TaxConnex

APRIL 20, 2021

This time of year, everybody’s mind is on income tax preparation. And for many accountants and CPA firms, this time of year means extra-long hours and more time spent managing clients’ finances. The fact is, when it comes to many companies’ federal and state income tax returns, they don’t rely on an automated income tax return.

Sales 139

Sales Tax tax return income tax 139

Xero

JANUARY 24, 2024

It can be tricky to keep tabs on the taxes and deductions you owe throughout the year as a small business. If your business is registered for GST, you’ll have a number of deadlines to meet during the new year to file and pay GST. New Zealand’s Inland Revenue sets a GST due date for each month.

bookkeeping 90

bookkeeping Sales accounting software Legal 90

Xero

JANUARY 29, 2024

We’ve had two versions of our invoicing feature for a while now — classic invoicing and new invoicing. The new version is built on the latest technology and features time-saving tools that make it easier to customise your invoices and simplify the way you get paid. Just click the ‘switch to new version’ button in classic invoicing.

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Tax audit Sales Technology 111

ThomsonReuters

JULY 10, 2023

Jump to: What is sales tax? Sales tax varies by state What is nexus? What is excise tax? What is VAT tax? Sales tax vs. use tax Summary Sales tax, which is a consumption tax levied on the sale of goods and services, is an important source of revenue for governments at the state and local levels.

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Sales Tax Michigan Washington 98

ThomsonReuters

JULY 10, 2023

Jump to: What is sales tax? What is use tax? Sales tax vs. use tax Summary Calculating, collecting, and reporting sales tax and use tax can get complicated as a business grows, and it can be easy to confuse these two types of indirect taxes. What is sales tax?

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Sales Tax Arizona Georgia 97

ThomsonReuters

AUGUST 25, 2023

Jump to: How does depreciation affect corporation taxes? What is the depreciation guidance for corporate alternative minimum tax? With tax obligations on the rise, your role as a trusted advisor is bound to grow in importance. Furthermore, 73% said they expected their total tax liability to increase over the next 12 months.

corporation tax 98

corporation tax Tax income tax financial statements 98

ThomsonReuters

JULY 10, 2023

Jump to: What is use tax? Sales tax vs. use tax Summary Sales tax and use tax are important sources of revenue for the government but properly calculating, collecting, and reporting these taxes can quickly get complicated. What is use tax? How does use tax work? What is nexus?

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Tax Massachusetts Washington South Dakota 98

Snyder

OCTOBER 31, 2022

You may want to start a new career or may consider starting an e-commerce store as a possibility of additional income. How to add a blog to your Shopify store? How to add tax on Shopify? Do you need to run a Shopify marketing campaign? When you start with an e-commerce store, you do it for a purpose.

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E-commerce Start-ups Tax Sales 97

ThomsonReuters

AUGUST 9, 2022

Effective July 1, 2022, as required by the Infrastructure Investment and Jobs Act (IIJA) passed last November, the Internal Revenue Service (IRS) has reinstated the Superfund Chemical Excise Tax on a wide range of chemicals and substances. What is the purpose of the Superfund Chemical Excise Taxes? Are exporters being taxed?

Tax 97

Tax Manufacturing tax return Sales 97

ThomsonReuters

MARCH 20, 2024

Tax professionals involved in omnichannel retail industries face an unprecedented number of challenges these days. Calculating sales tax across different retail channels is complex due to various regulations, frequent changes in product data, and outdated systems, especially with increasing sales volume and shrinking budgets.

Retail 52

Retail Tax Technology auditor 52

DuctTapeMarketing

JULY 14, 2018

Being a small business owner means long hours and longer to-do lists. Prepare the books for tax season. Setting up your chart of accounts to be tax-ready from the start will help you with tax saving opportunities and help you prepare for your tax liabilities, with no surprises. And focus on what they do best.

bookkeeping 238

bookkeeping accounting and finance accounting software bookkeeping services 238

Mark Lee

FEBRUARY 6, 2024

In this blog post you’ll learn what it takes. An you’ll also find out what you omitted to do that let others ‘get away’ I’ll share with you the five key reasons prospects hesitate, and more importantly, how you can overcome them. And why there is no ‘going rate’ for what you do.

