ThomsonReuters

JULY 25, 2023

A company’s decision to introduce indirect tax (IDT) automation into its tax processes is often fraught with indecision and uncertainty. Every company’s tax technology journey is different, and it’s not always clear when and how tax automation should be incorporated or what the benefits will be.

Technology 93

Technology Tax audit Sales 93

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. It is not only time-consuming, but also takes lots of resources as the process can take from a few weeks to several months. What is a sales tax audit?

audit 105

audit Sales Tax auditor 105

Xero

AUGUST 21, 2023

This year’s US Roadshows were nothing short of inspiring, with accounting, bookkeeping and app partners showing up from all over the country to attend our events in Austin, Atlanta and Los Angeles. Over time, we plan to expand this functionality across other areas of Xero. Here are a few of the highlights.

bookkeeping 75

bookkeeping Non-Profits Technology Tax 75

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.

Sales 98

Sales Tax Michigan Washington 98

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. What are business advisory services?

accounting firms 98

accounting firms Account accountant accounted 98

ThomsonReuters

JULY 6, 2023

In today’s ultra-competitive business landscape, being an accountant means far more than preparing tax returns or compiling financial statements. The guidance you provide can help streamline accounting processes , improve profitability, and enhance overall decision-making.

Account 88

Account accountant accounted tax return 88

ThomsonReuters

APRIL 18, 2024

The number of in-office days of such arrangements varies, but according to a recent study by Webex with over 14,000 employees and 3850 employers across 19 countries participating, the average hybrid arrangement is three to four days in the office per week while a Gallup poll found that US employers favor a three-day, in-office schedule.

payroll tax 52

payroll tax Tax payroll Connecticut 52

Accounting Insight

JANUARY 5, 2024

Over 170 countries worldwide have implemented VAT or GST. Despite how common VAT is, the tax is difficult at the best of times to understand. Knowing who pays VAT – the buyer or the seller – is straightforward, though, if you take the time to learn about the tax or have help. The VAT charged by the seller is ‘output tax’.

audit 52

audit Tax Maine Government 52

ThomsonReuters

JULY 6, 2023

If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. Whether it’s advising on residential energy tax credits or restructuring a partnership, your knowledge and expertise beyond the tax return are valuable.

Tax 98

Tax tax return income tax audit 98

Acterys

FEBRUARY 22, 2023

They are responsible for supporting the financial planning and decision-making processes of an organization through data analysis and reporting. In this blog, we look at three main reporting types that FP&A teams must use to monitor the financial health and performance of a business.

financial statements 130

financial statements accounting and finance Sales Finance 130

ThomsonReuters

JULY 6, 2023

There are several different areas of advisory to investigate, such as tax advisory , business advisory , M&A advisory , and accounting advisory. If you are an accounting professional who has been contemplating a change in career path, you’re not alone. But where do you start? Why are so many accountants quitting?

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Account accountant accounted accounting and finance 98

ThomsonReuters

SEPTEMBER 1, 2022

What is the Superfund Excise Tax? What is the Superfund Excise Tax? The revised Superfund Excise Tax , part of the Infrastructure and Investment Jobs Act , is a tax on the sale or use of “hazardous chemicals,” as well as the sale or use of certain imported “hazardous substances.”

Technology 52

Technology Tax Manufacturing accounting and finance 52

ThomsonReuters

MAY 5, 2022

Each year, tax time is an opportunity to expand your accounting firm’s client base. That is a question firms should consider as they reflect on the tax season. Leading up to tax time, there are potential clients ranging from individuals to major corporations who may be on the hunt for a new tax preparer.

accounting firms 96

accounting firms Tax Real Estate Account 96

ThomsonReuters

NOVEMBER 15, 2021

Corporate tax teams responsible for collecting, managing, and paying indirect taxes face numerous challenges in today’s fractious tax landscape. For all too many managers, their days are filled with the stress of keeping pace with various changes in the indirect tax space. Indirect taxes: Much more than just a process.

E-commerce 52

E-commerce Technology Tax corporation tax 52

ThomsonReuters

SEPTEMBER 8, 2023

Choosing the right business structure for entrepreneurs Business owners can structure their companies in several different ways , depending on the size of the business, its growth potential, how the business is managed, how the owners want to be taxed, and many other variables. Jump to: What are the main types of business ownership?

income tax 75

income tax Tax Legal tax return 75

Mark Lee

OCTOBER 3, 2023

An integral aspect of this process is transitioning from a transactional mindset to a consultative one. Winning clients Prospective clients seeking your services are not interested in a sales pitch; what they really want is to feel that you understand them and their needs and are able to seek comprehension and guidance.

Account 93

Account accountant accounted Start-ups 93

ThomsonReuters

DECEMBER 14, 2022

Though an automated tax engine will ultimately improve a company’s overall operations, a successful implementation process does place certain demands on a company’s personnel, some of which can be challenging if not addressed properly. How to integrate with other technologies. How to integrate with other technologies.

Technology 59

Technology Tax accounting and finance accounts payable 59

ThomsonReuters

AUGUST 24, 2021

To build a persuasive business case for sales tax software , professionals need to explain how automating certain tax functions and improving reporting and analysis will benefit the company as a whole. In other words, don’t tell your CEO why tax software is a wise investment – show them.

Technology 52

Technology Sales Tax audit 52

ThomsonReuters

OCTOBER 12, 2023

Tax implications for owning property abroad What is FATCA? Helping clients with foreign income tax forms For U.S. To support this effort, forward-thinking accounting firms are increasingly using tax preparation software and scan-and-populate solutions to tackle the challenges of foreign income reporting.

