ThomsonReuters

JULY 13, 2023

If you’re part of a small or medium-sized tax and accounting firm, you may think artificial intelligence (AI) solutions are solely designed for large organizations – but think again. To learn more, let’s take a look at three ways accounting firms can use AI as a competitive advantage. Sounds great, right?

Tax 97

Tax Technology accounting firms income tax 97

ThomsonReuters

SEPTEMBER 7, 2023

Schedule 8812 instructions Helping clients with Schedule 8812 Tax software for Schedule 8812 In an effort to provide financial relief to families, Schedule 8812 is an IRS form designed to help taxpayers maximize their tax benefits for qualifying children through the additional child tax credit. What is a Schedule 8812 U.S.

Tax 52

Tax tax preparation income tax tax return 52

ThomsonReuters

NOVEMBER 15, 2023

Jump to: What is Form 8283? In terms of documentation, Form 8283 plays a significant role in non-cash charitable contributions for taxpayers looking to claim deductions for items ranging from vehicles to clothing to other valuable assets. What is Form 8283? Form 8283 is used to ensure U.S.

tax return 98

tax return Tax tax planning Real Estate 98

ThomsonReuters

DECEMBER 1, 2023

Jump to: What is Form 4562? Form 4562 instructions Is Form 4562 required every year? Let’s take a closer look at the form and its uses. What is Form 4562? However, Form 4562 also has additional uses. However, Form 4562 also has additional uses. Is Form 4562 required every year?

tax return 97

tax return Tax Transportation Non-Profits 97

ThomsonReuters

OCTOBER 6, 2023

That’s why we’ve created this simple guide outlining how firms can complete the planning phase of a digital 1040 tax transformation. Therefore, it is important to leverage the right client collaboration tools that facilitate data collection and integrate with the tax software to automate 1040 preparation.

tax preparation 64

tax preparation Tax tax return Technology 64

ThomsonReuters

SEPTEMBER 7, 2023

Jump to: What are the qualified expenses for Form 2441? Form 2441 instructions Helping clients with Form 2441 Tax software for Form 2441 Form 2441 is a tax form used to claim the child and dependent care tax credit. What are the qualified expenses for Form 2441?

tax preparation 52

tax preparation tax return Tax audit 52

ThomsonReuters

APRIL 1, 2021

In response to the continuing COVID-19 emergency, the IRS has offered deadline relief for 2020 federal income tax returns that also extends the deadline for 2020 contributions to HSAs, IRAs, and certain other accounts. In addition, the relief extends the time for filing and furnishing certain retirement-related forms. Form 5498 Series.

income tax 52

income tax tax return Tax Education 52

ThomsonReuters

MARCH 4, 2021

IRS Form 2106 (Employee Business Expenses) and Instructions (2020). The IRS has released the 2020 version of Form 2106, used to determine and claim employee business expense deductions. The new form and instructions update the standard mileage rate (see our Checkpoint article ). Instructions. Depreciation Limits on Vehicles.

Expense Reimbursements 52

Expense Reimbursements Government Tax Account 52

ThomsonReuters

JULY 25, 2023

For today’s accounting firms, advanced technology is no longer an option but a necessity. The most successful accounting firms are making the investment today to optimize growth tomorrow. Let’s take a look at how AI is transforming the way accountants work and why it will help shape the future of the profession.

Technology 98

Technology Tax audit accounting firms 98

LyfeAccounting

JUNE 2, 2021

As an accounting firm, we’ve filed our fair share of amended tax returns. An amended return is also not necessary if you forgot to submit a required form or schedule with your original tax return as you will receive an IRS letter with a notice regarding the missing item. Step 2: Gather The Correct Forms. Let’s dive right in!

tax return 52

tax return Tax accounting and finance tax preparation 52

ThomsonReuters

MAY 17, 2022

Beginning in 2022, third-party settlement organizations (TPSOs)), including banks and on-line payment networks (payment settlement entities (PSEs), are required to report payments of $600 or more to IRS and payees on Form 1099-K, Merchant Card and Third-Party Network Payments. Start Tracking Deductions.

