Xero

MARCH 18, 2024

From April 2024, your sole trader and partnership clients will need to follow a tax year basis for Income Tax as part of HMRC’s Basis Period Reform. The 2023/24 tax year is a transitional period, and you’ll need to do some extra admin to make sure your sole trader and partnership clients are compliant.

income tax 69

income tax tax return Non-Profits bookkeeping 69

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.

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Illinois Tax tax preparation bookkeeping 52

Reckon

AUGUST 2, 2023

Guest post blog by Catherine Schwartz Today, having more than one income stream is completely feasible. By monetising YouTube videos and blogs, taking up flexible freelance gigs, and cashing in on social media affiliate marketing (some of the most common and lucrative side hustles) many digitally skilled young guns are taking the plunge.”

accounting and finance 98

accounting and finance Non-Profits Start-ups Finance 98

ThomsonReuters

JANUARY 21, 2022

It’s a new year and that means new tax laws and other tax changes. Below are changes that take effect this year, along with other tax planning information. First off, the deadline to file individual tax returns is April 18. Other deadlines are: January 17, 2022 : 4th quarter 2021 estimated tax payment due.

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Tax tax return corporation tax tax planning 111

Withum

JANUARY 18, 2023

These all fall under the umbrella of tax evasion, but it is broader than that. This blog post will explore the various statutes. Agents who are part of CID investigate far more than tax crimes; they also investigate money laundering, narcotics, and a vast array of other financial crimes.

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Tax Government tax return Healthcare 107

ThomsonReuters

NOVEMBER 27, 2023

As the holidays approach, many employers plan on paying out bonuses, incentives, or other supplemental wages to employees that may have unexpected tax and compliance implications. Whichever option you choose will have different tax and compliance implications. Payroll Guide ¶ 4100 et seq. Special considerations: Deposit requirements.

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payroll income tax Tax Account 93

ThomsonReuters

DECEMBER 1, 2023

Therefore, helping business clients save money and reduce their tax burden by expensing property they’ve purchased for their company and claiming deductions for  depreciation  or  amortization  of assets is critical. Under the Tax Cuts and Jobs Act (TCJA), the 100% write-off of eligible property expired Dec. What is Form 4562?

tax return 97

tax return Tax Transportation Non-Profits 97

Xero

JUNE 8, 2023

So if you’re looking to do the same (and tackle tax time while you’re at it), below are a few simple tips to consider ahead of the ‘23 year-end. Hire a tax pro to save yourself time and money Every small business owner needs a helping hand at tax time – especially retailers – who are notorious for wearing many hats.

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Withum

SEPTEMBER 8, 2022

All publicly owned companies must have audited financial statements that contain a report of the registered independent accounting firm performing the audit. The Report of the independent registered public accounting firm provides their opinion that the financial statements were in conformity with U.S.

accounting principles 119

accounting principles auditor audit financial statements 119

Going Concern

MAY 30, 2023

FT dropped this over the weekend : Candidate numbers for US accountancy exams drop to lowest in 17 years New figures from the American Institute of Certified Public Accountants showed the shortage of CPA candidates that has plagued the profession in recent years worsened in 2022, dashing hopes for a quick rebound from the pandemic.

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CPA institute of chartered accountants Government chartered accountant 98

Ronika Khanna CPA,CA

NOVEMBER 17, 2023

Upwork or Fiverr Short term accommodations e.g. Airbnb Task based platforms e.g. taskrabbit or pet sitting services E-commere selling e.g. ebay, Amazon and affiliate programs Writing/Blogging which generates revenue either by selling articles to publications or via ads on their website Virtual assistants, online surveys, tutoring etc.

Tax 52

Tax E-commerce audit income tax 52

ThomsonReuters

OCTOBER 24, 2023

Data is king in today’s fast-paced world of finance and tax. Yet, for many companies, the journey of data from disparate sources to financial close, tax returns, and reporting can be torturous. based CFO Consultants, in a blog post. based CFO Consultants, in a blog post. Fortunately, tax departments are not powerless.

