ThomsonReuters

AUGUST 25, 2023

Jump to: What is tax depreciation on rental property? What are the depreciation systems? How is depreciation taxed on the sale of rental property? How do you avoid depreciation recapture tax on rental property? There are also tax benefits to be gained. In fact, IRS data revealed that roughly 10.6

Tax 52

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Inform Accounting

JULY 25, 2023

The main residence exemption applies for capital gains tax purposes to the extent that a property is used as the taxpayer’s only or main residence. The gain relating to the business part is liable to capital gains tax. The room accounts for one-tenth of the floor area in her home.

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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.

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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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CPA Practice

NOVEMBER 14, 2023

13-15, more than 2,500 accountants learned about many new product and feature innovations that will help them serve their clients through the QuickBooks Online ecosystem. Our 2023 event doubled down on how AI-driven innovations can help accountants and the small businesses they serve gain insights to make more informed business decisions.

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ThomsonReuters

AUGUST 1, 2022

The public perception of accountants is typically described as compliance processors or number crunchers—people who balance books and prepare tax returns. Unfortunately, this limited view clouds the true value of accounting professionals and can lead to some people choosing do-it-yourself tax software.

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tax return Tax Account accountant 97

Inform Accounting

MAY 3, 2022

Consequently, as nothing is received in return it would, at first sight, seem unlikely that making a gift could trigger a capital gains tax liability. Unfortunately that is not the case and the making of a gift can, in certain circumstances, give rise to a capital gains tax liability. Market value.

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Tax tax planning tax return Government 52

Menzies

DECEMBER 11, 2023

Menzies LLP - A leading chartered accountancy firm. However, transformation comes at a significant cost and feasibility will need to be investigated with consideration of both available tax reliefs and timing of investments. What tax reliefs are available for Warehouse of the future projects?

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ThomsonReuters

DECEMBER 19, 2023

Jump to: What are green taxes? How are environmental taxes calculated? Current ESG tax credits and initiatives What are the benefits of an ESG tax strategy? Accountants play a critical role in helping their clients navigate ESG tax credits and green taxes. What are green taxes?

Tax 52

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ThomsonReuters

JANUARY 12, 2023

When it comes to cryptocurrency, there are many unknowns around accounting, audit and assurance. Adding to the complexity is the fact that most taxpayers are unaware of the potential tax consequences of crypto. . So, what can accountants do to prepare for crypto audits? . Implement crypto tax reporting software.

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Ryan Lazanis

FEBRUARY 14, 2023

Then you’ll want to read the rest of this article on SEO for accountants. In this article, you’ll find out: What SEO for accountants is Why it’s important for your firm’s growth 14 practical tips & tricks to boost your website to the top of Google Let’s go! What is SEO for Accountants?

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ThomsonReuters

AUGUST 3, 2023

As a result of the explosion of new tools and software available, accounting firms have a significant opportunity to improve their reputational status through enhanced advisory service offerings. Changes to indirect taxes are raising questions and organizational challenges. This additional value is not captured in hourly pricing.

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Technology accounting firms Tax Account 98

Inform Accounting

MARCH 21, 2023

In this blog we set out some of the main tax rates. INCOME TAX The personal allowance and basic rate band threshold are now frozen in place until 5 April 2028. As earnings increase, individuals will move into higher tax bands. These allowances are in addition to the personal allowance and attract a 0% rate of income tax.

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LyfeAccounting

MAY 13, 2021

If you’re thinking about selling real estate, one thing that you need to keep in mind is the amount of taxes you’re going to pay on that sale. Uncle Sam’s piece of the pie is called the capital gains tax. And the capital gains tax on real estate works a lot differently than other forms of taxes.

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ThomsonReuters

JUNE 16, 2023

Many of today’s tax and accounting practices are struggling with strained firm capabilities. Based on the findings, the top challenge for accountants is recruitment/retention, at 36 percent. What is firm capability? What are the consequences of staff strain? What are the consequences of staff strain?

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accounting firms Account accountant accounted 98

Ryan Lazanis

SEPTEMBER 19, 2023

In this post, we’ll discuss key considerations for effective accounting website design and showcase a variety of inspiring examples that can guide your own creative approach. Remember, clients always look for what’s in it for them. Let’s go! If you just talk about yourself, your values, etc.,

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ThomsonReuters

JULY 11, 2023

Accounting professionals have long been trusted advisors for their clients. That relationship was shifted into higher gear by the onset of the COVID-19 pandemic as many companies turned to their tax and accounting professionals to help keep their businesses afloat. What are the paths to advisory services?

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tax preparation tax planning Tax CPA 75

ThomsonReuters

JULY 6, 2023

In today’s ultra-competitive business landscape, being an accountant means far more than preparing tax returns or compiling financial statements. But what does accounting advisory mean and how can your firm take advantage of this unique opportunity to showcase your knowledge and build deeper relationships with your clients?

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PASBA

SEPTEMBER 25, 2019

The competition for accounting clients can be as intense as in any other industry. That’s why it makes sense to pay attention to client services and frequently expand or improve what your firm offers. Your accounting clients may have the mistaken idea that you can only help them at tax time. Excessive business debt.