Tax 105

Tax tax return income tax Start-ups 105

ThomsonReuters

MARCH 17, 2021

IRS Form 8889 (Health Savings Accounts (HSAs)) and Instructions (2020); Publication 969 (Health Savings Accounts and Other Tax-Favored Health Plans (for use in preparing 2020 returns)). The 2020 versions of Form 8889 and its instructions are substantially similar to their 2019 counterparts. Instructions. Publication 969.

tax return 52

tax return Tax Legal Account 52

ThomsonReuters

MARCH 1, 2024

Instead, an expense claim form must be submitted to the S corp, which pays the shareholder back. Extension requests (using IRS Form 7004 ) are also due on this date. Extension requests (using IRS Form 7004 ) are also due on this date. What IRS tax forms do S corps file? When are S corps taxes due?

corporation tax 52

corporation tax Tax tax return income tax 52

ThomsonReuters

MAY 13, 2021

Under the Code’s DCAP provisions, dependent care assistance generally cannot be excluded from income unless the employee includes the care provider’s name, address, and TIN on an IRS Form 2441 (“Child and Dependent Care Expenses”) filed with the employee’s federal income tax return. (If Contributing Editors: EBIA Staff.

income tax 87

income tax tax return Tax Account 87

ThomsonReuters

OCTOBER 12, 2023

What is Form 8938 and when is it required? How to report foreign assets Form 8938 instructions FATCA considerations Helping clients with foreign assets In today’s global economy, many individuals and businesses have financial interests that extend beyond their home country’s borders. Generally, any U.S.

Real Estate 40

Real Estate tax return Tax tax preparation 40

ThomsonReuters

OCTOBER 12, 2023

How to report foreign income What is Form 1099-DIV? 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. What is FEIE?

Tax 40

Tax tax return income tax Real Estate 40

ThomsonReuters

SEPTEMBER 7, 2023

To keep up, more and more accountants are streamlining data entry with scan-and-populate solutions that automate the tax prep process and create a seamless client experience. To claim the child and dependent care tax credit, taxpayers must file their Form 1040 federal income tax return using Form 2441.

Tax 52

Tax income tax tax preparation tax return 52

Snyder

JUNE 9, 2022

Investopedia determines a business tax return as a form filed with a tax authority that reports income, expenses, and other pertinent tax information. Taxpayers file the returns by filling in special forms. The four-page 1040EZ form that you need to fill in is a simplified version of the 1040 tax form with fewer questions.

income tax 52

income tax tax return Tax E-commerce 52

ThomsonReuters

SEPTEMBER 7, 2023

Which tax software can accountants use for calculating the child tax credit? For accountants, understanding the intricacies of the child tax credit can have a meaningful impact on the families you serve. As an accountant, your clients rely on you to help them mitigate risk and maximize their tax benefits.

Tax 52

Tax tax return income tax tax preparation 52

ThomsonReuters

NOVEMBER 2, 2023

In this blog post, we will summarize the key insights from our recent webinar with industry experts Allen Stahl and Will Hosek , who discussed the future of tax automation and how to elevate your firm’s efficiency and accuracy. This can lead to improved profitability, client satisfaction, and staff retention.

Technology 52

Technology Tax tax preparation tax return 52

ThomsonReuters

SEPTEMBER 7, 2023

Qualifying for the dependent care credit The child and dependent care tax credit provides financial relief for families who pay for child or dependent care expenses. To claim the child and dependent care tax credit, taxpayers must file their Form 1040 federal income tax return using Form 2441.

Tax 52

Tax income tax tax return tax preparation 52

xendoo

AUGUST 24, 2021

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. Once your DBA is set up, you can open a business bank account. Self-Payment, Simplified.

Tax 95

Tax bookkeeping tax return bookkeeping services 95

ThomsonReuters

FEBRUARY 15, 2023

Accountants who help clients effectively manage property taxes can further strengthen their role as a trusted advisor. Most states  do not  tax intangibles (assets that have no physical form but hold value), like licenses or trademarks. Fourteen states levy TPP taxes on inventory in some form.

Tax 52

Tax Real Estate Kansas South Dakota 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. It is true that over time, these forms have continued to change, and the rules have become more specific… but the basics remain the same. NEC” stands for “non-employee compensation”.

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. It is true that over time, these forms have continued to change, and the rules have become more specific… but the basics remain the same. NEC” stands for “non-employee compensation”.

bookkeeping 52

bookkeeping tax return Non-Profits Tax 52

LyfeAccounting

APRIL 27, 2021

We actually have some really good posts on this blog explaining what might be the causes of that so be sure to check those out after reading this post. Form W-4 is used by your employer to calculate the amount of taxes that need to be withheld from your paycheck. You receive a tax refund when too much money is withheld.

