Nancy McClelland, LLC

DECEMBER 26, 2023

The most important point is that only businesses need to issue 1099s — if you paid someone for personal purposes, you are not (yet) required to send them or the IRS a Form 1099. – The IRS launched IRIS, a new free online portal , for businesses to file 1099 returns.

bookkeeping 52

bookkeeping tax return Non-Profits Tax 52

ThomsonReuters

JANUARY 18, 2024

Jump to: What are the roles and responsibilities for accountants? Accountant vs. CPA vs. tax preparer: What are the differences? GAAP and AICPA What issues should accountants be aware of in the profession? How can accountants be more efficient? Accountant responsibilities extend far beyond number crunching.

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Going Concern

NOVEMBER 29, 2023

Sometimes it’s even funny stuff the AICPA has to take time out of their busy day to address, for example this: Anyone Looking Forward to a Highly Militarized IRS SWAT Team is Going to Be Sorely Disappointed Today we’re going to look at a less funny letter the AICPA sent to Treasury Secretary Janet Yellen (or “Janette L.

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ThomsonReuters

SEPTEMBER 8, 2023

Jump to: What are the main types of business ownership? 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.

income tax 75

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ThomsonReuters

JUNE 15, 2021

Angie Wood, owner of Wood CPA , started her firm in 2019 after several years of working for larger accounting firms. She knew she had the experience and the passion to foster deeper relationships with clients and grow her business but needed to break away to fully embrace her ability to do so. And that completely shocked me.

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ThomsonReuters

MAY 23, 2023

For example, AI-powered products such as Westlaw and Checkpoint are designed to help legal and accounting professionals do their jobs by giving them faster, easier ways to access and process the information they seek. Canada, and Puerto Rico.

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ThomsonReuters

MARCH 29, 2021

Letter from Treasury Secretary Janet Yellen to State Attorneys General, 03/23/2021 ). Letter from Treasury Secretary Janet Yellen to State Attorneys General, 03/23/2021 ). Reductions in revenue resulting from tax cuts that are offset by alternative means would not trigger the Section 9901 limitation.

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Withum

AUGUST 23, 2022

It will surprise no one that taxpayers are always looking to minimize their tax bill. It’s the means that is used to minimize the tax bill that gets people in trouble. Concealing domestic or foreign bank accounts, brokerage accounts, digital assets such as virtual currency or other property.

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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.

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LyfeAccounting

JUNE 17, 2021

A quick disclaimer that this is not legal advice, and you should get your operating agreement checked by an attorney of your choice. An Operating Agreement is a legally binding document that outlines in detail the rights and responsibilities of the members of the LLC and how the business will operate. Tax Write-offs for LLC.

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inDinero Tax Tips

NOVEMBER 4, 2021

Even if your books are perfectly accounted for, an IRS audit letter will fill anyone with a sense of dread. However, most businesses are unprepared and need IRS tax audit help. An audit is the way the Internal Revenue Service (IRS) ensures that what’s being reported on your tax return matches your business activities.

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ThomsonReuters

FEBRUARY 13, 2024

AI is here to stay: it’s not something that businesses can simply ignore. As professionals’ roles become more demanding, so the business of global trade is getting more complex by the day, and sophisticated tech tools are increasingly necessary to keep on top of the fast-evolving regulatory and compliance requirements.

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Snyder

JUNE 15, 2022

If you’re an ecommerce business owner, you must have heard about LLCs, and you might be confused about whether you need one for your Shopify store. When it comes to taxes, make sure you’re using the best accounting software for Shopify you can find, so you can keep all your tax-related information straight. .

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xendoo

JULY 26, 2021

Bookkeeping is vital to the success of every business, but business owners rarely have the time (or desire) to manage it themselves. In order to save their time and sanity, many partner with an online bookkeeping and accounting team. How do you choose the right financial partner for your business? Accounting software .

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inDinero Tax Tips

NOVEMBER 16, 2021

There are many tax benefits to installing solar panels, some of which will be well in excess of your tax liability. However, a small business cash flow doesn’t have to be an obstacle to going green. For small businesses looking to go solar, it makes sense to partner with a tax equity investor in solar. Think again!

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inDinero Tax Tips

NOVEMBER 16, 2021

There are many tax benefits to installing solar panels, some of which will be well in excess of your tax liability. However, a small business cash flow doesn’t have to be an obstacle to going green. For small businesses looking to go solar, it makes sense to partner with a tax equity investor in solar. Think again!

Tax 52

Tax accounting and finance business tax tax preparation 52

LyfeAccounting

MAY 21, 2021

What if we told you that every year LLC owners overpay on their taxes. Some fail to tax plan but most simply miss out on the biggest tax write offs for LLC businesses. So keep on reading, because today, we’re going to reveal the biggest tax write offs for LLC businesses that you can take advantage of.

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ThomsonReuters

DECEMBER 7, 2022

Fiduciary tax comes with unique challenge s. As we know, governments collect taxes to fuel economic growth and fund investments in infrastructure, human capital, as well as the provision of services for individuals and businesses. What is fiduciary tax? The beneficiary pays tax on the assets they receive.