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LyfeAccounting

MARCH 31, 2021

When it comes to investing in cryptocurrencies like Bitcoin and Euthereum, it’s common to think about the massive gains you can get. But, you should also consider the possibility of paying taxes when you sell your cryptocurrency. How Do Cryptocurrency Taxes Work? How Much Will You Pay in Cryptocurrency Taxes?

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ThomsonReuters

FEBRUARY 24, 2023

This is due, in part, to a growing number of private equity firms entering the accounting market. As Allan D. Koltin, CEO of Koltin Consulting Group, explained, private equity firms perceive accounting firms as being low risk, high reward. How does integrated technology make firms attractive to buyers or venture capital?

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accounting firms Account accountant accounted 59

inDinero Tax Tips

DECEMBER 13, 2020

Before we bid this abysmal year farewell, let’s talk taxes. Do you think tax rates will go up in 2021? If the US House, Senate, and president all agree to raise (cap gains) taxes in 2021, and. As it stands, we’re not time-travelers or Dr. Who, sadly, so we don’t know what the future brings. Absolutely not!

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ThomsonReuters

JUNE 28, 2023

What is the role of innovation in auditing? What are the benefits of using technology to enhance the auditing process? By capitalizing on technology and data analytics, audit firms can innovate while still providing quality service standards. The advantages of using technology to enhance the auditing process are undeniable.

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audit Technology auditor Start-ups 98

LyfeAccounting

MAY 5, 2021

Now there’s been a lot of talk from the President about raising the capital gain tax rate from 20% to 39.4%. And it’s suggested that the proposed rate would be one of the highest capital gains tax hikes we’ve seen in the last 100 years. But, the capital gains tax extends beyond just real estate.

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ThomsonReuters

NOVEMBER 15, 2023

Jump to: Which donations are tax deductible? Charitable contributions from IRAs How much of a donation is tax deductible? In addition to helping our communities, these donations can also lead to significant tax benefits. Which donations are tax deductible? Stock or securities donations.

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Xero

SEPTEMBER 8, 2022

A public blockchain is like a universal accounting ledger where all parties transacting in the ecosystem have agreed to use the same transparent reporting standards across all entities. Accountants would be able to see transactions in real time and verify records via a trusted audit trail.” .

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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, however, are quite different and can come with some complexities for tax and accounting firms. What is Schedule K-1? from the partnership for the tax year.

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Non-Profits tax return Tax income tax 59

ThomsonReuters

OCTOBER 12, 2023

Jump to: What is foreign income? What is FEIE? How to report foreign income What is Form 1099-DIV? Tax implications for owning property abroad What is FATCA? Helping clients with foreign income tax forms For U.S.

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Tax tax return income tax Real Estate 40

ThomsonReuters

MARCH 13, 2023

”   Just a few months later, Lightyear Capital announced that it was buying into Schellman & Co., These investments marked a notable transformation in the profession, with the realization among private equity firms that investing in large accounting firms can yield great returns.

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Technology accounting firms Tax audit 59

Inform Accounting

NOVEMBER 18, 2022

We already knew that he was going to raise taxes and reverse most, if not all of the Truss Budget. What this means is that we are back in Austerity 2.0 The leaked and previously announced tax increases are still going ahead…. Corporation tax from April 1 2023 to increase to 25% for companies with profits over £250,000.

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Tax income tax tax return corporation tax 52

Inform Accounting

APRIL 19, 2023

Like many other taxes, inheritance tax (or IHT) allowances have been frozen. Data from HMRC has revealed that Inheritance tax collected between April 2022 and February 2023 totalled £6.4bn, which is £900m higher than the same period last year. How can you reduce your inheritance tax bill? There is another way to give.

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ThomsonReuters

JANUARY 12, 2023

The primary role of an accountant is to handle a variety of tasks including tax preparation, financial planning and audits. . With advanced technology shifting the way accountants work, many are looking to expand into specialized services that can give them a leg up on the competition. Financial statements (i.e.,

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audit auditor Account accountant 59

Menzies

MARCH 6, 2023

Menzies LLP - A leading chartered accountancy firm. Blog Self employment income support scheme (SEISS) Updated 12/07/2021 – see whether you may qualify read more Gifting assets – is now the right time? For tax purposes, the larger the amount given away, the larger the potential tax liability. Outright gifts?

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Inform Accounting

OCTOBER 27, 2022

We all have to pay taxes. But what if we told you there are several strategies you can adopt to help reduce the amount of tax you pay? Because we are sharing six tips to help you save tax and get the most for your money! Hire an accountant First and foremost, we strongly recommend hiring an accountant.

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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. FP&A teams are responsible for creating financial statements at the end of the accounting cycle. Here are some examples of financial statements: 1. Cash Flow Report in Acterys 4.

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Going Concern

APRIL 21, 2022

Pop quiz, CPAs: What do you tell a client who asks you about the tax benefits of direct indexing? If you’re reading this in the bathroom right now after searching “what is direct indexing tax benefits PLEASE HELP ME OH SEARCH ENGINE GODS and I promise never to Google myself again,” then this article is especially for you.). (If

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cpas Tax income tax Sales 52

LyfeAccounting

JULY 11, 2021

So if you are working in a foreign country or you are investing in a foreign country, like in their stocks, and you are getting taxes like capital gains taxes… …then you’re going to want to learn about the foreign tax credit. What is a Foreign Tax Credit? Let’s dive in!

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