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S Corporations: Tax Preparation, Tax Planning, and the Benefits of Professional Tax Help S Corporations , often referred to as S Corps, are a popular business structure in the United States, particularly among small to medium-sized businesses. However, navigating the tax landscape for S Corps can be complex.
A new survey from Big Four firm EY reveals that CFOs’ and corporatetax leaders’ stances on generative artificial intelligence have shifted over the past year—from mostly negative to mostly positive. Tax departments are expected to be the leaders for most organizations as they move quickly along the GenAI maturity curve.
Tax IRS Tax season TaxreturnsTax regulations MORE FROM ACCOUNTING TODAY Practice management BDO names Matt Becker next CEO Matthew Becker, BDO USAs national managing principal of tax, has been ratified by a principal-wide vote to succeed Wayne Berson as the firms next CEO, effective July 1, 2026.
The current list of eligible localities is on the IRS Tax Relief in Disaster Situations page.) 3 deadline for both states applies to individual income taxreturns and payments normally due on April 15, 2025. Calendar-year corporation and fiduciary returns and payments normally due on April 15, 2025. 15, 2025.
Simpler Compliance: There are fewer formalities compared to corporations, such as no requirement for a board of directors or annual meetings. Pass-Through Taxation: Profits and losses can be passed through to the member’s personal taxreturns, avoiding double taxation.
Understanding IRS Penalties and Interest The IRS imposes penalties and interest to encourage compliance with tax laws and to compensate for the time value of unpaid taxes. Common penalties include: Failure-to-File Penalty : Assessed under IRC § 6651(a)(1) for failing to file a taxreturn by the due date.
EDT 1 Min Read Facebook Twitter LinkedIn Email Tax management platform Instead launched artificial intelligence-driven tax reports, harnessing AI to analyze full taxreturns to glean tax strategies and missed opportunities. All rights reserved.
Flexibility: Easier to form and manage compared to corporations. Tax Benefits: Pass-through taxation avoids double taxation. Example: A large law firm operates as a PC to take advantage of corporatetax benefits and limited liability, while adhering to state regulations for professional corporations.
Instead launches tax reports feature Valery Kachaev Tax management platform Instead launched an AI-driven tax reports feature. This feature is now available to eligible merchants in the United States using Shopify Tax. … All rights reserved.
Get help today by calling us at 1-877-78-TAXES [1-877-788-2937]. Personal Tax Preparation Personal tax preparation is one of the most common services provided by Enrolled Agents. This service involves preparing and filing individual taxreturns, ensuring that all income, deductions, and credits are accurately reported.
TaxConnex ( [link] ): Your e-commerce clients can create problems with sales tax obligations in several ways. The latest potential pitfall in this series: filing of taxreturns. The Tax Times ( [link] ): The Tax Courts decision in Smith v. All rights reserved.
By Daniel Hood 35m ago Technology Instead adds AI-driven tax reports The reports harness artificial intelligence to analyze full taxreturns to glean tax strategies and missed opportunities. All rights reserved.
Partnership Tax TRP Remove Treas. 1.6011-18 (Basis Shifting TOI Regulations) from the Income Tax Regulations (26 CFR part 1). Trust, Estate, and Gift Tax TRP Provide for the ability to e-file the following: Form 706, U.S. Estate (and Generation-Skipping Transfer) TaxReturn Form 706-NA, U.S. Form 709, U.S.
By Daniel Hood 35m ago Technology Instead adds AI-driven tax reports The reports harness artificial intelligence to analyze full taxreturns to glean tax strategies and missed opportunities. All rights reserved.
Taxfyle rolls out TXF Intelligence for smaller practitioners Tax solutions provider Taxfyle announced the release of its new TXF Intelligence product, a generative AI tool built to automate and streamline taxreturn preparation for small tax and accounting firms in the U.S. All rights reserved.
EDT 6 Min Read Facebook Twitter LinkedIn Email By any other name; poor Service; a saga continues; and other highlights of recent tax cases. Rockford, Illinois: Tax preparer Gretchen Alvarez, 49, has pleaded guilty to preparing and filing false income taxreturns. All rights reserved.
The global tax landscape is undergoing a significant transformation with Pillar Two, presenting substantial challenges for corporatetax professionals. Navigating these new international tax rules demands more than just diligence; it requires sophisticated technology.
The upgraded income taxreturn solution now includes enhanced client onboarding workflows that allow firms to create multiple engagements in bulk to accelerate onboarding. All rights reserved. The new AI document assistant transforms lengthy documents into actionable insights by extracting key details.
CPA Timothy Trifilo has been sentenced to 20 months in prison for making a false statement on a mortgage loan application and for not filing an income taxreturn. For a decade, he did not file federal income taxreturns nor pay taxes owed despite earning more than $7.7 Philadelphia: Tax preparer James J.
Whitman also has not filed an individual income taxreturn since 1997 and has made no tax payments since 2000. In 2012, the IRS assessed nearly $800,000 in taxes against Whitman for 2002 through 2009 and began trying to collect. All rights reserved. Herman Estes Jr. In March 2023, Estes made a $1.3
Instead of toggling between returns and source documents, professional-grade agentic AI pulls relevant figures, applies firm-approved formatting, and drafts the first version. This leaves more time for tax planning, client consultations, and identifying new advisory opportunities.
