Shay CPA

MAY 3, 2023

For most companies, payroll makes up a huge category in the latter. It’s the R&D credit that the IRS will let you apply toward payroll taxes. Reducing your payroll tax liability The IRS has long offered a tax credit for increasing research activities. As a quick reminder, this is the 6.2%

payroll tax 52

payroll tax payroll Tax tax return 52

CPA Practice

AUGUST 3, 2023

For the last two years, the American Institute of CPAs (AICPA) has diligently and consistently advocated on behalf of taxpayers and CPAs to the Internal Revenue Service (IRS) and the Department of the Treasury regarding unscrupulous third-party vendors promoting improper Employee Retention Credit (ERC) claims.

cpas 98

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CPA Practice

FEBRUARY 1, 2024

CPAs and accountants are uniquely positioned to help their clients out with a variety of advisory services. The primary focus for small business owners in 2024 is generating more revenue, with many small businesses wanting to add to their payrolls. That hasn’t changed.

E-commerce 64

E-commerce quickbooks tax return payroll 64

Bharmal&Associates

AUGUST 13, 2020

Tax law definitions do not apply to much of the Payroll Protection Program (PPP), making it new ground for owners of S corporations. If I pay myself on a W-2, I lack the look-back period of 2019 payroll. Should I go on payroll and hope for the best? But first, let’s think about taxes. Premier Orange County CPAs.

Non-Profits 130

Non-Profits payroll tax return Tax 130

MyIRSRelief

JULY 3, 2023

During an ERC audit, the IRS reviews the business’s records, including payroll records, tax returns, and supporting documentation related to ERC claims. They can help implement internal controls, review payroll processes, and provide guidance to minimize the risk of errors or discrepancies in future ERC claims.

audit 130

audit North Carolina Oklahoma Ohio 130

Bharmal&Associates

AUGUST 13, 2020

As you read this, it’s likely that your lawmakers are working on the next Payroll Protection Program (PPP) package. When the CARES Act was passed, it appears that lawmakers thought the PPP monies were tax-free and had not considered that the expenses paid with the loan proceeds would not be deductible. There’s no spend on payroll.

payroll 130

payroll income tax tax return Tax 130

CPA Practice

SEPTEMBER 14, 2023

The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) detailing additional steps being taken to address aggressive and unscrupulous Employee Retention Credit (ERC) mills.

cpas 64

cpas payroll tax CPA tax return 64

ThomsonReuters

SEPTEMBER 7, 2023

Clients are expecting much more than traditional bookkeeping, tax returns, and payroll services. Already inundated with new compliance and regulatory changes while keeping up with new tax laws can overwhelm even large teams. For the accounting industry, to say having to “pivot” is an understatement.

Account 59

Account accountant accounted tax return 59

MyIRSRelief

MARCH 15, 2023

One option for back tax help is to hire a tax professional. Tax professionals, such as certified public accountants (CPAs), EAs enrolled agents and tax attorneys, can help you navigate the complex tax laws and negotiate with the IRS on your behalf.

tax accountant 130

tax accountant Tax bookkeeping Account 130

CPA Practice

FEBRUARY 2, 2024

Let’s look at tax services as an example. The only way to increase revenue through tax services is to process more tax returns (either you spend more time yourself or you hire staff). You cannot raise prices because tax returns are perceived as a commodity (see above).

Account 119

Account accountant accounted tax return 119

Nancy McClelland, LLC

APRIL 5, 2024

As a CPA whose company works with loads of small businesses that need to process payroll, I’ve used quite a few payroll systems through the years… and Gusto has become our favorite. Honestly, I randomly stumbled on it when I went into my own Gusto account to run weekly payroll.) Review it carefully.

tax preparation 52

tax preparation Tax bookkeeping payroll 52

CPA Practice

OCTOBER 20, 2023

AICPA Releases Statement on IRS Announcement Concerning ERC Mills The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) detailing additional steps being taken to address aggressive and unscrupulous Employee Retention Credit (ERC) mills.

cpas 52

cpas CPA Education audit 52

CPA Practice

OCTOBER 19, 2023

AICPA Releases Statement on IRS Announcement Concerning ERC Mills The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) detailing additional steps being taken to address aggressive and unscrupulous Employee Retention Credit (ERC) mills.

cpas 52

cpas CPA Education audit 52

ThomsonReuters

JULY 6, 2023

In today’s ultra-competitive business landscape, being an accountant means far more than preparing tax returns or compiling financial statements. Even when clients come to you with a simple request, like “file my tax return” or “handle my payroll”, they often are looking for much more.

