ThomsonReuters

MAY 24, 2021

It’s been a devastating year and while signs point toward a return to normal, the impact of our mental health on our personal and professional lives remains top of mind. From shifting tax laws and COVID-19 relief packages, to the disruption of in-person activities, to balancing life at home (ha!) Invest in wellbeing.

cpa firm 98

cpa firm CPA tax return Tax 98

AdviceForTaxpreparers

JUNE 15, 2014

One of the constant problems for CPA firms with individual clients is getting all of their information in time to prepare, review and file their return before the October 15 th deadline no matter how many times they are asked for their information. click to keep reading.].

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tax return cpa firm CPA Tax 100

ThomsonReuters

MARCH 26, 2021

Now that tax season is in full swing for many practitioners, you may find yourself questioning if this is the right time to break off and explore starting your own CPA firm. Together, we discuss career paths and the best advice for those looking to rise to individual success within the tax and accounting profession.

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RogerRossmeisl

APRIL 30, 2024

Before 2024, American car purchasers were only eligible for the new electric vehicle (EV) credit of up to $7,500 or the $4,000 credit for used EVs when they submitted their tax returns in the subsequent year.

Tax 235

Tax tax return CPA Government 235

TaxConnex

NOVEMBER 22, 2022

In our blog last week, we looked at how sales and use tax advisory services might be a good new field for CPAs and accounting firms. Mark Friedlich, CPA, vice president of U.S. Compare the state income tax return filings to the state sales tax filings. Review the sales tax payable account.

accounting firms 130

accounting firms Sales Tax tax return 130

CPA Practice

APRIL 9, 2024

This type of malware poses a severe risk to CPA firms, often starting as a dripping leak but becoming a gushing waterfall, as it can enable unauthorized access to sensitive client data, including tax returns, financial statements, and personal information.

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cpas Tax cpa firm tax return 118

RogerRossmeisl

MARCH 18, 2024

We are finding that, all too often, taxpayers that make Employee Retention Tax Credit (ERTC) claims by engaging a so-called “ERTC Mill” are never told of their responsibility to amend their applicable prior year federal income tax return(s), and are shocked to learn that they owe additional taxes, penalties and interest.

Tax 200

Tax income tax tax return CPA 200

TaxConnex

APRIL 25, 2024

You then need to create a billing process to apply tax to your invoice, manage your sales tax-exemption certificates and prepare and file sales tax returns. Do they specialize in tax compliance at the state and local levels?

Sales 178

Sales Tax accounting and finance auditor 178

AdviceForTaxpreparers

SEPTEMBER 8, 2020

Latest posts by Bill Meador, CPA, JD ( see all ). Earn $20 per Book Promoting My Tax Preparer Book from Home in Your Spare Time - September 9, 2020. Learn How CPA Firms View a Gap in Your Resume - October 31, 2014. Help a fellow tax preparer or accounting major. Learn How CPA Firms View a Gap in Your Resume.

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RogerRossmeisl

SEPTEMBER 18, 2023

If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. Does your business receive large amounts of cash or cash equivalents?

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RogerRossmeisl

NOVEMBER 6, 2023

When preparing a business valuation, quantitative data — from tax returns, financial statements, contracts and other sources — is important. But there’s more to a company than numbers. Qualitative factors also contribute to a company’s overall value. Websites and marketing materials can provide only limited insight.

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tax return CPA financial statements Tax 242

TaxConnex

APRIL 20, 2021

And for many accountants and CPA firms, this time of year means extra-long hours and more time spent managing clients’ finances. 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?

Sales 139

Sales Tax tax return income tax 139

CPA Practice

JUNE 26, 2023

Partnerships don’t pay federal income tax; instead, the partnership’s income, losses, deductions, and credits pass through to the partners themselves, who report these amounts—and pay taxes on them—as part of their personal income tax returns, said attorney and freelance writer Jane Haskins.

