ThomsonReuters

DECEMBER 12, 2023

Jump to: What is needed to record lease liability? How do you calculate the lease liability? Putting it all together to record lease liability and right-of-use asset Lease liability reminders Under the ASC 842 lease standard, almost all leases are recorded on the balance sheet. Then, we record the lease asset.

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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. Next is the quarterly effective tax rate method.

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Tax income tax financial statements accounting standards 68

ThomsonReuters

FEBRUARY 8, 2024

Jump to: What are the main accounting assumptions? Going concern assumption: A closer look How do common accounting assumptions relate to GAAP? Accounting assumptions, along with accounting principles and concepts, provide professionals with the necessary framework for preparing financial statements.

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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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Sales Tax E-commerce general ledger 222

ThomsonReuters

OCTOBER 12, 2023

expats pay taxes? Paying taxes on money earned abroad Avoiding double taxation Helping clients who live abroad with their taxes U.S. income tax returns, just like individuals living in the United States. However, the tax obligations for expats can be different and more complex due to their international status.

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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.

Tax 110

Tax accounting and finance Manufacturing income tax 110

Shay CPA

FEBRUARY 28, 2024

Don’t shoot the messenger: it’s time to do your taxes. Plus, getting things in order before you go to your accountant can streamline the process, helping you avoid extra expenses like troubleshooting services from your bookkeeper or rush-order billable hours with your CPA. Very few founders enjoy doing their taxes.

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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.

income tax 52

income tax accounting standards Non-Profits accounting and finance 52

ThomsonReuters

MARCH 5, 2024

For many of these clients, navigating the tax-related complexities can prove challenging, especially in light of new Form 1042 filing requirements handed down by the IRS. Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons is the form used to report tax withheld on certain income of foreign persons.

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Account accountant accounted Tax 52

ThomsonReuters

DECEMBER 7, 2023

Amortization expense vs. depreciation expense Benefits of amortization and depreciation Managing tangible and intangible assets Business clients need a lot of assets to run their company and they turn to you for help in ensuring tax compliance and to mitigate their tax liabilities when acquiring property.

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Non-Profits Tax tax return Account 98

ThomsonReuters

APRIL 25, 2024

When it comes to navigating the tax landscape of 401(k) contributions and withdrawals, it’s important for accountants to stay informed and help clients make tax-efficient decisions during their retirement years. Jump to: Is a 401(k) pre-tax? Is there a 401(k) inheritance tax? Is there a 401(k) inheritance tax?

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Tax income tax tax preparation Account 52

ThomsonReuters

FEBRUARY 28, 2024

Alicia Shaul ’s path to accounting was less than traditional. A culture of happiness and growth In the six years after she became a CPA, Shaul worked at several accounting firms and experienced some less-than-ideal managers. As an undergrad, she majored in political science and pre-law. Clients loved this approach, Shaul says.

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cpa firm CPA Non-Profits financial statements 98

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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Tax tax return Technology income tax 110

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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ThomsonReuters

OCTOBER 19, 2023

The law was largely ignored by accounting professionals at first. This presents a unique opportunity for accounting firms and tax accounting professionals to enhance their revenue streams by diversifying their service offerings. Who does the Corporate Transparency Act affect?

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Non-Profits Tax accounting firms Account 111

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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Tax tax return income tax audit 98

ThomsonReuters

JUNE 29, 2022

This includes topics like worker status, the Fair Labor Standards Act (FLSA), and employment taxes, among others. July 31, 2022 (August 1, 2022 since the 31 st falls on a Sunday) is the due date for employers to report their second-quarter employment taxes (August 10, 2022 if all deposits and payments were made on time).

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payroll Tax tax return income tax 97

ThomsonReuters

MARCH 16, 2023

EBIA Comment: As a reminder, the IRS uses Letter 226-J to inform ALEs of their potential liability under Code § 4980H (see our Checkpoint article ). For more information, see EBIA’s Health Care Reform manual at Section XXVIII (“Shared Responsibility for Employers (Play or Pay Penalty Tax)”). Contributing Editors: EBIA Staff.

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ThomsonReuters

NOVEMBER 29, 2023

Most tax professionals know that dealing with forces beyond their control—and the costly disruptions they cause—is a way of life. Unfortunately, many tax departments are feeling a strain on their resources as a result of these events. This, in turn, puts tax departments at greater risk for even more audits and stiffer penalties.

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audit Technology Tax corporation tax 98

TaxConnex

APRIL 27, 2021

Sales tax obligations are getting more complicated for businesses of all industries. And it takes just a few mistakes to add up to a big liability and hefty fees. In this blog, we’ll talk to some of the common missteps businesses make when trying to manage sales tax on their own. Not evaluating economic nexus.