Tax 40

Tax tax return income tax Real Estate 40

ThomsonReuters

FEBRUARY 10, 2022

The DOL, IRS, and HHS have issued additional FAQ guidance addressing the terms and conditions under which group health plans must cover over-the-counter (OTC) COVID-19 diagnostic tests. FAQs About Families First Coronavirus Response Act and Coronavirus Aid, Relief, and Economic Security Act Implementation Part 52 (Feb. Available at [link].

Retail 98

Retail Manufacturing Tax Sales 98

TaxConnex

APRIL 13, 2021

Sales tax is more complicated than ever, especially in a post-Wayfair world. And what’s worse is that everyone who says they’re simplifying sales tax is still leaving the hardest parts – and the liability – up to you. Don’t let sales tax compliance overwhelm you.

Sales 223

Sales Tax E-commerce general ledger 223

ThomsonReuters

FEBRUARY 23, 2024

Jump to: Why is it important to be proactive toward sales tax audits? How can my company prepare for a potential sales tax audit? How can tax technology help when defending an audit? When and how should tax systems be upgraded? Why is it important to be proactive toward sales tax audits?

audit 52

audit Sales Tax auditor 52

ThomsonReuters

FEBRUARY 28, 2024

Maximizing supply chain efficiency and minimizing costs while managing compliance is a perpetual balancing act for companies as they navigate global trade. Compliance is often seen as a cost center as companies seek to mitigate risk. At a 10% tax rate, this means the importer would stand to save $1 million in duty.

E-commerce 59

E-commerce Manufacturing Tax audit 59

ThomsonReuters

JUNE 13, 2023

If you’re part of a small or medium-sized tax and accounting firm, you know that differentiating yourself from the competition is always top of mind. All this, alongside the more traditional tax preparation, payroll, and accounting/bookkeeping services that your clients have come to know and trust. What are advisory services?

tax return 93

tax return Tax bookkeeping services Technology 93

ThomsonReuters

DECEMBER 13, 2021

Indirect tax professionals play a critical role in the success of a business. As the pace of new tax compliance challenges accelerates , tax teams need constant access to accurate data that keeps up with changing sales tax reporting rules and complies with ever-evolving regulations.

Tax 52

Tax Sales Technology South Dakota 52

ThomsonReuters

MARCH 19, 2024

What if a sales tax audit needs to be appealed? What happens after the audit, win or lose Sales tax audits may be an unfortunate fact of corporate life, but not all audits are the same. There are generally two issues that drive a sales tax audit assessment , ” Bobby says. Neither decision is simple.

audit 52

audit Sales Tax auditor 52

ThomsonReuters

APRIL 20, 2023

As governments around the world require digitalized methods for E-invoicing and real-time monitoring and reporting of business transactions, global multinational corporations (MNCs) need technologies that can help them manage data-intensive processes that demand speed, accuracy, and transparency all at once.

Technology 59

Technology Tax audit Government 59

ThomsonReuters

SEPTEMBER 22, 2021

Tax compliance — and the reporting involved in maintaining that compliance — is one of the most stressful tasks a corporate tax team must complete. Tax teams are responsible for making sure the data in every report is complete and accurate — a task that becomes more difficult as the amount of data proliferates.

income tax 52

income tax Tax corporation tax tax planning 52

Xero

OCTOBER 3, 2022

We’ve released a number of new features over the past month, with a focus on helping you manage your compliance needs. We’ve made a number of enhancements to new reports in Xero over the past month. New features. Bring saved layouts across to new reports — Global. Better track your performance in Xero Analytics — Global.

tax return 88

tax return payroll bookkeeping accounting apps 88

inDinero Accounting

JANUARY 9, 2023

When it comes to number of employees, sales, and market share, startups look an awful lot like small businesses. When it comes to number of employees, sales, and market share, startups look an awful lot like small businesses. Table of Contents What Makes Accounting Services for Startups Different? Why do you care?

Account 52

Account accountant accounted accrual accounting 52

inDinero Accounting

JANUARY 9, 2023

When it comes to number of employees, sales, and market share, startups look an awful lot like small businesses. When it comes to number of employees, sales, and market share, startups look an awful lot like small businesses. Table of Contents. What Makes Accounting Services for Startups Different? Getting into legal troubles.

Account 52

Account accountant accounted accrual accounting 52

ThomsonReuters

OCTOBER 6, 2021

State income tax is a direct tax on business income you’ve earned in a state. Each state gets to decide what matters most — your payroll, property, or sales — and in what ratio to account for them. This can make calculating state income tax complex, particularly if you do business in multiple states.

income tax 52

income tax Tax payroll Massachusetts 52

LyfeAccounting

JANUARY 25, 2021

Compliance, which is making sure you’re paying your employees correctly to avoid big hefty penalties from the government. Compliance, which is making sure you’re paying your employees correctly to avoid big hefty penalties from the government. I’ve paid thousands of dollars in payroll tax penalties. I’ve lost employees.

payroll 52

payroll payroll tax quickbooks Start-ups 52

ThomsonReuters

MARCH 2, 2021

Business leaders are looking for opportunities in disruptions as they prepare their companies for the future, and tax technology should be a part of their plans. With the right tax data software, your tax department can save money by automating and standardizing processes across the organization and enhancing accuracy and timeliness.

Tax 52

Tax corporation tax Technology audit 52

Ryan Lazanis

APRIL 10, 2022

Compliance Services Far From Dead. In this guide, I’m going to outline what the future of accounting looks like for accounting firms and how to best prepare for it in 2022. And to be clear, this is not a predictions post. Let’s go. Future of Accounting Table of Contents. Automation is Front & Center. New Skills Required.

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Account accountant accounted Technology 111