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income tax tax return Delaware cpa firm 72

RogerRossmeisl

FEBRUARY 26, 2023

As reported in IR-2023-33 on 2/24/2023 Disaster-area taxpayers in most of California now have until October 16, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced last Friday. Previously, the deadline had been postponed to May 15, 2023 for these areas.

California 246

California Tax tax return CPA 246

RogerRossmeisl

JANUARY 12, 2023

On January 10, 2023, IRS news release IR-2023-03 announced that California storm victims now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA).

California 246

California Tax tax return CPA 246

CPA Practice

AUGUST 3, 2023

The hearing included testimony from several tax practitioners, including a CPA who expressed great concern about the level of fraud in the program. Among the warning signs businesses should be wary of are vendors that require large, upfront contingency fees and those who fail to sign the amended payroll tax returns.

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ThomsonReuters

JUNE 15, 2021

Starting your own CPA firm may seem like a distant fantasy, but with barriers to entry lower than they’ve ever been, it could be closer than you think. Most small CPA firm owners have years of experience working for larger firms and find themselves wanting to utilize that experience to serve clients in their own way.

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cpa firm tax return CPA Non-Profits 98

TaxConnex

NOVEMBER 10, 2022

I graduated in 1985 with a Masters in Tax. I was trained in income tax and expected to have a career in public accounting, but I only lasted a few years in a couple of different large CPA firms. I then went to the BellSouth Corporation tax department and had various roles. What inspired you to start this business?

income tax 130

income tax tax return Tax Sales 130

TaxConnex

OCTOBER 4, 2022

Your compliance process should start with identifying sales tax nexus and determining taxability of your products and services in those states where you have sales tax nexus. You then need to create a billing process to apply tax to your invoice, manage your sales tax-exemption certificates and prepare and file sales tax returns.

Sales 130

Sales Tax tax return Colorado 130

RogerRossmeisl

DECEMBER 12, 2020

In a more typical year, crooks use stolen business identities to file fraudulent tax returns, apply for credit and empty bank accounts. You can thank the pandemic — and the government’s release of relief and recovery funds to qualified U.S. businesses — for this remarkable number. Is your business vulnerable?

tax return 242

tax return CPA Tax Account 242

CPA Practice

MARCH 1, 2024

Now, you may recall in other podcasts, we’ve discussed with you the benefits of portals for CPA firms and industry businesses alike. So you can see what was, you know, in that category last year, so I’m going to pick on myself as an example here, because I own multiple businesses and have a lot of things on my personal tax return.

Technology 111

Technology Tax Account accountant 111

RogerRossmeisl

JANUARY 14, 2021

Starting in tax year 2020, payers must complete this form to report any payment of $600 or more to a payee. For 2020 tax returns, the due date is February 1, 2021. Generally, payers must file Form 1099-NEC by January 31. There is no automatic 30-day extension to file Form 1099-NEC.

California 214

California tax return CPA Tax 214

Going Concern

FEBRUARY 9, 2024

However, the professional services firm refused, after claiming the report contained privileged and confidential information. These thieves attempt to steal client data and tax preparers’ identities, creating the potential for them to file fraudulent tax returns for refunds.

Technology 96

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Withum

JANUARY 24, 2023

Determine Who Will Be Responsible Prior to preparing for your audit or even engaging a CPA firm for that matter, a company should first designate who will be overseeing the audit process. Establishing an open line of communication and setting expectations with your CPA will lead to an effective and efficient audit process.

