyze historical data to make forecasts Identify patterns and trends in financial information Estimate future tax liabilities based on past performance Assumes potential audit risk using historical data Generative AI Generative AI creates human-like content based on prompts. Read full press release 3.
Predictive AI can: Analyze historical data to make forecasts Identify patterns and trends in financial information Estimate future tax liabilities based on past performance Assumes potential audit risk using historical data Generative AI Generative AI creates human-like content based on prompts. Read full press release 3.
Receiving notice of an IRS audit can be one of the most stressful and intimidating experiences a taxpayer faces, triggering immediate concerns about potential penalties, additional taxes, and the complex process ahead. The three primary types of IRS audits each present different challenges and require distinct defense strategies.
One of the many roles we play as tax planners is as the taxpayers audit support system. Just the word audit can cause the typical taxpayer to panic. We can help reduce taxpayer stress by orienting them to audit basics long before that notice comes in the mail. billion of potentially fraudulent ERC claims.
An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and is empowered by the U.S. Department of the Treasury to represent taxpayers before the Internal Revenue Service (IRS) for tax issues including audits, collections, and appeals.
Tax IRS Tax season TaxreturnsTax regulations MORE FROM ACCOUNTING TODAY Practice management BDO names Matt Becker next CEO Matthew Becker, BDO USAs national managing principal of tax, has been ratified by a principal-wide vote to succeed Wayne Berson as the firms next CEO, effective July 1, 2026.
However, amidst the hustle and bustle, tax issues can arise, creating stress and financial strain for taxpayers. Whether its unfiled taxreturns, back tax debt, 941 payroll tax issues, IRS levies, garnishments, or audits, these challenges can feel overwhelming.
TaxPlanIQ adds new features Pavel Bolotov/pashabo - stock.adobe.com Taxplanning solutions provider TaxPlanIQ rolled out several new features. A Multi-1040 Uploader and Opportunity Analyzer allows bulk upload of up to 100 client returns at once.
The current list of eligible localities is on the IRS Tax Relief in Disaster Situations page.) 3 deadline for both states applies to individual income taxreturns and payments normally due on April 15, 2025. Calendar-year corporation and fiduciary returns and payments normally due on April 15, 2025. 15, 2025.
Filing individual income taxreturns 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 taxreturn filing can transform the efficiency of accounting firms.
EDT 1 Min Read Facebook Twitter LinkedIn Email Tax management platform Instead launched artificial intelligence-driven tax reports, harnessing AI to analyze full taxreturns to glean tax strategies and missed opportunities.
TaxConnex ( [link] ): Your e-commerce clients can create problems with sales tax obligations in several ways. The latest potential pitfall in this series: filing of taxreturns. The Tax Times ( [link] ): The Tax Courts decision in Smith v. By Paige Hagy June 16 Like what you see?
Rosen is a member of the AICPA Tax Section and is a past member of the AICPA Trust, Estate and Gift Technical Resource Panel and Tax Reform Resource Task Force and has more than 43 years of experience in public accounting, speaks locally and nationally on taxplanning and related issues and has published more than 100 articles.
audit clients are ready to change firms within the next three years, according to a new report. audit clients are ready to change firms within the next three years, according to a new report. Inflos "Creating a New Audit Experience for U.S. EDT 2 Min Read Facebook Twitter LinkedIn Email More than two-thirds (70%) of U.S.
Four specific examples of areas where algorithms can help firms are described below, but no matter the area, adopting algorithms requires deliberate planning and execution: 1. Identify opportunities Assess pain points in tax, audit, scheduling, and advisory workflows.
EDT 6 Min Read Facebook Twitter LinkedIn Email By any other name; poor Service; a saga continues; and other highlights of recent tax cases. Rockford, Illinois: Tax preparer Gretchen Alvarez, 49, has pleaded guilty to preparing and filing false income taxreturns. Bui anticipated that the transactions would be audited.
You know, Im just doing a taxreturn or Im just doing this. Its really coming around to our internal employees and saying, "Its not just [a taxreturn], you are worth this." So when you sit down and youve walked through a proposal for a client, they continually think, well, I could never charge that much. Im not worth it.
