Xero

DECEMBER 1, 2023

Following the Autumn Statement, you might be curious about the specific measures that impact Making Tax Digital (MTD). Especially since digital transformation is already underway, with Making Tax Digital for Income Tax on the horizon. Note – your clients will still be able to use three-line accounts with the new MTD rules in place.

Tax 88

Tax income tax bookkeeping accounting software 88

Xero

MARCH 13, 2024

Get up to date on your income by chasing any invoices from customers who haven’t paid yet, and square up anything you still owe. Save time on sending invoices and reminders in the new year by using an accounting software that does it for you. You may want to consult an accountant or bookkeeper for this step.

tax return 83

tax return bookkeeping accounting software payroll 83

Acterys

FEBRUARY 22, 2023

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. Type 1: Financial Statements Financial statements are a set of foundational reports that provide an overview of a company’s financial position and performance.

financial statements 130

financial statements accounting and finance Sales Finance 130

AdviceForTaxpreparers

SEPTEMBER 8, 2020

Advice for Tax Preparers Making tax preparers lives easier one blog at a time HOME. My name is Bill Meador and I am writing a book to help tax staff succeed in a public accounting firm tax department. At the moment, the only thing I need from you is your e-mail address so that I know you are interested in earning the income.

tax preparation 246

tax preparation Tax cpa firm CPA 246

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.

income tax 52

income tax accounting standards Non-Profits accounting and finance 52

Xero

JANUARY 31, 2023

This gives the account a different display name on reports and helps you enjoy better reporting from the start. Autocode incoming eInvoices — Australia & New Zealand You can now allocate a code to eInvoicing suppliers, so line items from that supplier are automatically coded when you receive the eInvoice.

payroll 91

payroll income tax Tax tax return 91

Xero

APRIL 13, 2023

The post A sneak peek into what’s next for reports in Xero appeared first on Xero Blog. Check out our reporting playlist on YouTube , visit the tips and tricks panel in our most used reports, or reach out to the team at Xero Central if you need support.

general ledger 130

general ledger Start-ups Tax Sales 130

ThomsonReuters

AUGUST 25, 2023

For professionals in the tax and accounting industry, there are multiple types of depreciation — namely, tax and book. This article will explore some of the differences and how accountants can better manage both book and tax depreciation. This ultimately reduces the net income reported by a company. What is book depreciation?

Tax 52

Tax tax return accounting principles Account 52

ThomsonReuters

NOVEMBER 15, 2023

For accountants, understanding the ins and outs of tax deductions for charitable contributions , including how to properly report monetary donations using Schedule A, is an essential part of tax planning for clients. Generally, the IRS allows you to deduct cash contributions up to 60% of your adjusted gross income (AGI).

Tax 94

Tax tax return tax planning income tax 94

Xero

APRIL 2, 2024

With batch payments, you can bundle several bills into one payment file before importing it into your bank account for processing. You can schedule payment dates in Xero and customise what details you want to appear on both your bank statement and your supplier’s. Here’s to making FY25 your best year yet!

Account 86

Account accountant accounted Tax 86

ThomsonReuters

APRIL 18, 2023

They rely heavily on cash flow statements and the expertise of their accountant to make informed strategic business decisions. Therefore, cash flow statements must be accurate. Cash flow statements are one of the three fundamental financial statements used, alongside income statements and balance sheets.

accounting and finance 59

accounting and finance accounts payable Finance Account 59

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. One End of Period Statement .

income tax 74

income tax Tax bookkeeping Education 74

Going Concern

OCTOBER 13, 2023

Big 4 alum and professor of accounting and finance at the College of Saint Benedict and Saint John’s University in Minnesota Boz Bostrom has penned a piece for the MNCPA blog on why, in his opinion and supported by research, the 150 hour rule must change. Louis, found that the 150-hour rule reduced those taking the CPA exam by 15%.

cpas 108

cpas Minnesota CPA Education 108

Ronika Khanna CPA,CA

NOVEMBER 17, 2023

In a recent study by H&R Block, nearly 28% of Canadians reported taking on a side hustle in the “gig economy” to boost their income. If you are a participant and earn income in any capacity that is not classified as employment income (i.e. Note that a credit card or bank statement showing the charge is often not sufficient.