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Non-Profits Account accountant accounted 98

ThomsonReuters

APRIL 18, 2024

With 75% of employers in the Americas forecasting that the average employee will be a hybrid worker within two years, employers should carefully consider the tax implications of such arrangements where the employee may be working in one state in-office and remotely in another state at home. This may pose significant issues.

payroll tax 52

payroll tax Tax payroll Connecticut 52

CTP

JULY 27, 2023

Profiting off your investments while also reducing your tax bill is a delicate balancing act. The more you learn about tax reduction strategies, the clearer it becomes that timing is essential to keeping taxes low. In this blog, we’ll cover two strategies that can turn a downfall into a win: loss harvesting and loss carryovers.

Tax 52

Tax tax planning Sales Start-ups 52

ThomsonReuters

MAY 12, 2022

What triggers a sales tax audit and how do you reduce the risk of an audit? Almost all companies undergo a sales tax audit at some point. This sales tax audit guide can help indirect tax teams avoid common audit triggers and manage the sales tax audit as smoothly as possible.

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audit Sales Tax auditor 105

Mark Lee

DECEMBER 12, 2023

Historically most clients stay with their accountant for many years. Of course there are also those clients who only ever wanted to go to the cheapest accountant around and move on whenever they think they can do better. I had thought this might not happen until MTD for income tax becomes a reality.

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tax return Tax bookkeeping bookkeeping services 94

CTP

JULY 27, 2023

Profiting from investments and reducing tax liability may seem like competing goals, but both can be accomplished with a little proactive tax planning. In the world of tax strategy, timing is key to keeping taxes low. The IRS has rules in place to prevent taxpayers from falsifying a loss just to get the tax break.

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Tax Sales tax planning B2B 52

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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Tax tax preparation bookkeeping bookkeeping services 102

Xero

AUGUST 24, 2022

There’s really no place like New Orleans, Louisiana (known affectionately as NOLA). It was the perfect location to reconnect with our valued accounting and bookkeeping partners, and share some exciting plans for new tools and features designed to make inventory management, bank reconciliation and tax management simpler and more seamless.

bookkeeping 75

bookkeeping Louisiana Technology Tax 75

ThomsonReuters

FEBRUARY 6, 2024

Jump to: What is indirect tax? Types of indirect tax The value of indirect tax to tax professionals Differences between direct and indirect tax Tax planning and management is one of the primary areas accountants help their clients. Taxes are either direct tax or indirect tax.

Tax 52

Tax income tax Manufacturing corporation tax 52

ThomsonReuters

JULY 6, 2023

From financial planner to investment banker to business analyst, there are many roles to consider if you find yourself looking for something new. But where do you start? accountants and auditors have left their jobs in the past two years, a 17% decline. Why are so many accountants quitting?

Account 98

Account accountant accounted accounting and finance 98

xendoo

DECEMBER 6, 2021

The end of the year is a bustling time for small business owners. Between skyrocketing holiday sales, extended hours, and juggling multiple duties, it can be difficult to find a moment to stop and think about preparing for 2022. . Where do you start? What steps can be taken to effectively prepare your business for the new year?

bookkeeping 98

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Mark Lee

OCTOBER 31, 2023

But it may be worth considering if you anticipate seeking out and wining new clients into the future. Clients who have been with you for some time and who trust you don’t care how you do what you do for them. This means they trust you to do whatever it is you do that gets their accounts and tax returns produced and filed.

tax return 92

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Nancy McClelland, LLC

APRIL 9, 2023

Reminder: Due to a new law , Illinois S-Corp and Partnership owners should generally pay quarterly IL state ( not federal) taxes through the business. The post below is about how to pay IL taxes personally ; click here for how to make IL business tax payments. and ask you what kind of tax payment you wish to make.

