TaxConnex

DECEMBER 19, 2023

This blog is an excerpt from our eBook with The CommLaw Group. As a communications company, you face some of the most complex tax and regulatory rules of any industry. The entire bundle could be subject to various regulatory fees and taxes. Just as important … you need to comply while keeping your price competitive.

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ThomsonReuters

APRIL 25, 2024

Navigating state taxes on retirement income is a critical aspect of financial planning for retirees. While federal tax rules apply uniformly across the country, state tax rules can vary widely. Jump to: • State tax on retirement income • Which states do not tax retirement income?

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AdviceForTaxpreparers

SEPTEMBER 8, 2020

Advice for Tax Preparers Making tax preparers lives easier one blog at a time HOME. Earn $20 per Book Promoting My Tax Preparer Book from Home in Your Spare Time. My name is Bill Meador and I am writing a book to help tax staff succeed in a public accounting firm tax department. I understand completely.

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TaxConnex

APRIL 1, 2021

Every state can apply tax exclusions on goods and services within their state. However, there are further tax-exempt purchases. Tax exemptions can also be applied at the customer level as opposed to the product level. Use-based exemptions. Some entities that are not resellers of goods may also be exempt from sales tax.

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MyIRSRelief

AUGUST 1, 2023

However, with the increasing complexity of tax regulations, many of these companies find themselves struggling to maintain tax compliance. Contact us for professional tax help today! However, managing payroll taxes for these two distinct driver categories can be a daunting task for trucking companies.

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ThomsonReuters

FEBRUARY 22, 2024

It is inevitable that in the next few years, it will impact – and even transform – how corporate tax professionals go about their work. So, what are the key aspects of AI that are likely to affect the world of corporate tax? Here are the top five AI terms corporate tax professionals need to know: 1.

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TaxConnex

MARCH 25, 2021

From a sales and use tax perspective, there isn’t much of a difference between a subcontractor and a prime or general contractor. At first glance, the sales and use tax requirements for a contractor seem quite simple. As such, all purchases by a contractor are usually subject to sales and use tax.

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TaxConnex

MAY 13, 2021

‘It depends’ is a commonly used phrase when it comes to sales tax, and a quite frustrating one at that. Understanding the taxability of your company’s products or services is one of the key steps to complying with sales and use tax laws nationwide. We know that. But that can be a challenge.

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ThomsonReuters

NOVEMBER 15, 2023

Boat donation tax deduction What is the cost basis for non-cash charitable contributions? Tax deduction for donation of clothing What are the rules for non-cash donations? Can donated services be tax deductible? Form 8283 is used to ensure U.S. Jump to: What is Form 8283? What is Form 8283?

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ThomsonReuters

FEBRUARY 6, 2024

Jump to: When to consider an automated tax software solution Benefits of sales tax automation software What if you don’t have a complex business model? Amidst a rapidly changing regulatory landscape, it can seem more challenging than ever to understand your sales tax obligations in every jurisdiction in which you do business.

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TaxConnex

JULY 20, 2023

Maintaining current, valid exemption certificates is critical in managing your overall sales tax risk. In this blog based on one of our recent webinars, here are how states and other tax jurisdictions are getting tougher with their exemption certificate audits. Facts to consider: Is an exemption certificate on file?

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TaxConnex

JUNE 27, 2023

Staying on top of your sales tax obligations is crucial to maintaining compliance and avoiding costly penalties. However, navigating the complex world of sales tax filing is a lot for a business to manage without the right expertise. Software cannot provide personalized advice or handle complex sales tax situations that may arise. 

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ThomsonReuters

DECEMBER 19, 2023

Jump to: How do renewable energy tax credits work? What renewable energy tax incentives does the IRS offer for individuals vs. businesses? To encourage this shift, the IRS offers a range of renewable energy tax credits for alternative energy sources like solar, wind, and geothermal power.

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ThomsonReuters

MARCH 5, 2024

How to file Form 1042-S The importance of Form 1042-S Form 1042-S , an essential information return in the realm of tax reporting, serves as a meticulous record of income paid to foreign individuals and entities. Form 1042-S provides a comprehensive summary of income paid to foreign persons and the amount of tax withheld. tax return.

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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.

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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.

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ThomsonReuters

DECEMBER 8, 2023

Many industries are employing generative AI to handle tasks like drafting marketing copy, emails or blogs, as well as implementing chatbots for customer service and generating code for app development. Use generative AI to create a first draft of client emails or newsletters which you can then modify for accuracy and personal insight.

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TaxConnex

APRIL 28, 2022

Audits remain an important tool for tax jurisdictions to evaluate the level, or lack thereof, of sales tax compliance within a business. Even though many audits have shifted to remote audit, the fundamentals of the sales tax audit haven’t changed. Auditors can also use artificial intelligence to dig up even more evidence.

