ThomsonReuters

MARCH 1, 2024

What IRS tax forms do S corps file? Income Tax Return for an S Corporation, and Schedule K-1 ( Form 1065 ). Filing Form 1120-S automatically generates a Schedule K-1 form for each individual shareholder/partner. What are the tax advantages of an S corporation? S corps enjoy several tax advantages.

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Nancy McClelland, LLC

APRIL 11, 2023

What does this mean? What does filing an “extension” do? • Schedules K-1, corrected Forms 1099, etc.) My note: Your small business accounting file needs to be tied out to source documents and all adjustments booked before we will finalize a return, and there may be delays in this process due to a variety of issues.

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ThomsonReuters

APRIL 18, 2023

For accounting professionals, payroll services have long been viewed as a time-consuming, high-risk loss leader. To better help clients navigate payroll, it is important that accounting professionals understand some of the most common payroll mistakes and how to avoid errors before they arise. What are common payroll errors?

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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.

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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.

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ThomsonReuters

DECEMBER 10, 2020

2020 Form 5500, Schedules, and Instructions. The DOL, IRS, and PBGC have released informational copies of the 2020 Form 5500 series, including Schedules and Instructions. (As Here are highlights of changes relating to welfare and 401(k) plan filings: One-Participant Plans and Foreign Plans Must Use Form 5500-EZ. News Release.

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inDinero Tax Tips

NOVEMBER 4, 2021

Even if your books are perfectly accounted for, an IRS audit letter will fill anyone with a sense of dread. In this article, we will discuss what an audit is, why you might get audited, and how to prepare for an audit. In this article, we will discuss what an audit is, why you might get audited, and how to prepare for an audit.

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ThomsonReuters

OCTOBER 28, 2021

The expiration date does not align with some fiduciaries’ existing disclosure schedules or with their desire to satisfy the PTE’s retrospective review requirement on a calendar-year basis. from a 401(k) plan to an IRA) is in the investor’s best interest. 2 (“Who Is a ‘Fiduciary’ With Respect to an HSA?”).

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ThomsonReuters

APRIL 22, 2021

2021); Choosing the Right Person to Give You Investment Advice: Information for Investors in Retirement Plans and Individual Retirement Accounts (Apr. New Fiduciary Advice Exemption: PTE 2020-02: Improving Investment Advice for Workers & Retirees: Frequently Asked Questions (Apr. Investor Guidance. Compliance.

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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. . Want to Know How to File an Amended Tax Return?

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ThomsonReuters

JANUARY 14, 2022

Checkpoint provides local coverage on tax withholding as well as local coverage on assorted issues such local paid leave, predictive scheduling, and other local requirements. . From 401(k)s to SIMPLE plans to Roth IRAs to nonqualified deferred compensation plans, deferred comp was on your minds. . Unemployment taxes. Deceased wages.

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LyfeAccounting

JANUARY 19, 2021

That’s why in this post, I want to make sure everyone understands what they need to know about getting approved for the new PPP Loan. Just a little disclaimer though, this post is not financial advice and we always recommend you consult with your specific accountant or lawyer. ?. It’s finally happening! Feds recently seize $8.4

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ThomsonReuters

NOVEMBER 2, 2021

If you don’t know what kind of corporation your business is, call the IRS Business Tax Line at 800-829-4933. If you don’t know what kind of corporation your business is, call the IRS Business Tax Line at 800-829-4933. Does every corporation file income tax returns? Every company in the U.S. is a C corporation.

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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. Let us break down what estimated quarterly tax payments are.

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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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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. Let ’ s begin by taking a closer look at the basics of what defines a nonresident alien. . Table of contents: What is a nonresident alien? What is a nonresident alien?

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MazumaBusinessAccounting

AUGUST 12, 2021

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. If any legal issues arise, you will be held personally responsible and those debts will need to be paid from your personal account. General Partnership.

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LyfeAccounting

NOVEMBER 4, 2020

The form that should be filed every year by April 15th is Form Schedule C. Form Schedule C is not actually a separate business tax return. Form Schedule C is not actually a separate business tax return. A completed schedule C will show your sole proprietorship or single-member LLC’s income and expenses for the tax year.

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LyfeAccounting

MARCH 5, 2021

Tax Differences: What Are The Taxes Involved For All Entities? And they use Schedule C to report the business income or loss from your business. Each partner must receive a K-1, which basically reports what portion of profits they are entitled to. ?. Which business entity is going to save you the most money on your taxes?

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CTP

SEPTEMBER 16, 2022

While you may not have enough deductions to use Schedule A every year, you might benefit from “bunching” your deductions so that you use the standard deduction one year and itemize the next year. Countless moderate-income earners are utilizing the same strategies to reduce their adjusted gross income (AGI) and overall tax liability.

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CTP

SEPTEMBER 16, 2022

While you may not have enough deductions to use Schedule A every year, you might benefit from “bunching” your deductions so that you use the standard deduction one year and itemize the next year. Countless moderate-income earners are utilizing the same strategies to reduce their adjusted gross income (AGI) and overall tax liability.

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AdviceForTaxpreparers

JULY 29, 2019

Advice for Tax Preparers Making tax preparers lives easier one blog at a time HOME. Accounting Jokes, Videos, Puns and Humor. If you are going to be an accountant then you have to be able to laugh at yourself. Accounting and CPA Puns. Short Accounting and CPA Jokes. Famous Accounting Quotes. Miscellaneous.

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