ThomsonReuters

JULY 7, 2022

OCR indicates that, except in the case of a law that expressly compels a covered entity to disclose PHI and is legally enforceable in court, these provisions permit but do not require covered entities to disclose PHI. Examples are provided of situations that providers may face in states where abortion is restricted or banned.

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LyfeAccounting

NOVEMBER 9, 2020

?. LLCs are by far the most popular entity type amongst small businesses. But what exactly are the benefits of an LLC? And more importantly, what are the tax benefits of choosing an LLC over another entity? It is not meant to take the place of legal and accounting advice specific to your business.

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ThomsonReuters

JULY 1, 2021

ANSWER: HIPAA’s requirements to safeguard protected health information (PHI) apply only to covered entities (health plans, health care clearinghouses, and most health care providers), not to employers acting in their capacity as employers. Due to the complexity of these laws, you should review their application with legal counsel.

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ThomsonReuters

OCTOBER 12, 2023

Jump to: What foreign assets should be reported to the IRS? What is Form 8938 and when is it required? 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. Generally, any U.S.

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Real Estate tax return Tax tax preparation 40

Nancy McClelland, LLC

DECEMBER 26, 2023

WHAT’S NEW (or isn’t) FOR 2023: – Beginning in 2022, the 1099-NEC was made so that it’s no longer year-specific; there are no changes to the form for 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.

bookkeeping 52

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Nancy McClelland, LLC

DECEMBER 26, 2023

WHAT’S NEW (or isn’t) FOR 2023: – Beginning in 2022, the 1099-NEC was made so that it’s no longer year-specific; there are no changes to the form for 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.

bookkeeping 52

bookkeeping tax return Non-Profits Tax 52

ThomsonReuters

DECEMBER 15, 2020

Companies face three main challenges when preparing to implement operational transfer pricing (OTP) technology—finance system and data issues, accountability questions, and continually changing compliance requirements. That is slightly changing, but ‘changing to what’ is the big question.” Who’s Accountable?

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Technology accounting and finance Tax Finance 52

LyfeAccounting

MARCH 25, 2021

As an accounting firm, we get asked all the time. “What should my business entity be? So for the people who are new, let’s start with… What is an LLC? Essentially, it is a business entity that you can set up for your business. So, it gives you this sense of security through having a legal shield.

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LyfeAccounting

OCTOBER 21, 2020

But what if I told you that it didn’t have to be this way. What if you actually looked forward to tax season every year? Alright, let’s get started by defining what a tax deduction is. What is a Tax Deduction? So the next logical question is, “what can you deduct?”. You may need some: legal advice.

business tax 52

business tax Tax tax return Education 52

LyfeAccounting

MAY 18, 2021

You have good intentions and want to do the right thing but not exactly sure of what to do. 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. 7 Tax Mistakes Business Owners Make.

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ThomsonReuters

NOVEMBER 2, 2021

For example, unlike a corporation, a limited liability company (LLC) is not a separate tax entity, so it does not pay federal income taxes (although some states do require LLCs to pay taxes). If you don’t know what kind of corporation your business is, call the IRS Business Tax Line at 800-829-4933. Every company in the U.S.

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tax return corporation tax income tax Tax 59

LyfeAccounting

JULY 20, 2021

You see, everyone talks about getting an LLC but not many people talk about what to do after you start an LLC. And this is kind of scary if you don’t know what to do. So in this post, we’re going to tell you what to do after you start an LLC. What to Do After You Start an LLC. We wish it was that easy, right?

income tax 52

income tax payroll tax accounting and finance Tax 52

LyfeAccounting

FEBRUARY 14, 2021

?. What is a CPA? And more importantly, what does a CPA actually do? What is it? What is a CPA? A CPA is a Certified Public Accountant. And by the way, an accountant is someone who is responsible for recording and interpreting financial information. CPAs are in the top-tier of accountants.

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ThomsonReuters

DECEMBER 7, 2022

To help accounting professionals, especially those entering the profession, this article will explore how fiduciary income tax is different from estate tax, who files a fiduciary tax return, what defines estates and trusts, and more. What is fiduciary tax? What is remaining then becomes taxable income f or the trust or estate.

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LyfeAccounting

JULY 19, 2021

But before we dive in, let us first briefly go over this… What Is An LLC and Do You Need One? This is simply because it separates the legal liability between your personal assets and your company’s assets (aka the rental property). Now whether or not you need an LLC really depends on your personal situation.

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LyfeAccounting

JUNE 30, 2021

Now, we know what you might be thinking, “ But I am just starting out and don’t have any of these things, plus I don’t have perfect credit either.” We know a lot of people start as sole proprietors or general partnerships, in which case they are not considered separate from their business. You’re not alone.

Real Estate 52

Real Estate financial statements accounting and finance Start-ups 52

LyfeAccounting

JULY 8, 2021

In fact, when we started our first business, the only money one of our founders had was a $250 deposit into a business checking account. It was just a deposit he had to make to ensure the account would get opened without incurring fees. So in this post, we want to share what we learned on how to start a business without money.

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ThomsonReuters

JANUARY 9, 2024

But what does that mean for your taxes? And what tax benefits and strategies are available to a C corp that aren’t available to an S corp or LLC? The IRS taxes C corps as “ separate taxpaying entities ” that engage in business, earn revenues, realize profits and losses, and distribute profits or dividends to corporate shareholders.

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ThomsonReuters

JANUARY 21, 2022

For many accounting firms, this could lead to new services being delivered or access to alternative market segments — both vital at a time when average revenue growth has slowed to 5.7% — the lowest in eight years according to the latest Rosenberg Survey. How do strategic partnerships drive new business for tax and accounting firms?

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MazumaBusinessAccounting

AUGUST 12, 2021

Among these decisions is which corporate entity is best for your business. In this blog, we will review 5 different types of business entities along with their advantages and disadvantages so you can decide which works best for your business. What are the roles and responsibilities of each partner involved?

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tax return Tax Legal business tax 98

inDinero Accounting

JANUARY 9, 2023

Table of Contents What Makes Accounting Services for Startups Different? Why Is Accounting Important for Startups? However, a lack of accounting experience and knowledge can be a hindrance, especially for startups which need to be agile and primed for rapid growth. What Makes Accounting Services for Startups Different?

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inDinero Accounting

JANUARY 9, 2023

What Makes Accounting Services for Startups Different? Why Is Accounting Important for Startups? How to Select the Right Startup Accountant. Getting Started with Startup Accounting. Getting into legal troubles. Accountants’ specialized knowledge can support your startup business in many ways.

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LyfeAccounting

MAY 12, 2021

Especially, the tax differences, and what you could expect to pay in taxes with each business entity type. To be fully transparent here, we are not lawyers and by no means giving you legal advice. Keep reading because this post will take a deep dive into LLC vs C-Corp, and also discuss which might be best for your business.

CPA 52

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LyfeAccounting

JULY 23, 2021

So today, we’re going to fully explain what 1031 exchange is, and how you can take advantage of it. Creating a wealth snowball effect all because you legally took advantage of the 1031 exchange. This is exactly what wealthy, successful real estate investors do to create wealth, and you should be aware of it.

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Real Estate Tax tax return cpas 52

LyfeAccounting

NOVEMBER 4, 2020

The only difference between a sole proprietorship and a single-member LLC is an LLC legally protects the owner’s assets in case of a lawsuit. Form Schedule C is not actually a separate business tax return. Sound good? Let’s get started! Types of Business Structures and Tax Filings For Each. The owner has limited liability.

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business tax Tax tax return payroll tax 52