Illinois 52

Illinois Tax tax preparation bookkeeping 52

ThomsonReuters

MAY 5, 2022

Each year, tax time is an opportunity to expand your accounting firm’s client base. How did your firm fare this year? That is a question firms should consider as they reflect on the tax season. When bringing in new clients, it is important to find clients who are the right fit for your firm.

accounting firms 96

accounting firms Tax Real Estate Account 96

Inform Accounting

JANUARY 4, 2023

The lease or sale of a commercial property is usually exempt from VAT i.e. the tenant or person buying the property doesn’t have to pay VAT on it. However, many businesses such as charities or healthcare services simply cannot afford to recover the VAT incurred, so it is not appropriate (or realistic) to opt to tax.

tax return 52

tax return Tax Healthcare Sales 52

ThomsonReuters

JULY 6, 2023

Business advisory services capitalize on the unique insight of accounting firms to make a profitable shift from serving clients as a once-a-year tax compliance processor to a year-round strategic business advisor. Today, technology can automate the entire tax compliance workflow. How do you become a business advisor?

accounting firms 98

accounting firms Account accountant accounted 98

Xero

JUNE 16, 2022

As we look towards the new financial year, it’s the perfect time to reflect on what’s needed to make FY23 the best year yet for your business. This is where the new Xero App Store comes into play. Here’s how apps can help make FY23 be your best year yet. . Are you planning to hire in the new financial year?

Technology 118

Technology accounts payable Manufacturing Tax 118

ThomsonReuters

OCTOBER 25, 2022

Unbeknown to many companies outside of the United States, the US has reinstated a long-dormant environmental tax known as the Superfund Excise Tax , which impacts certain companies in the EU and UK — especially those involved in the chemical, gas, and petroleum industries. A US tax only. Producing in the US.

Tax 59

Tax Manufacturing Sales Start-ups 59

Inform Accounting

JULY 25, 2023

The main residence exemption applies for capital gains tax purposes to the extent that a property is used as the taxpayer’s only or main residence. The gain relating to the business part is liable to capital gains tax. However, the capital gains tax annual exempt amount is being reduced and this may cause problems.

Maine 52

Maine Tax Sales Account 52

Nancy McClelland, LLC

DECEMBER 26, 2023

As is the case every year, we’re hearing from lots of folks confused about when to send a 1099 form or other “information returns” to someone. WHAT’S NEW (or isn’t) FOR 2023: – Beginning in 2022, the 1099-NEC was made so that it’s no longer year-specific; there are no changes to the form for 2023.

bookkeeping 52

bookkeeping tax return Non-Profits Tax 52

Nancy McClelland, LLC

DECEMBER 26, 2023

As is the case every year, we’re hearing from lots of folks confused about when to send a 1099 form or other “information returns” to someone. WHAT’S NEW (or isn’t) FOR 2023: – Beginning in 2022, the 1099-NEC was made so that it’s no longer year-specific; there are no changes to the form for 2023.

bookkeeping 52

bookkeeping tax return Non-Profits Tax 52

Withum

FEBRUARY 29, 2024

2023 was a good year for the stock market with all major indexes up. There are many people who try to beat the market, and what they buy drops, or they sell stock short or sell or buy put-and-call options or do other things that add risk while chasing higher returns, hoping to outsmart the other investors.

Start-ups 59

Start-ups Sales Education Tax 59

xendoo

MARCH 17, 2022

In this blog post, we will discuss how online bookkeeping works and how it is crucial to business growth! Historically, small business owners would partner with a local accounting firm, hire an in-house bookkeeper, or do the bookkeeping themselves with a calculator, pencil, and paper. . Tax-Ready Financials. Going Digital.

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Withum

SEPTEMBER 14, 2022

Thanks to the Inflation Reduction Act the IRS is hiring thousands of new field agents and examiners. 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. 10 Troublesome Tax Schemes.

Tax 105

Tax tax return audit Entertainment 105

ThomsonReuters

MARCH 1, 2024

Jump to: How are S corporations taxed? How can S corporations reduce their taxes? How a corporate tax software can help filing S corporation taxes Setting up your business as an S corporation (S corp) provides several tax advantages that are not available to owners of C corporations (C corp) or Limited Liability Companies (LLCs).

corporation tax 52

corporation tax Tax tax return income tax 52

ThomsonReuters

DECEMBER 20, 2020

Wayfair decision dramatically shifted the sales tax landscape in the United States. Companies of all sizes are facing sales tax compliance obligations that are more complex than ever. So how do you determine if you have a sales tax obligation in multiple states? The 2018 Supreme Court South Dakota v.

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South Dakota Sales Tax E-commerce 72