The corporatetax rate is currently a flat 21% rate. There is also a 15% corporate alternative minimum tax (CAMT) based on book income for companies with average annual adjusted financial statement income exceeding $1 billion.
By Daniel Hood 35m ago Technology Instead adds AI-driven tax reports The reports harness artificial intelligence to analyze full taxreturns to glean tax strategies and missed opportunities. All rights reserved.
That enabled it to achieve total control over its indirect tax process and significantly reduce risks associated with indirect tax calculation, reporting, and compliance. The company reduced ABAP coding / SAP customizations related to tax by 95%! And the company reduced unnecessary tax management costs by more than $1 million.
By Daniel Hood 34m ago Technology Instead adds AI-driven tax reports The reports harness artificial intelligence to analyze full taxreturns to glean tax strategies and missed opportunities. All rights reserved.
For clients whose tax documentation has not yet been submitted, our team will be filing IRS Form 7004 by the original due date of April 15, 2025 , automatically extending the filing period.
Your business income flows directly onto your personal taxreturn. Sureuntil self-employment taxes hit. Not all businesses qualify for S corp status, and some states have their own rules and taxes, so make sure you check the specifics before making the switch. This is the simplest setup. Easy, right?
Whether advising nonprofits, preparing a taxreturn or planning an estate strategy, professional recommendations must be based on facts, rules and professional judgment. All rights reserved. It is helpful for generating directions or outlining general concepts. Accounting is fact and circumstance driven.
We did taxreturns by hand. All rights reserved. Jeff Weiner (22:34): Oh, its a completely different profession than when I started. When I started, we used seven column or 14 column paper pencils and didnt have a computer. We didnt have iPhones, we didnt have the internet, we didnt have email.
She added later that Ready to Advise is vendor agnostic, as "our initial launch will have the user uploading the taxreturn, so it doesnt matter what your tax compliance solution is, you can use Ready to Advise." All rights reserved.
The nature of Touchlight’s business means they have to constantly fund development and achieving the most efficient tax outcomes is of great importance. Results and outcome Accounts CorporationTax R&D/Innovation Menzies supported Touchlight in the accounts preparation for the group, to facilitate the audit of their financial statements.
There were corporatetax provisions which were permanent, (02:20): And there were the individual and estate provisions, which under that law are scheduled to sunset at the end of this year. You go to the beauty portal, you go to the barbershop, they have more protection than a person who prepares taxreturns. No question.
Corporatetax departments also must contend with limited resources, including budget constraints and a shortage of skilled professionals. Another 35% is spent on core activities, such as reviewing and signing corporatetaxreturns, managing tax advisory work, managing risk and communicating with stakeholders.
During the 2016 through 2022 tax years, Gibson prepared at least 135 returns containing fraudulent information, causing a loss to the IRS of at least $125,197, which Gibson has agreed to pay in restitution. All rights reserved.
Brown and other ghost preparers who worked with him falsified 63 federal income taxreturns for clients, causing the Treasury to issue $1,003,631 in false tax refunds. He owned and operated We Are Taxes and boasted that "Everyone Gets a Check!" All rights reserved. Brown had clients pay him a 10% fee of each refund.
The issue surrounding this additional 20% deduction means that owners of S Corporations and Partnerships will see an increase in their taxes by the sunsetting of this extra 20% deduction. It is important to note the TCJA sunsetting will not eliminate the 21% corporatetax rate.
From compiling taxreturns, to compliance reporting, to providing visibility over the impact of liabilities on business operations, having up-to-date, complete and accurate data at your fingertips is vital. Tax data is a critical business asset, but one which is still too often under-utilized.
Then theres the taxreturn thats 95% done but still waiting on "one more thing." All rights reserved. You finish a long day, turn off all three of your monitors and try to relax. But just as youre about to take your foot off the accelerator you remember a clients email that you forgot to respond to. three days ago. Sound familiar?
With the IRS workforce reduced by 26% and significant tax law changes on the horizon, there are risks to next years filing season," Collins said. "It More than 95% of processed returns were e-filed and some 62% resulted in refunds. IRS employees manually transcribe data from paper-filed taxreturns, digit by digit, into IRS systems.
Was This Convicted TaxReturn Preparer Courageous or Foolish?" CLA ( [link] ): Real-estate-owning clients looking for ways to streamline tax compliance and enhance deductions can look to an often-overlooked strategy: the de minimis safe harbor election. All rights reserved. Tips to prepare them.
Through real-life stories from Pasadena and Glendale, heres how this firm stands head and shoulders above the rest, proving that when it comes to taxes, personal attention isnt just a perkits the star of the show. For Maria, the corporatetax machine didnt just fail herit left her stranded. This isnt an isolated horror story.
By Daniel Hood 35m ago Technology Instead adds AI-driven tax reports The reports harness artificial intelligence to analyze full taxreturns to glean tax strategies and missed opportunities. All rights reserved.
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