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Sales Tax Wisconsin Missouri 130

ThomsonReuters

SEPTEMBER 7, 2023

Jump to: What is the additional child tax credit? What is the additional child tax credit? The additional child tax credit is an extension of the child tax credit and is designed to assist families who might not fully benefit from the regular child tax credit due to their low tax liability.

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Tax tax preparation income tax tax return 52

Xero

JANUARY 30, 2024

Property investment accounting, or landlord accounting, manages your property portfolio assisting with tax compliance and return on investment. Know property investment accounting regulations and taxes To swim well, you need to know the strokes, and how to navigate the water. personal expenses from property use).

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SkagitCountyTaxServices

JANUARY 5, 2024

Now, now part one of this topic (which you can find in the blog archives) was about selling your business and some of the practical considerations that should play into decision-making. I’m here to pick up that subject again, this time addressing more of the financial elements, like taxes and business valuation.

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Tax financial statements Sales Legal 75

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.

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Tax Technology accounting firms income tax 97

ThomsonReuters

NOVEMBER 15, 2023

Jump to: Are political donations tax deductible? Are church donations tax deductible? Are GoFundMe donations tax deductible? Are donations to the ACLU tax deductible? Are donations to Planned Parenthood tax deductible? Are political donations tax deductible? Are PAC donations tax deductible?

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tax return Tax tax planning Education 98

DuctTapeMarketing

JULY 14, 2018

Cloud-based accounting software can provide a whole suite of tools to help business owners get ahead. Handle payments and manage accounts payable. Prepare the books for tax season. A growing number of small business owners are outsourcing their bookkeeping to cloud-based companies that wrap around accounting software.

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bookkeeping accounting and finance accounting software bookkeeping services 238

Withum

MARCH 7, 2024

Here are four ways to save on income taxes while providing contributions to your favorite charities. These loopholes are all fully allowable, but you should discuss them with your tax advisor before doing any of them. DAFs are an alternative to setting up a charitable foundation, which involves costs and annual tax filings.

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Tax income tax Start-ups Account 59

ThomsonReuters

SEPTEMBER 8, 2023

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. Which is better, a C corp or S corp or LLC?

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income tax Tax Legal tax return 75

ThomsonReuters

JUNE 16, 2023

Keeping pace with the ever-changing tax regulatory landscape can be difficult and time consuming. According to new data released in October 2022 by the IRS, tax gap estimates are on the rise. After a projection of enforced and other late payments totaling $70 billion, the net tax gap projection is $470 billion.

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ThomsonReuters

FEBRUARY 21, 2023

To help firms achieve greater growth and profitability , we will explore five ways accounting professionals can think like a marketer. Tax planning: Highlight the value-add expertise you provide. Your clients will take comfort in knowing that you are keeping pace with legislative developments that may impact their tax liabilities.

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TaxConnex

APRIL 20, 2021

This time of year, everybody’s mind is on income tax preparation. And for many accountants and CPA firms, this time of year means extra-long hours and more time spent managing clients’ finances. The fact is, when it comes to many companies’ federal and state income tax returns, they don’t rely on an automated income tax return.

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Sales Tax tax return income tax 139

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.

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Tax tax preparation Legal Account 59

ThomsonReuters

MAY 6, 2022

Many accounting firms provide invaluable services that go far beyond tax prep and financial reporting. For small to mid-size accounting firms that want to explore other revenue streams, accounting consulting services can be a great place to start. Building a well-rounded tax and accounting practice.

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accounting firms tax preparation Account accountant 93

ThomsonReuters

APRIL 21, 2024

For corporate tax professionals, navigating the ever-evolving landscape of tax codes and regulations is often a daunting task. This straightforward task becomes a monumental challenge when dealing with complex tax codes, global operations, and time constraints. To illustrate the scale of the challenge, in the U.S.

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Tax corporation tax Technology tax planning 52

ThomsonReuters

FEBRUARY 20, 2024

International GAAR rules Keeping up with tax avoidance regulation Abusive tax planning is not just a concern among U.S. tax authorities, it is a global concern. Governments around the world have long taken steps to crack down on tax evasion, such as using general anti-avoidance rules, better known as GAAR. Does the U.S.

income tax 52

income tax corporation tax Tax tax planning 52

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. What are the benefits of tax provision software? How can tax provision APIs streamline calculations?

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Tax general ledger corporation tax audit 92

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?

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Tax tax return income tax tax preparation 52