Xero

MARCH 18, 2024

In Xero we’ve improved how you adjust your financial year-end settings. From April 2024, your sole trader and partnership clients will need to follow a tax year basis for Income Tax as part of HMRC’s Basis Period Reform. We explore how to prepare for Basis Period Reform and how Xero can support you.

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CPA Practice

JANUARY 18, 2024

In today’s fast-paced world, you are constantly juggling between client needs, regulatory demands, and staying abreast of ever-changing tax laws. Helping [your niche] stress less this tax season! Ready to check taxes of your to-do list? Saving [your niche] money one tax write-off at a time! link to your contact page] b.

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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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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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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. citizens living abroad, often referred to as expatriates or expats, are generally required to file U.S. income tax returns, just like individuals living in the United States.

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CPA Practice

FEBRUARY 15, 2023

You may not file Form W-4 with the IRS, but your payroll depends on it. Employers use Form W-4 to determine how much to withhold from an employee’s gross wages for federal income tax. This article first appeared on the Patriot Software blog.] Continue reading at the Patriot Software payroll blog.

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Xero

MARCH 13, 2024

Get up to date on your income by chasing any invoices from customers who haven’t paid yet, and square up anything you still owe. Evaluate your business expenses You may be able to claim business expenses in your tax return to reduce the total tax you need to pay. You may want to consult an accountant or bookkeeper for this step.

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ThomsonReuters

MARCH 5, 2024

Jump to: What is Form 1042 and who must file? What information is needed to file Form 1042? What are the new changes to 1042 filing requirements? with filing their returns In today’s global business environment, it is likely that your firm’s client base includes some who pay U.S.-sourced When is Form 1042 due?

Account 52

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ThomsonReuters

SEPTEMBER 12, 2023

How to manage state and local tax Do you have clients who live in one state but work in another state? If so, they may be able to lower income taxes through a state-by-state reciprocity agreement, should the agreement exist. In these cases, statutes may dictate which sources of income are subject to the agreement.

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TaxConnex

APRIL 20, 2021

This time of year, everybody’s mind is on income tax preparation. 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. Why should sales tax be any different? Managing a tax calendar. They turn to experts.

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ThomsonReuters

MARCH 1, 2024

Jump to: How are S corporations taxed? How can S corporations reduce their taxes? You may wonder how the S corporation taxation generally works. Are you really doing everything you can to reduce your tax burden? How are S corporations taxed? When are S corps taxes due?

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ThomsonReuters

NOVEMBER 15, 2023

Boat donation tax deduction What is the cost basis for non-cash charitable contributions? Tax deduction for donation of clothing What are the rules for non-cash donations? Can donated services be tax deductible? taxpayers are accurately valuing their noncash contributions and claiming the appropriate tax deductions.

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ThomsonReuters

DECEMBER 1, 2023

Therefore, helping business clients save money and reduce their tax burden by expensing property they’ve purchased for their company and claiming deductions for  depreciation  or  amortization  of assets is critical. Section 179 deductions are limited to annual taxable business income. Jump to: What is Form 4562? What is Form 4562?

tax return 97

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Shay CPA

JANUARY 17, 2024

The beginning of a new calendar year means every business owner needs to put some thought into tax filings. Beyond filing for your own company, you also have fast-approaching responsibilities pertaining to your employee’s taxes and their ability to file.

Delaware 52

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ThomsonReuters

JULY 25, 2023

Jump to: What is an overpayment on taxes? Overpayments and repayments in the current year Overpayments and repayments in subsequent years Preventing tax overpayments What is an overpayment on taxes? In simple terms, an overpayment on taxes is paying more than what is owed.

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ThomsonReuters

MARCH 5, 2024

tax system, including provisions affecting both individuals and businesses. tax system, including provisions affecting both individuals and businesses. “The TCJA, like most big tax laws, is like the spokes of a wheel,” John Rose, J.D., Director of Federal Tax Quality Control at Aprio, began.

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CPA Practice

FEBRUARY 10, 2023

By Jon Healey, Los Angeles Times (TNS) Accountants across California have been grumbling for weeks about the IRS’s refusal to clarify a key issue for state taxpayers: whether they’ll have to pay federal taxes on the state’s Middle Class Tax Refund. Instead, California billed the money as relief from the state’s high gasoline prices.

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California Tax income tax tax return 98

Nancy McClelland, LLC

APRIL 11, 2023

It’s that time again… Tax Day is upon us and millions of taxpayers will need to have their returns extended for various reasons. The AICPA has released a “Tax Extension FAQ” for CPA members to share with their clients. What does filing an “extension” do? • My note: In others, you must file a state extension.

