TaxConnex

NOVEMBER 16, 2021

The explosive growth of online sales means that state and local governments are searching for ways to recoup the tax revenue that they have determined they are owed. States are eager to take a portion of these sales and include them in their general tax revenues. In 2018, the landmark Supreme Court decision South Dakota v.

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South Dakota E-commerce Rhode Island Illinois 163

Ronika Khanna CPA,CA

NOVEMBER 17, 2023

Airbnb Task based platforms e.g. taskrabbit or pet sitting services E-commere selling e.g. ebay, Amazon and affiliate programs Writing/Blogging which generates revenue either by selling articles to publications or via ads on their website Virtual assistants, online surveys, tutoring etc. Onlyfans would be an example of this.

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Tax E-commerce audit income tax 52

Ronika Khanna CPA,CA

SEPTEMBER 1, 2023

I suppose it has something to do with an affinity for organization combined with a love of numbers and the innate desire to solve problems. As an accountant and financial consultant , I am often presented with the task of organizing and analysing data into a format that allows for greater insight into my clients businesses.

accounting software 72

accounting software accounting and finance tax return Start-ups 72

Ronika Khanna CPA,CA

JUNE 30, 2023

As an accountant and small business financial consultant, one of the most common areas of confusion and questions by small business corporation owners revolves around how to pay themselves and if one way is preferable to another. You borrow money from the corporation as and when needed.

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tax return Non-Profits income tax Tax 52

ThomsonReuters

JANUARY 28, 2022

Tax season is a critically busy time of the year for accountants, and we all know the stress that can come with such a high demand for services during that part of the year. But for some tax and accounting firms, the high volume of clients from January to April represents the majority of their business for the year.

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ThomsonReuters

JULY 10, 2023

Sales tax vs. use tax Summary Sales tax, which is a consumption tax levied on the sale of goods and services, is an important source of revenue for governments at the state and local levels. Understanding the basic rules of sales and having the right tools and solutions in place can help businesses better navigate the complexities.

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ThomsonReuters

MAY 12, 2022

What triggers a sales tax audit and how do you reduce the risk of an audit? A sales tax audit determines whether a business has collected and paid the correct amount of sales tax owed to the state for taxable transactions. How do you prepare for a sales tax audit? What is a sales tax audit?

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audit Sales Tax auditor 105

ThomsonReuters

JULY 10, 2023

Sales tax vs. use tax Summary Calculating, collecting, and reporting sales tax and use tax can get complicated as a business grows, and it can be easy to confuse these two types of indirect taxes. They are an important source of revenue for the government and every state with a sales tax also imposes use tax. What is use tax?

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ThomsonReuters

JULY 10, 2023

Sales tax vs. use tax Summary Sales tax and use tax are important sources of revenue for the government but properly calculating, collecting, and reporting these taxes can quickly get complicated. Use tax is a tax that is imposed on the use, storage, or consumption of goods and services that were purchased without paying sales tax.

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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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Account accountant accounted tax return 88

ThomsonReuters

JUNE 16, 2023

Do you know how to spot it? How widespread is corporate fraud? Clearly, it is important that accounting professionals have an understanding of accounting fraud and how to spot deceptive accounting practices. What is accounting fraud? There are gray areas. But the price was $50 at year end.

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ThomsonReuters

APRIL 4, 2024

Under these rules, multinational companies with revenue of more than €750 million have to pay a minimum rate of tax, wherever their profits are booked. So what do you do? You have to do more with less. You have to build your own solution ecosystem so that you can meet all the needs.

Technology 52

Technology Tax tax return Government 52

Acterys

FEBRUARY 22, 2023

To deal with economic and market turbulence, businesses must create well-rounded financial plans and monitor business performance against targets regularly. FP&A teams play a key role in ensuring the financial stability of a business. Here are some examples of financial statements: 1.