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CPA Practice

SEPTEMBER 18, 2023

He was tireless—and successful—in his commitment to making the accounting profession better for all of us,” said Gail Perry, CPA, editor-in-chief of CPA Practice Advisor. Robert Keebler, a partner at Green Bay, WI-based CPA firm Keebler and Associates, called Kess “a wonderful man and one of the visionaries of the profession.” “Sid

Tax 111

Tax cpas CPA New York 111

RitaKeller

JANUARY 19, 2022

If you are leading a CPA firm or an employee of a CPA firm. One of the biggest challenges is the fact that so many CPA firms ask their people to basically put life on hold for three and one-half months each year. This also applies during September and October now because of so many extended tax returns.

cpa firm 45

cpa firm tax return CPA Tax 45

CapataCPA

MARCH 16, 2021

This credit will be available to businesses for their 2020 and 2021 tax returns. The post Employee Retention Credit Webinar appeared first on CPA firm in Orange County, CA | CAPATA. During the webinar, we will be covering the following topics: Overview of the ERC ProgramDetermining.

cpa firm 52

cpa firm tax return CPA Tax 52

RogerRossmeisl

DECEMBER 12, 2020

This is true if you expect that the business will incur losses in its early years because shareholders in a C corporation generally get no tax benefit from such losses. Losses that can’t be deducted because they exceed your basis are carried forward and can be deducted by you when there’s sufficient basis.

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tax return CPA Tax cpa firm 182

Withum

FEBRUARY 20, 2024

Traveling in Manhattan was very easy with the subways, plus I had some free time to work on tax returns. I also worked late into the night on tax returns. Lucas who was the fifth Black CPA in the United States and first in New York. Nothing was a chore and I enjoyed it all.

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tax return CPA cpa firm Tax 59

RitaKeller

MARCH 10, 2022

Firms are finally beginning to see some progress in clients adapting to technology. Clients are (although it has been slow) finally accepting a copy of their tax return via SafeSend and other digital methods. My clients and other firms I know are still often offering a paper copy if a client requests it.

Technology 45

Technology cpa firm tax return CPA 45

ThomsonReuters

DECEMBER 20, 2021

As you weigh your options, you may be surprised to learn that there are a wide variety of resources for small accounting firms and tax professionals considering firm ownership. . To begin your journey to firm ownership on the right foot, follow these three steps to success. . Determine your roadmap.

accounting firms 52

accounting firms Account accountant accounted 52

RitaKeller

DECEMBER 9, 2021

So have CPA firms. Some firms are notifying their clients about an increase in fees. For the preparation of your 2021 income tax returns, our minimum service fee will increase by a percentage range of 11% – 20%. In order to keep pace with these changes, we will be increasing our fees.

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cpa firm income tax CPA tax return 45

Nancy McClelland, LLC

JANUARY 30, 2024

To say nothing of the fact that the next government shutdown deadline is scheduled for one week before business tax returns are due. And we were freaking out about that delay. I can’t imagine what six weeks will look like. This should make for an even more laid-back season.

Tax 52

Tax tax return Illinois tax preparation 52

RitaKeller

AUGUST 17, 2021

This term has been used by CPA firms for decades. Do you remember when a new team member was assigned a routine individual tax return and the partner or manager would send the client’s file with a note simply stating SALY? “Tomorrow is the first blank page of a 365-page book. Write a good one.”

cpa firm 49

cpa firm tax return CPA Tax 49

ThomsonReuters

JULY 13, 2023

This means source documents are bookmarked and organized into a standardized work paper index that follows the order of the tax return. Preparers don’t have to painstakingly assemble tax work papers thanks to automated scan-and-organize functionality. Interested in learning more about tax workflow automation?

Tax 97

Tax Technology accounting firms income tax 97

Basis 365

MARCH 30, 2023

Many business owners didn't even know this existed and were comparing our pricing against bookkeepers or CPA firms and needing to understand why there were such extremes. CPA firm : CPAs are generally going to be the most expensive option. CPA firm : CPAs should be capable of full GAAP accrual financials.

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accrual accounting Account accountant accounted 52

RitaKeller

AUGUST 12, 2021

In many small to mid-size firms (headcount 50 or under), the firm administrator (practice manager is now the preferred title), is also the marketing person, the HR person, and the billing person. The CPA Firm Management Association can be a great resource for learning more about hiring a practice manager and managing a CPA firm.

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cpa firm tax return CPA financial statements 49