Technology 52

Technology Tax corporation tax accounting and finance 52

ThomsonReuters

MAY 17, 2022

For example, freelancers who make money from Etsy businesses or driving for Uber should have been paying taxes on net business income all along. It’s possible some gig workers may not even be aware that income from these sources is subject to tax, let alone their responsibility to pay quarterly estimated taxes to the IRS.

Tax 105

Tax tax return income tax Start-ups 105

Withum

SEPTEMBER 14, 2022

While we’re waiting on the IRS to ramp up, now is a good time to take the opportunity to reassess your tax “strategies” and compliance. The IRS is aware of the “creative” schemes some taxpayers employ to lower their tax bills. 10 Troublesome Tax Schemes. As the saying goes, the best offense is a great defense.

Tax 106

Tax tax return audit Entertainment 106

ThomsonReuters

AUGUST 25, 2023

What is tax depreciation? What are the differences between book and tax depreciation? What is book-to-tax reconciliation? Managing book and tax depreciation with software Depreciation. Tax depreciation is a depreciation expense listed by a business client on their tax return for a given tax period.

Tax 52

Tax tax return accounting principles Account 52

ThomsonReuters

OCTOBER 31, 2023

Excavating natural resources is a costly venture, and helping your clients save money and mitigate their tax liability is important. In accounting, the depletion deduction enables an owner or operator to account for the reduction of the mineral property’s value or basis as a result of the extraction of those natural resources.

Tax 59

Tax tax preparation Legal Account 59

ThomsonReuters

JUNE 10, 2021

The employer provided tax documents, payroll registers, and deposition testimony as evidence that it employed no more than 19 employees at any given time. The employer asked the court to dismiss the claim, arguing that it did not have enough employees to be covered by COBRA. Contributing Editors: EBIA Staff.

payroll 98

payroll Tax Account accountant 98

ThomsonReuters

FEBRUARY 6, 2024

Jump to: What is direct tax? Examples of direct tax Understanding tax provision Understanding state apportionment Differences between direct and indirect taxes When a taxpayer must pay taxes directly to the government, meaning the taxes cannot be shifted to other entities or individuals, it is known as direct tax.

Tax 52

Tax income tax payroll tax payroll 52

ThomsonReuters

DECEMBER 6, 2022

Given the increased focused on ESG, this blog marks the first in a series dedicated to ESG and its impacts on the accounting profession. What is ESG accounting? As a growing number of businesses focus on ESG-related initiatives, accounting is playing an increasingly important role. Then there’s the tax implications.

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auditor Account accountant accounted 59

ThomsonReuters

NOVEMBER 8, 2022

Most accountants know that choosing the right accounting technology can boost the ability to serve clients, satisfy staff, and build deeper client relationships.?But But how do you take full advantage of technology to streamline accounting processes? . Standardize your tax workflow. uncovering new opportunities. .

Technology 105

Technology Account accountant accounted 105

PASBA

SEPTEMBER 25, 2019

The competition for accounting clients can be as intense as in any other industry. Talk to your clients and others in the industry to find out what they really expect of their accountant and what would make them most likely to leave for a competitor or stay with your firm indefinitely. The answers might surprise you.

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Account accountant accounted accounting firms 104

Withum

JANUARY 18, 2023

These all fall under the umbrella of tax evasion, but it is broader than that. This blog post will explore the various statutes. Agents who are part of CID investigate far more than tax crimes; they also investigate money laundering, narcotics, and a vast array of other financial crimes. Employment taxes. Corporate fraud.

Tax 52

Tax tax return Government Healthcare 52

ThomsonReuters

JANUARY 26, 2023

EBIA Comment: The agencies state that this initial, partial report was delayed because parties submitted significantly more disputes than the agencies initially estimated, and the IDR portal’s reporting functionality required substantial manual processing. Contributing Editors: EBIA Staff.

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North Carolina Georgia Florida Texas 98

xendoo

AUGUST 24, 2021

How do taxes factor in? Tax filing is simplified too! In this blog post, we will walk you through paying yourself as a sole proprietor! Once you decide on an amount to take (more on that in a moment), it can be transferred from your business bank account to your personal account. How to Pay Your Taxes.