Tax 52

Tax E-commerce audit income tax 52

FraudFiles

MAY 2, 2022

Miles Mason, a Memphis divorce attorney, has a great article on his blog called Grab the Documents: What Spouses Need to Copy for Divorce Lawyers. If you have access to any bank, credit card, or investment accounts online, it’s advisable to go into the accounts and download all available statements and supporting documentation.

Real Estate 52

Real Estate income tax tax return financial statements 52

ThomsonReuters

APRIL 6, 2023

Whether you’re an accounting student, a recent college grad, or a small business owner, you may have questions about what accounts payable is, how it works, and best practices. As an important indicator of the health of a business, accounts payable is a gauge of cash flow. Is accounts payable a revenue?

accounts payable 52

accounts payable Account accountant accounted 52

Xero

JULY 20, 2022

I’ve really missed the opportunity to connect in person with our amazing accounting, bookkeeping and app partner communities — especially on such a large scale. At Xero, we believe businesses of all sizes should have access to accounting technology, and that’s really been the driving force behind Xero Go. With around 2.6

bookkeeping 104

bookkeeping accounting and finance bookkeeping services income tax 104

Basis 365

MARCH 23, 2023

A balance sheet is a financial statement that shows your business's assets, liabilities, and equity at a specific time. This blog post will discuss the importance of an accurate balance sheet and why outsourcing accounting services can be the best option for businesses. Here are a few reasons why: 1.Expertise

financial statements 52

financial statements accounting and finance accounting standards accounting principles 52

Xero

MAY 27, 2022

If you’re a landlord , you’ll likely have felt the rumblings around Making Tax Digital for Income Tax Self Assessment ( MTD for ITSA ). . For example, if you’ve received income from shares in a real estate investment trust (REIT), you won’t have to comply. How can landlords calculate income for MTD?

income tax 66

income tax Tax tax return Real Estate 66

ThomsonReuters

MAY 13, 2021

To support your treatment of the reimbursement as nontaxable, however, you should consider requiring a statement from the employee as evidence of his diligent efforts to obtain the TIN. appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

income tax 87

income tax tax return Tax Account 87

ThomsonReuters

OCTOBER 20, 2022

For 2023, the monthly limit on the amount that may be excluded from an employee’s income for qualified parking benefits will be $300 (up from $280). The maximum amount of DCAP benefits that can be excluded from income has not been adjusted for cost-of-living changes (it is a non-indexed limit). Qualified Transportation Fringe Benefits.

Transportation 97

Transportation Tax income tax Account 97

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.

Account 59

Account accountant accounted tax preparation 59

Withum

AUGUST 23, 2022

Questions regarding lifestyle, assets, and liabilities can all point to a potential probe where the agent is attempting to document the taxpayer’s income and support needs. Indicators of Fraud – Income. Omitting entire sources of income. Failing to report or explain substantial amounts of income identified as received.

Account 59

Account accountant accounted tax return 59

xendoo

DECEMBER 6, 2021

In this blog post, we will help you strategically chart your path for success, so you can be ready for a new year of growth! Analyze your business’s performance from the previous year by reviewing your key financial statements. Click here for more details on the financial statements. . Xendoo can give you your time back.

bookkeeping 98

bookkeeping financial statements tax preparation online accounting 98

ThomsonReuters

MAY 4, 2023

The memo reconfirms that medical expense reimbursements from a health FSA are included in an employee’s gross income if the health FSA fails to fully substantiate any expense of any employee in accordance with IRS rules (see our Checkpoint article ). IRS Chief Counsel Memorandum 202317020 (Mar. The memo addresses six situations.