Wolters Kluwer releases AI audit documentation solution Wolters Kluwer HQ Wolters Klower announced TeamMate+ AI Editor, a generative AI writing engine designed to enhance the quality of audit documentation with data protection and safeguards.
Taxaudits are, unfortunately, a possibility that every taxpayer should be prepared for. Even if you’ve crossed your t’s and dotted your i’s, the IRS does sometimes choose taxreturns at random for an audit. Many tax planners offer audit support as an add-on service.
West Long Branch, New Jersey: Resident Matthew Tucci has pleaded guilty to tax evasion. For 2015 and 2016, he filed taxreturns that stated he owed more than $2 million in taxes for both years but did not fully pay the taxes. On these returns, Edwards admitted that he owed more than $2.5 million in taxes.
The new promotions reach across several areas of the firm’s service offerings, including the firm’s tax, audit and consulting practices, as well as the growing wealth management practice. His areas of tax expertise include partnerships, including allocations, taxplanning and structuring.
Taxfyle rolls out TXF Intelligence for smaller practitioners Tax solutions provider Taxfyle announced the release of its new TXF Intelligence product, a generative AI tool built to automate and streamline taxreturn preparation for small tax and accounting firms in the U.S.
CPA Timothy Trifilo has been sentenced to 20 months in prison for making a false statement on a mortgage loan application and for not filing an income taxreturn. For a decade, he did not file federal income taxreturns nor pay taxes owed despite earning more than $7.7 Philadelphia: Tax preparer James J.
Whitman also has not filed an individual income taxreturn since 1997 and has made no tax payments since 2000. In 2012, the IRS assessed nearly $800,000 in taxes against Whitman for 2002 through 2009 and began trying to collect. Between 2002 and 2018, he generated millions of dollars in gross receipts sales.
Professional accounting firms employ specialists in various areas including taxplanning, financial analysis, compliance, and industry-specific regulations. These typically include advanced encryption, secure cloud storage, regular security audits, and strict access controls.
TAX CANDIDATES FTE Tax Senior | Candidate ID #23616387 Certifications: EA Education: BS Accounting, MS Taxation Experience (years): 10+ tax and accounting Work experience (detail): 6+ in public accounting 3 in healthcare industry Full cycle accounting and financial reporting Prepared tax filings for individuals, SMBs, partnerships, nonprofits 30% review (..)
Instead of toggling between returns and source documents, professional-grade agentic AI pulls relevant figures, applies firm-approved formatting, and drafts the first version. This leaves more time for taxplanning, client consultations, and identifying new advisory opportunities.
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Whether you’re looking for talent in tax, audit, accounting, or project-based roles, we’ve got candidates worth your time. Accountingfly’s Always-On Recruiting gives you immediate access to a curated pool of top remote candidates— with no upfront cost.
Practice management Partnerships Career planning MORE FROM ACCOUNTING TODAY Accounting Koziel: There's more upside than downside for accountants The profession faces plenty of issues — but many come with strong opportunities, says the AICPA chief.
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Im going to name a couple of em just because I, its fascinating the range of them from technology to audit to international audit to a host of other areas before combining it just last year from CBIZ in one of the biggest deals the profession has seen in a long while. Then in 19 89, 1 of our partners brought in a $50,000 audit client.
TAX & ACCOUNTING CANDIDATES FTE Tax and Accounting Senior | Candidate ID #24143645 Certifications: EA Education: BA Accounting Experience (years): 9+ years accounting and tax experience Work experience (detail): All in public accounting Currently a tax senior 200+ SMB and HNWI returns per season Review of 40%, prepares more complex returnsTax (..)
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The survey also found that nearly half (49%) of respondents said they plan to use technology to boost profits in 2025, and 47% believe that investing in AI should be a top priority for their firms. Analyze market trends, financial data, and tax implications to assist professionals in long-term business and taxplanning for their clients.
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The inspection rules were written 20 years ago, and when we talk about audit transformation, we need to make sure those inspections match up with what were doing," he added. Gary Boomer June 9 Audit Two-thirds of clients ready to change auditors Seventy percent of U.S. The SEC, too, would like to look at things differently." "The
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