Tax 52

Tax income tax tax return tax preparation 52

Nancy McClelland, LLC

FEBRUARY 13, 2022

Check out this article — IRS to delay some K-2 and K-3 reporting requirements for partnerships | Accounting Today. The source is #15 in the IRS FAQ on the topic: This Journal of Accountancy article walks through the particular scenario where this relief — only for tax year 2021 — applies. 864(c)(8), Sec.

tax preparation 52

tax preparation Tax CPA tax return 52

ThomsonReuters

OCTOBER 12, 2023

What is Form 1116? Foreign tax credit carryover Helping clients claim the foreign tax credit For accountants working with U.S. expatriates , understanding the details of the foreign tax credit and Form 1116 is essential in preventing double taxation of income earned abroad and offsetting taxes paid to foreign governments against U.S.

Tax 40

Tax income tax Account accountant 40

LyfeAccounting

JULY 16, 2021

Specifically, if as a result of the excluded, non-taxable unemployment compensation, you then become eligible for deductions or credits not claimed on the original return… …then you should file a Form 1040-X, or an amended return. In this case, make sure to include any required forms or schedules with your amended return.

Tax 52

Tax tax return tax preparation income tax 52

LyfeAccounting

JANUARY 14, 2021

I myself have to pay quarterly tax payments and here at LYFE Accounting, we help business owners pay theirs. The benefit of using a tax company like LYFE Accounting to file your taxes is that not only do you generally pay a lot less in taxes, but your estimated taxes are calculated automatically for you. But don’t worry.

Tax 52

Tax accounting and finance tax preparation income tax 52

ThomsonReuters

JANUARY 12, 2023

When it comes to cryptocurrency, there are many unknowns around accounting, audit and assurance. With more than 50 million taxpayers answering ‘Yes’ to the IRS Virtual Currency question on the front page of the 1040 form on their 2021 tax returns, there is a pressing need for immediate access to tools for cryptocurrency tax preparation. .

audit 52

audit tax preparation Technology tax planning 52

LyfeAccounting

JULY 2, 2021

Direct Deposit Accounts Don’t Match Up. When your bank account does not match the information on your return, your refund is sure to be delayed. Common mistakes include ownership of the bank account not matching with the filling status or name on the return, and mistakes in routing and account numbers.

Tax 52

Tax tax return accounting and finance tax preparation 52

LyfeAccounting

MARCH 31, 2021

At the very top of the new Form 1040 , there’s a question about crypto: At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Be able to find and account for every transaction you make. The IRS is closely watching investments made in crypto.

Tax 52

Tax accounting and finance income tax small business accounting 52

LyfeAccounting

MAY 18, 2021

Tax Mistake #1: Not having a separate bank account. The first tax mistake that we see new business owners make is not having a separate bank account for just their business. Too often, we see new business owners operating from their personal accounts which creates a big mess at tax time. 7 Tax Mistakes Business Owners Make.

Tax 52

Tax tax return accounting and finance Real Estate 52

ThomsonReuters

JANUARY 17, 2023

Helping business owners navigate the complexities is an ideal opportunity for tax and accounting professionals to strengthen their role as a trusted advisor. What tax form does a nonresident alien file? Who is exempt from filing 1040-NR? status or a Form W-8BEN as a certificate of foreign status. resident alien?

Tax 59

Tax income tax tax return Non-Profits 59

ThomsonReuters

NOVEMBER 15, 2023

Understanding the intricacies of charitable contribution deductions is critical for accountants when it comes to advising clients on the best ways to support their chosen philanthropic causes, while optimizing overall tax strategy. In the U.S., Are charitable donations tax deductible? How do charitable donations affect taxes?

Account 52

Account accountant accounted tax return 52

ThomsonReuters

JANUARY 9, 2024

To avoid double taxation, then, the owner of a C corp—particularly a small one—may not want to receive dividends, because they are a form of taxable compensation. In any case, dividends from a C corp are reported on Form 1099-DIV , and these forms are due each year on Mar. How do C corps file taxes?

corporation tax 52

corporation tax Tax income tax Non-Profits 52