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Ex-IRS Agent Accused of Filing Error-Filled Returns, Costing $42M in Lost Taxes

CPA Practice

TNS) A Kennewick tax preparer cost the United States $42 million in lost tax revenue between 2017 and 2020 after filing tax returns that were riddled with errors, fabrications and fraudulent entries, alleges the Department of Justice. Owen, CPA, at 100 N. By Annette Cary, Tri-City Herald, Kennewick, Wash.

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What is tax advisory?

ThomsonReuters

Let’s take a look at what tax advisory is and how you can take advantage of this approach to serving clients. What are tax advisory services? Typically, tax advisors have more experience and education than accountants and are well-versed not only in accounting, but in tax law, finance, and business strategy.

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Tax Partner Matters More Than Firm on Business Taxes

CPA Practice

Wilde’s team analyzed more than 94,000 tax returns of U.S. businesses with at least $10 million in assets that used an external tax preparer between 2005 and 2016. Wilde’s study, “Who really matters in corporate tax?” Most of the businesses—91%–were private and their data was provided by the IRS. The study found….

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The Best Small Business Bookkeeping Solutions

xendoo

Corporate tax preparation . Business Tax Preparation and Filings. Taxes represent a unique SMB bookkeeping demand. On the one hand, tax preparation is a yearly chore, but on the other hand, business tax codes can be complex, and ever-changing. . Financial statements .

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Some States Are Considering Shelving the Grocery Tax

CPA Practice

Almost all states have seen their budget surpluses grow in the past two years, thanks to federal COVID-19 relief funds and increasing corporate tax revenues as the economy recovers from the pandemic. Grocery taxes that remain are “there for a reason. States and localities sometimes struggle with which foods to exempt from tax.

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Tax Problem Resolution in the Inland Empire, CA

MyIRSRelief

Discuss Payment Options: If you owe taxes, discuss payment options with your advisor. Form 941 is used by employers to report income taxes, social security tax, or Medicare tax withheld from employees’ paychecks. Problems with payroll taxes are serious and require immediate attention.

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Steve Padgett’s Latest Updates on Small Business Tax Deductions

SkagitCountyTaxServices

Per the Treasury , the bill will target tax increases on big corporations (raising the corporate income tax — i.e. C-corps — to 28%, among other moves) while protecting the majority of small businesses (around 97%). First off (and most importantly), plan ahead.