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financial statements accounting and finance Sales Finance 130

ThomsonReuters

JULY 6, 2023

If you are an accounting professional who has been contemplating a change in career path, you’re not alone. Accountants have the knowledge and experience necessary to work as trusted advisors to the public or within a company, so your certification qualifies you for a variety of career paths. But where do you start?

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Snyder

MAY 27, 2022

When starting a business, all the paperwork and accounting may seem daunting. You have to analyze every step and decision you’ve made to plan where you want to be in the future and what you need to do right now. No matter how large or small your business is, managerial accounting will help you gain profit.

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managerial accounting financial accounting Account accountant 98

ThomsonReuters

AUGUST 15, 2023

Jump to: 1: Unlock the benefits of value-based pricing 2: Gaining an advisory service advantage with client-centric services 3: Getting ahead with Practice Forward As the accounting industry continues to evolve, it is important for accounting firms to understand the benefits that advisory services can offer.

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accounting firms Account accountant accounted 52

Shay CPA

FEBRUARY 14, 2024

Or you might be feeling stressed because you don’t know what to expect. By giving you a heads-up in some key areas, we can make filing your tech company’s 2024 taxes a whole lot easier — and less stressful. He teed up a few tips to help you avoid unwelcome surprises as you navigate your 2024 tech company tax filings.

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Snyder

OCTOBER 27, 2022

When you’re an e-commerce business owner, setting up your online store with Etsy sounds like a great option for creating an additional revenue stream, with over 96 million active buyers across the world purchasing goods on the platform. This blog will teach you how to receive payments on Etsy , both including and apart from PayPal.

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Inform Accounting

APRIL 21, 2022

Properties need to be maintained, and it is easier to undertake any work that may need doing, such as redecoration, while the property is empty. However, if costs are incurred while the property is not let, can you deduct the costs for tax purposes? General rule. Empty periods. Repairs v improvement. Need tax planning support?

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tax planning tax return Tax Government 52

ThomsonReuters

SEPTEMBER 8, 2023

Jump to: What are the main types of business ownership? 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.

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income tax Tax Legal tax return 75

ThomsonReuters

FEBRUARY 6, 2024

This is the opposite of indirect tax, which is a tax levied on goods and services and can be passed on to another entity or individual. While some have to calculate their income tax provision , some U.S. businesses are not subject to corporate income tax because they are taxed as “ pass-through” entities (i.e.,

Tax 52

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Ronika Khanna CPA,CA

FEBRUARY 10, 2023

One of the major ones is ensuring that you are aware of, and fulfill, your tax obligations on a timely basis. In the beginning these tax obligations can seem mystifying and somewhat overwhelming, but once you understand what needs to be done, the enigma surrounding the process dissipates and it tends to become routine.

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tax return Tax accounting software business tax 52

ThomsonReuters

AUGUST 2, 2023

The purpose of the OECD’s Global Minimum Tax (GMT ) is to make it harder for large MNEs (those with more than €750 million in revenues) to avoid taxes by shifting profits to jurisdictions with lower tax rates. What are the business implications of the OECD’s Pillar 2 GMT rules? Unlike the OECD’s Pillar 1.0, Pillar 2.0

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corporation tax Tax financial statements Government 98

ThomsonReuters

APRIL 18, 2023

For business owners, payroll is complex and often their greatest expense. For accounting professionals, payroll services have long been viewed as a time-consuming, high-risk loss leader. Payroll errors are certainly a real concern, but with the right tools and resources in place, payroll services can be a growth opportunity for firms.

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payroll payroll tax Tax audit 107

inDinero Accounting

APRIL 8, 2023

As a founder, operations or finance manager, you’ll be faced with a myriad of pivotal choices on a daily basis. Your choice between accrual vs cash will affect your business in several ways. Second, it will modify the timing of your tax liability for earnings and when you can declare expenses.