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Tax bookkeeping tax return bookkeeping services 95

ThomsonReuters

JANUARY 7, 2021

Health reimbursement arrangements and other account-based group health plans are generally exempt as well. Here are highlights of what must be disclosed: Estimated Cost-Sharing. The estimated amount the individual must pay for a covered item or service under the plan’s terms (including deductibles, coinsurance, and copayments).

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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?

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Tax Manufacturing tax return Sales 97

ThomsonReuters

DECEMBER 29, 2022

Companies are facing an ever-increasing burden of corporate tax compliance and the pace of complexities shows no sign of slowing. Helping companies ensure compliance by outsourcing for business processes represents a growth opportunity for today’s tax and accounting firms. . “ percent from 2022 to 2030.

corporation tax 59

corporation tax Tax income tax tax return 59

LyfeAccounting

JANUARY 14, 2021

If you are self-employed, congratulations, you now have to make tax payments every quarter of the year or Uncle Sam will pay you a visit to drop off interest and penalties. I myself have to pay quarterly tax payments and here at LYFE Accounting, we help business owners pay theirs. Who has to pay quarterly tax payments.

Tax 52

Tax accounting and finance tax preparation income tax 52

Xero

NOVEMBER 11, 2022

From April 2024, self-employed people and landlords earning over £10,000 annually, will need to follow Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) rules. . As an accountant or bookkeeper, you will need to prepare yourself, your clients, and your practice for these changes. Four quarterly updates .

income tax 74

income tax Tax bookkeeping Education 74

LyfeAccounting

APRIL 4, 2021

So a lot of people already know the personal tax deadline has been extended from April 15 to May 17, 2021, due to some major IRS delays. So basically people are getting an extra 30 days to file their personal tax return. That is so you are prepared for this tax season. Tax Season 2021 New Update. Personal Taxes.

Tax 52

Tax tax return business tax small business accounting 52

ThomsonReuters

NOVEMBER 2, 2021

As a corporate tax professional, you know the complexities of complying with business taxation requirements. Your company may have to file corporate tax returns in multiple states and local jurisdictions, as well as with federal — and perhaps international — tax authorities. Does every corporation file income tax returns?

tax return 59

tax return corporation tax income tax Tax 59

ThomsonReuters

AUGUST 24, 2023

Jump to: What is tax depreciation? How to calculate tax depreciation What are the tax depreciation methods? But depreciation can quickly become complex and cumbersome as tax professionals navigate which asset s can be depreciated for tax purposes, how to calculate tax depreciation, and any state-level nuances that may arise.

Tax 87

Tax business tax tax return Account 87

ThomsonReuters

SEPTEMBER 7, 2023

Jump to: What is the child tax credit? Who qualifies for the child tax credit? How much is the child tax credit? What is the advance child tax credit? What is the difference between the child tax credit and the child and dependent care credit? Are there any recent changes with child tax credit legislation?

Tax 52

Tax tax return income tax tax preparation 52

ThomsonReuters

JANUARY 30, 2023

As the burden of corporate tax compliance mounts, companies are increasingly turning to tax and accounting firms for help in complying with direct tax requirements. How can direct tax software help tax reporting?

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Tax corporation tax Technology tax return 59

ThomsonReuters

JUNE 16, 2023

When one thinks of accounting fraud, it is likely that these are some of the cases that come to mind. However, most cases of accounting fraud will not make news headlines and can happen in companies of all sizes and industries. When someone is found guilty of committing accounting fraud, they are subject to criminal prosecution.

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ThomsonReuters

OCTOBER 1, 2022

For today’s tax and accounting professionals, the name of the game is doing more with less. In a world where tax regulations are constantly changing, clients are demanding more, and competition is fierce, it’s hard to decide where to invest your limited time and resources. Stay current on tax laws.

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Account accountant accounted Technology 59

ThomsonReuters

JUNE 28, 2022

Corporate tax teams that want to invest in an automated indirect tax solution can’t simply declare to decision-makers that efficiencies, cost savings, and a host of other benefits will magically start boosting the bottom line once the software is activated. But calculating ROI on an indirect tax technology implementation isn’t easy.

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Tax Technology corporation tax auditor 90