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ThomsonReuters

MARCH 8, 2024

In order to serve your mid-sized clients specifically, logistical challenges of understanding exactly what your goals are as an evolving firm can be some of the biggest challenges and requires a shift in thinking. A growing tax business requires a different, more advisory-based , approach.

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ThomsonReuters

APRIL 21, 2024

For corporate tax professionals, navigating the ever-evolving landscape of tax codes and regulations is often a daunting task. For example, using incorrect harmonized system (HS) codes can trigger a cascade of issues. Tax regulations are intricate and vary significantly around the world. The stakes are high.

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Xero

JANUARY 30, 2024

Property investment accounting, or landlord accounting, manages your property portfolio assisting with tax compliance and return on investment. Here’s some tips, tricks, and insights to help you understand what’s involved, and how Xero can help you manage all your property finances in one place , giving you the freedom to free swim!

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ThomsonReuters

APRIL 5, 2024

Businesses that do not have sound tax provision processes are at an elevated risk of damaging their company’s financial health. That’s because interim tax reporting plays a pivotal role in providing valuable financial information between annual reporting periods. Why is interim reporting important?

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ThomsonReuters

SEPTEMBER 25, 2023

According to the new report, “Future of Professionals”, 59% of tax and accounting professionals working at firms cited productivity as their top priority, and 55% selected internal efficiency as one of their top priorities. This can save time, reduce errors, and free up professionals to focus on more complex and creative work.

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ThomsonReuters

FEBRUARY 9, 2024

As we step into a new year, the taxation realm is abuzz with discussions surrounding the Tax Relief for American Families and Workers Act of 2024. However, amidst this spotlight, there are other tax proposals quietly gaining momentum. Firms must prepare for potential shifts in tax liabilities and advise clients accordingly.

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Xero

MARCH 13, 2024

If you’re using Xero, you can find more helpful information in our handy guide for getting ready for financial year end. Save time on sending invoices and reminders in the new year by using an accounting software that does it for you. If you’re using Xero, there’s apps in the Xero App Store that can help with this too.

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ThomsonReuters

JANUARY 4, 2024

Stress management for tax professionals is critical for avoiding burnout. Make a personal stress inventory Managing stress as an accountant begins with understanding what’s triggering it and how stress levels ebb and flow on a daily, weekly, monthly, or yearly basis. Extended hours.

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ThomsonReuters

MARCH 6, 2024

In the corporate tax space, just as the regulatory compliance landscape becomes more challenging and reporting requirements become more demanding, technology is advancing rapidly to crunch vast amounts of data in no time and streamline labor-intensive processes. AI is adept at supporting both.

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ThomsonReuters

JULY 6, 2023

Tax teams prepare tax provisions by gathering data, performing calculations, and entering the results into forms. However, corporate tax teams find it difficult to automate this process. For example, a developer could use an API to send a request for updated stock prices from another application’s database.

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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.

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ThomsonReuters

APRIL 8, 2024

The mounting stress experienced by tax professionals related to the tax provision process is a double-edged sword. The tax profession, overall, is facing some significant changes,” says Kelley Lear , Vice President, Partnerships & Alliances, Thomson Reuters, pointing to data complexities and changing regulatory relationships. “The

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ThomsonReuters

FEBRUARY 28, 2024

Her firm is also staffed by four full-time employees and a few part-time positions that are outsourced. “I view the tax firm as my own Google experiment,” Shaul says. “I That was 2004, and now she has her own place and is no longer sub-leasing. She also hated having to deliver “bad news” when her clients owed money.

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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?

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ThomsonReuters

AUGUST 25, 2023

How is software depreciated for tax purposes? Internal use vs. external use software Solutions for managing software depreciation for taxes In today’s tech-driven environment, companies need software to efficiently run their business, whether it is software they purchase from an outside source or develop internally.

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ThomsonReuters

DECEMBER 22, 2022

QUESTION: Everybody in the employee benefits field uses acronyms like ALE, MLR, and ACA. ANSWER: Here’s an explanatory list of common acronyms primarily used in our Health Care Reform manual. PTC – Premium Tax Credit. For simple, easy-to-understand definitions of these terms, see EBIA’s Health Care Reform manual.

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ThomsonReuters

NOVEMBER 28, 2023

Jump to: Reflect on your current tax workflow Use automation to boost staff engagement and retention Unlock growth opportunities With staffing shortages of epic proportions, the accounting industry is facing a crossroads. How are you preparing and reviewing the tax return? How are you delivering the tax return?

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ThomsonReuters

DECEMBER 11, 2023

Accounting for tax equity investments Implementing ASU 2023-02 Accounting professionals with equity investor clients who are involved with projects to receive income tax credits and other income tax benefits need to have a clear understanding of the proportional amortization method (PAM), especially in light of recent changes.

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ThomsonReuters

APRIL 25, 2024

As an accountant, advising your clients on retirement income taxes and related strategies can help them to optimize their financial planning in their golden years. Let’s take a look at some commonly asked questions on retirement income taxes and how your firm can best advise clients as they approach their retirement years.

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