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accrual accounting Account accountant accounted 52

inDinero Accounting

FEBRUARY 28, 2022

When it comes to cash vs. accrual accounting, any financial advisor will tell you that accrual is the way to go. While cash accounting may be easier, accrual accounting gives you a better picture of your business’s operations and financial position. In fact, many business owners don’t even know there’s any other way to do it.

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accrual accounting Account accountant accounted 52

ThomsonReuters

FEBRUARY 15, 2023

property taxes, which help fund roads, schools, emergency medical services, and other services, are a vital source of revenue for state and local governments. Property tax rates vary greatly among states and localities and can have a major impact  on business investments and where people decide to live.

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Tax Real Estate Kansas South Dakota 52

Snyder

FEBRUARY 12, 2023

Payroll taxes can be daunting for employers to calculate and pay. The only thing that a business owner wants is to nail the tax season. To do that, employers need to be aware of the process and their responsibilities from understanding how payroll taxes are calculated to filing the appropriate paperwork.

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payroll tax payroll Tax income tax 52

Snyder

JANUARY 8, 2023

What does it mean for small businesses? You guessed it! This article answers the questions for anyone curious about how to start a dropshipping business: What is dropshipping? How does it work? How can you find a dropshipping niche? Are you in? What is a dropshipping business?

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E-commerce Non-Profits Start-ups Maine 98

Snyder

JUNE 13, 2022

Tax calculations can be tedious and complicated, and if you’re not careful, your Shopify store might run into legal troubles. To prevent that from happening, we’re here to answer another popular question asked by many new Shopify store owners–do you need an EIN for Shopify? Wondering how much Shopify is?

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payroll payroll tax Tax Legal 52

Ronika Khanna CPA,CA

APRIL 14, 2022

Being a small business owner comes with challenges, not the least of which is doing your taxes. While most Canadian taxpayers have relatively simple tax returns that can easily be completed using software, small business owners have the additional burden of reporting details relating to their businesses.

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Tax tax return business tax accounting and finance 52

ThomsonReuters

NOVEMBER 10, 2020

Are you owed a tax refund? Department of the Treasury and the Internal Revenue Service issued the final regulations regarding the election to exclude high-tax Global Intangible Low-Taxed Income (GILTI) from a U.S. FTC calculations. The synergy between systems allows more time to review and optimize calculations.

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Tax income tax Technology tax return 52

LyfeAccounting

JANUARY 6, 2021

lot of businesses mistake profit and cash flow for being the same thing. Getting this wrong can be the reason your business fails. Because over 90% of businesses fail because they run out of cash, not profit. There are many unprofitable businesses that are still standing. You see, you can EARN money but never receive it.

CPA 52

CPA accounting and finance financial statements Finance 52

Menzies

JULY 25, 2023

Digital Transformation and ESG are two hot topics amongst developing businesses right now. In this blog we’re going to explore why that is, and why you should know about them. Digital Transformation Over the last few years, we’ve seen a major increase in businesses adopting Digital Transformation.

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Technology chartered accountant Construction Start-ups 40

Snyder

NOVEMBER 10, 2022

The biggest tax season challenge for a small business is tax preparation and filing. If you want to harness the tax game and avoid losing money, employing tax preparation software for a small business can be a game changer. You can start with something simple. Top tax preparation software for small business owners.

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tax preparation Tax tax return accounting software 52

LyfeAccounting

NOVEMBER 10, 2020

More than half of all businesses in the United States are now home based. And if you own a home-based small based business or thinking about starting one, I can see why. You get to skip the puzzle of getting to work on time. And best of all, you get to save on taxes. How to Claim Home-Based Business Tax Deductions.

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business tax Tax Entertainment accounting and finance 52

ThomsonReuters

NOVEMBER 10, 2022

Are you underpaying or overpaying some taxes? Are you spending too much time fixing errors? Are manual processes slowing you down? Are your systems 100% reliable, and if not, how much is down-time costing the company? Accelerating speed to market on new products/services. How are these savings achieved?

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