article thumbnail

Exploring key 2024 tax bill proposals

ThomsonReuters

Client guidance: Firms must be prepared to address clients’ concerns and provide insights into the potential impacts of estate tax repeal on their financial goals and legacies. Also, the act addresses the use of optical character recognition (OCR) software. What does this mean for my firm?

Tax 110
article thumbnail

Small Business Tax Deductions: Pay Less in Taxes with Business Deductions in 2020

LyfeAccounting

So I’d say, learn how to use small business tax deductions to lower your liability. Because you definitely don’t want to spend more in taxes for another year. In these times, whether your business is on the ropes or booming, you want to take advantage of deductions. Keep in mind, we’re talking about a business location.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

K-2 & K-3 Requirement Issues For Small Businesses

Nancy McClelland, LLC

The domestic partnership or S corporation has no knowledge that the partners or shareholders are requesting such information for tax year 2021. 4) If even one of the partners or shareholders plans to or is required to report foreign tax credits on Form 1116, Foreign Tax Credit , the Partnership or S-Corp must prepare Schedules K-2 and K-3.

article thumbnail

Keeping Pace With Corporate Income Tax Filing Season

ThomsonReuters

As the effects of the pandemic continue to reverberate through the economy, resource-constrained corporate tax departments are unceasingly adapting to change — including new regulatory requirements, new ways of working, extended tax deadlines, Covid tax relief provisions and, now, the demands of a busy tax-filing season.

article thumbnail

IRS To Launch Online Registration Portal For EV Dealers

Withum

2023-33 on October 6, 2023, with additional information on how individuals buying used or new electric vehicles (EVs) can transfer a federal income tax credit to the auto dealership at the time of purchase, as opposed to claiming the credit on their federal income tax return.

article thumbnail

Hidden Gems of the Tax World: Reviewing Tax Credit Basics with Your Clients

CTP

Taxpayers also may be unaware of the rules surrounding tax credits—for instance, that if they learn after the fact they were eligible for a tax credit, they may still be able to claim it by submitting an amended tax return.

Tax 97
article thumbnail

How to Survive Tax Busy Season: Tax Season Tips and Apps

Snyder

The general workload of the busy period includes getting the end-of-year info from clients, reconciliation, working with tax receipts, income reporting slips, preparing for tax returns, and more. But first, let’s ask an expert about the challenges that professional accountants face during this busy season.

Tax 52