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Tax tax return CPA Illinois 98

TaxConnex

SEPTEMBER 24, 2020

At this point, the majority of finance professionals understand the need to maintain sales & use tax compliance. Or you acquire a business that has done very little to manage sales and use tax compliance? In this blog, we’ll outline 5 steps that will put you on the right track to have your business prepped to maintain compliance.

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Sales Tax Start-ups audit 243

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, S corp, or LLC?

income tax 75

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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

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? Property donations. Stock or securities donations.

Tax 94

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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 7, 2023

When does a dependent have to file their own taxes? Helping clients with claiming dependents Tax software for claiming dependents on taxes From an accountant’s perspective, helping your clients navigate the various aspects of claiming dependents on taxes can be complicated.

Tax 52

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Xero

AUGUST 11, 2022

Frankly, you already have enough to remember, thanks to Making Tax Digital (MTD) for VAT and Income Tax Self Assessment (ITSA). Frankly, you already have enough to remember, thanks to Making Tax Digital (MTD) for VAT and Income Tax Self Assessment (ITSA). What is a UTR number?

income tax 77

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Withum

SEPTEMBER 14, 2022

Before this new funding, taxpayers of all stripes and income brackets enjoyed a period of very low audit rates due to the IRS’s shrinking workforce, which further exacerbated the audit statistics. While we’re waiting on the IRS to ramp up, now is a good time to take the opportunity to reassess your tax “strategies” and compliance.

Tax 105

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ThomsonReuters

JANUARY 9, 2024

Designed to prevent the practice of moving profits to lower tax jurisdictions, under the new “Pillar Two” rules , companies whose revenues exceed €750m will have to pay a minimum tax rate of 15% in each country where they do business. The new requirements are complex and still evolving.

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Tax Technology income tax audit 88

ThomsonReuters

AUGUST 25, 2023

How is software depreciated for tax purposes? Internal use vs. external use software Solutions for managing software depreciation for taxes In today’s tech-driven environment, companies need software to efficiently run their business, whether it is software they purchase from an outside source or develop internally.

Tax 97

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AdviceForTaxpreparers

JULY 29, 2019

Advice for Tax Preparers Making tax preparers lives easier one blog at a time HOME. I put together this post to bring together any funny and entertaining accounting and tax videos, puns, jokes, pictures, etc. You really know how to work your §751(c)s and (d)s. You really know how to work your §751(c)s and (d)s.

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SkagitCountyTaxServices

JANUARY 5, 2024

And one thing you should not procrastinate on this year is filing your Beneficial Ownership Information report (BOI). Filing started as of yesterday. Reach out if you’re not sure you need to file a report. I keep in mind my limits and then set the goal to push past those limits. So, what are some of your goals for 2024?

Tax 75

Tax financial statements Sales Legal 75

Xero

JUNE 18, 2023

It’s all part of our work to connect our practice tools, so that in the future, as you manage your clients’ tax obligations in Xero, the data flows seamlessly into our practice management tools. We’ve also included a Capital Gains report to show breakdown of disposals for Capital Gains Tax.

tax return 93

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ThomsonReuters

AUGUST 25, 2023

Jump to: What is tax depreciation on rental property? 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. million American tax filers declared rental income in 2019.

Tax 52

Tax Account accountant accounted 52

ThomsonReuters

MARCH 6, 2024

So, what are users searching for this tax season? According to our most recent analysis, some of the most searched terms within Checkpoint Edge are tax credits, Employee Retention Credit (ERC) , and the Inflation Reduction Act (IRA). However, Form 941-X may currently only be submitted by paper, increasing processing times.

tax return 52

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MazumaBusinessAccounting

AUGUST 26, 2021

Do you depend on the income from this activity? If your business doesn’t turn a profit for 3 out of 5 years (except in specific industries, like horse racing) then it is classified as a hobby and you can no longer claim tax deductions against other revenue. Janet is the blogger and owner of a lifestyle blog.

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ThomsonReuters

NOVEMBER 15, 2023

Jump to: Do charities get tax exemptions? How to file taxes for nonprofits What are the 501(c)(3) reporting requirements? Helping clients with Form 990 and charity exemptions Charities and nonprofits must comply with tax obligations in order to maintain their tax-exempt status. What is Form 990?

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Tax Non-Profits tax return accounting and finance 52

xendoo

AUGUST 24, 2021

Yet, every business owner faces the unique challenge of figuring out how to pay themselves. How much do you pay yourself? How do taxes factor in? Tax filing is simplified too! In this blog post, we will walk you through paying yourself as a sole proprietor! How Do I Pay Myself?

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