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ThomsonReuters

JUNE 15, 2021

Use of Special purpose acquisition (SPAC) vehicles have spiked over the past year because private equity and venture capital firms have excess cash they need to put to work, accounting practitioners said mid-June. Attorneys caution the rush to go public via a SPAC vehicle, termed “De-SPACing,” comes with substantial risk. “It

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ThomsonReuters

FEBRUARY 17, 2022

When a pre-submission conference is being requested, the form is generally completed as if the representative were the plan sponsor, but the instructions have changed to require that the business code on line 11 be “111111” rather than the representative’s business code. Contributing Authors: EBIA Staff.

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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. . Understanding Deductible Business Expenses. Interested in learning more?

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LyfeAccounting

MARCH 10, 2021

Now, CPAs can provide a number of services to small businesses. CPA services are accounting services that are provided by a Certified Public Accountant, also known as a CPA. Most CPAs have Master’s Degrees in Business or Accounting with at least a few years of experience under a CPA. Tax Services .

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ThomsonReuters

JANUARY 21, 2021

QUESTION: If a participant asks our self-insured health plan to send their claim file to a third party, such as their attorney, how do the HIPAA privacy rules apply to these requests? Disclosures not fitting into one of these categories—such as a disclosure to a participant’s attorney—require specific action by the individual.

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ThomsonReuters

SEPTEMBER 17, 2021

Though viewed with certain strengths such as agility, the small accounting firm has its own unique set of challenges due to size. A chat with Chris Papin”, Paul Miller, Owner of Business by Design , and I are joined by Chris Papin, owner of Papin CPA, PLLC. A lot of unstated value for the business clients comes from that.

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LyfeAccounting

FEBRUARY 19, 2021

?. One of the most popular types of business entities in the United States is a single-member limited liability company. A single-member LLC is usually a business registered in the state where the company does business. All these business entities have their own unique advantages and disadvantages. What is an LLC?

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LyfeAccounting

JULY 1, 2021

And we’ll be talking about that in today’s post – the 10 most outrageous things you are taxed on. Top 10 Outrageous Things You Are Taxed On. The first one on our list of outrageous things you are taxed on probably never crossed your mind – illegal activities. Let’s dive in! Illegal Activities.

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LyfeAccounting

MARCH 25, 2021

As an accounting firm, we get asked all the time. “What should my business entity be? Essentially, it is a business entity that you can set up for your business. You see with an LLC you are able to separate your business assets from your personal assets. In fact, we love to see people start new businesses.

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ThomsonReuters

AUGUST 18, 2023

Stay up to date with changing regulations in the tax and accounting industry with Thomson Reuters accounting solutions. The post Attorney Explains Legal/Legislative Landscape Surrounding Classifying Student-Athletes As Employees appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

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PYMNTS

JULY 31, 2017

Things got off to a bumpy start this week for Wells Fargo, with the revelation that it may have allowed an unauthorized release of the data on tens of thousands of clients’ bank accounts. According to reports, the data was accidently given to the attorney as part of an ongoing lawsuit.

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ThomsonReuters

DECEMBER 22, 2020

Disaster-relief provisions allow retirement plans to provide “qualified disaster distributions” of up to $100,000 that will not be subject to the 10% additional tax on early distributions. Thanks to attorney John R. Disaster Relief. Contributing Editors: EBIA Staff.

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ThomsonReuters

JANUARY 21, 2022

By contributing skills and resources their business partner lacks, both parties expand their overall ability to create value. The survey, released by consulting firm The Growth Partnership, lays bare the urgency for firms to find business partners. How do strategic partnerships drive new business for tax and accounting firms?

accounting firms 95

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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. How should you prepare for an audit defense?

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audit Sales Tax auditor 52

ThomsonReuters

FEBRUARY 8, 2024

Jump to: How are LLCs taxed? How can an LLC reduce its taxes? Managing an LLC As a business structure, the primary purpose of an LLC is to protect the owners’ personal assets from debt collection and lawsuits aimed at the LLC. How are LLCs taxed? Federal Insurance Contributions Act), or “self-employment” tax.

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LyfeAccounting

NOVEMBER 3, 2020

Every year, more than 2 million taxpayers overpay their income taxes. This could be due to poor tax planning, or because they’re missing some of the biggest business tax write-offs. Meanwhile, the top 1% are using the tax law to their advantage to minimize their tax liability, oftentimes leaving us clueless….

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LyfeAccounting

MAY 18, 2021

Or why they think they can get away with lying about businesses and employees when there are so many ways to easily invalidate their loans such as: payroll taxes and. previously filed business returns. According to the criminal complaint, he also identified himself as the owner of a business called Cars Direct.

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Florida tax return Washington Maryland 71

LyfeAccounting

JULY 23, 2021

The 1031 exchange specifically comes from Section 1031 in the Internal Revenue Code, and it allows real estate investors to defer paying taxes on real estate gains. This means, you can avoid the biggest expense of them all, which are taxes, and instead use that money to reinvest and make even more money. Example of a 1031 Exchange.

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LyfeAccounting

APRIL 8, 2021

In most of our previous posts, we’ve been busy revealing all of the ways to help you save on taxes and claim every deduction and tax credit as much as you can. Note that this post is for educational purposes and you should contact your attorney or legal professional for specific advice for your situation.

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