Expense Reimbursements 69

Expense Reimbursements audit Tax Sales 69

Xero

FEBRUARY 22, 2023

Catharines, Ontario, Canada, I learned what operating a small business was really all about through the lens of completing our family’s income statement of revenues and expenses each year, and working as a receptionist in my parents’ office each summer. You can always keep updated about what’s happening with Xero on the Xero Blog.

general ledger 77

general ledger accounting system Tax Account 77

xendoo

DECEMBER 15, 2021

In this blog post, we are exploring the top 5 benefits of catch up bookkeeping ! . The Opening Balance is the amount of money in your bank account at the beginning of a new financial period, such as the start of the month. The more up-to-date your books are, the more reliable your financial statements (and Opening Balance) will be!

bookkeeping 69

bookkeeping financial statements Tax bookkeeping services 69

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.

auditor 59

auditor Account accountant accounted 59

ThomsonReuters

FEBRUARY 1, 2024

Jump to: What are the GAAP accounting rules? Therefore, it is critical that organizations use standardize d accounting practices when reporting financial information to ensure the information is transparent, consistent, and comparable. Enter Generally Accepted Accounting Principles, more commonly known as GAAP. securities law.

Non-Profits 52

Non-Profits accounting standards Maine accounting and finance 52

Xero

JUNE 13, 2022

While here may not be the best place to ponder the ebb and flow of time, it is worth bearing in mind when assessing the April 2024 starting date for Making Tax Digital for Income Tax Self Assessment (MTD for ITSA). Affected taxpayers or their accountant or bookkeeper can submit quarterly updates for MTD for ITSA.

income tax 70

income tax Tax bookkeeping accounting software 70

Xero

JUNE 30, 2022

If you have up to 100 active tracking options in a single category in your organisation, you’ll now have the option to use our tracking common format report in the side panel of the Profit & Loss (Income Statement) report, rather than building it from scratch. Company accounts tax. Transactions by contact. Personal tax.

general ledger 98

general ledger Non-Profits tax return Tax 98

ThomsonReuters

FEBRUARY 24, 2023

Schedule K-1s, which are tax forms used to report a partner’s or shareholder’s income, losses, capital gain, dividends, etc., K-1s are tax forms that are used for business partnerships to report to the IRS a partner ’s income, losses, capital gain, dividends, etc., Is Schedule K-1 considered income? taxpayers each year.

Non-Profits 59

Non-Profits tax return Tax income tax 59

ThomsonReuters

MAY 17, 2022

In truth, we know that self-employed workers should be reporting income from their side gigs, whether it’s reported to the IRS on a Form 1099 or not. For example, freelancers who make money from Etsy businesses or driving for Uber should have been paying taxes on net business income all along. Start Tracking Deductions.

Tax 105

Tax tax return income tax Start-ups 105

ThomsonReuters

OCTOBER 12, 2023

For accountants, understanding how to navigate foreign asset reporting is essential, as the IRS requires taxpayers to report certain foreign assets to ensure compliance and combat tax evasion. It is filed with their annual federal income tax return if they meet certain criteria. Report to the Foreign Bank and Financial Accounts (FBAR).

Real Estate 40

Real Estate tax return Tax tax preparation 40

Acterys

JUNE 16, 2023

In this blog, we will delve into the world of financial budgeting, planning, and forecasting and provide practical tips and strategies to take control of your business’s financial health. Estimating income & revenue Building a budget requires a clear estimation of cash in-flow for a specific period.

Finance 130

Finance accounting and finance Sales Start-ups 130

Ronika Khanna CPA,CA

FEBRUARY 10, 2023

If you are an unincorporated business owner you are required to report the revenues/sales generated from your business activities and are entitled to claim business related expenses against the income. Essentially, the documentation that you require to support your business declaration is evidence of your income and expenses.

tax return 52

tax return Tax accounting software business tax 52

MazumaBusinessAccounting

MAY 10, 2021

Even though we’re accountants, we get that financial reports aren’t at the top of every small business owner’s to do list. But whether you keep your own books or employ the services of a bookkeeper or accountant, understanding the numbers can help your small business just as much as it could help a large corporation.

bookkeeping 98

bookkeeping accounting terms business accounting Account 98