Account 88

Account accountant accounted tax return 88

Anders CPA

OCTOBER 11, 2022

Important ERTC Takeaways: Still applicable to 2020 and 2021 taxes No application necessary, simply file an amended payroll tax return Strong chance for an IRS audit within 5 years ERTC can increase businesses’ taxable income Tip wages also count towards ERTC. ERTC for Restaurants.

payroll tax 52

payroll tax tax return payroll audit 52

xendoo

MAY 16, 2023

Also, Xendoo’s bookkeepers and CPAs have years of experience managing business record keeping. Receipts businesses should keep What happens if you get audited and don’t have receipts What to do when you don’t have receipts How bookkeeping and tax services help Why do businesses need receipts?

audit 52

audit bookkeeping tax return cpas 52

xendoo

MAY 16, 2023

Also, Xendoo’s bookkeepers and CPAs have years of experience managing business record keeping. Receipts businesses should keep What happens if you get audited and don’t have receipts What to do when you don’t have receipts How bookkeeping and tax services help Why do businesses need receipts?

audit 52

audit bookkeeping tax return cpas 52

xendoo

AUGUST 2, 2023

Taxes Taxed as a pass-through entity. Subject to self-employment taxes. Taxed as a pass-through entity. Saves on payroll taxes by paying owners a salary and distributions. This way you avoid double taxation (where the corporation and shareholders pay tax on the same income).

Tax 52

Tax income tax Non-Profits tax return 52

xendoo

AUGUST 2, 2023

Taxes Taxed as a pass-through entity. Subject to self-employment taxes. Taxed as a pass-through entity. Saves on payroll taxes by paying owners a salary and distributions. This way you avoid double taxation (where the corporation and shareholders pay tax on the same income).

Tax 52

Tax income tax Non-Profits tax return 52

CPA Practice

JULY 12, 2023

If the estate is the beneficiary, the value of the HSA is included in the final tax return and the taxable amount may be reduced by any qualified medical expenses incurred by the decedent and paid within a year after the date of death. Rahill, CPA/PFS, JD, LL.M., Of course, there are limitations to HSAs.

Tax 98

Tax tax return payroll tax Illinois 98

Going Concern

SEPTEMBER 29, 2023

What CPAs can learn from Smucker’s [ Accounting Today Voices ] J.M. Smucker — makers of Smucker’s jam, Folger’s coffee and Jif peanut butter — has an innovative return to office policy. And CPAs in this space know what that means in terms of legal exposure. Rapid growth is great news for accounting firms.

auditor 111

auditor audit New York CPA 111

CPA Practice

FEBRUARY 5, 2024

Let’s look at tax services as an example. The only way to increase revenue through tax services is to process more tax returns (either you spend more time yourself or you hire staff). You cannot raise prices because tax returns are perceived as a commodity (see above).

Account 52

Account accountant accounted tax return 52

xendoo

MARCH 17, 2022

Xendoo offers business owners 24/7 access to their financial statements and tax returns in their customer portal. Xendoo is an online bookkeeping, accounting, and tax solution, powered by a team of real bookkeepers, accountants, and CPAs. How Do Online Bookkeepers Access Physical Documents? Your Online Bookkeeping Team .

bookkeeping 98

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Shay CPA

SEPTEMBER 13, 2023

They should also have expertise in the tax requirements that apply to your specific company based on both its type and location. Some CFOs are CPAs, but that’s not always the case. Long story short, a controller’s primary area of expertise is accounting.

accounting and finance 52

accounting and finance CPA accounting principles Finance 52

FraudFiles

JANUARY 12, 2021

By getting an early start on understanding the parties’ assets and income, a CPA can assist the attorney in requesting documentation that will lead to the discovery of hidden money. For example, an analysis of tax returns and financial statements from year to year will often provide clues about the money and allow a tracing of assets.

Real Estate 52

Real Estate tax return accounting and finance CPA 52

CPA Practice

JANUARY 19, 2024

This can include non-CPAs and those who may still be interacting with clients on tasking. Where do you fit the tax side, and how do you interface with the tax team in your model of CAS,” Tallyfor founder Peter Wen asked. Still, I have clients asking me marketing questions, and even payroll and logistics questions.

accounting firms 78

accounting firms Account accountant accounted 78

xendoo

AUGUST 16, 2021

From choosing an accounting method to managing transactions to setting up payroll, bookkeeping can be an extremely confusing and time-consuming process! At Xendoo, our professionals aren’t just there for your business transactions—they can even help you with your personal tax returns ! Accounts receivable. Purchase orders.

quickbooks 52

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CPA Practice

FEBRUARY 1, 2023

The penalty will be further reduced to 10% for IRA owners if the account owner withdraws the RMD amount previously not taken and submits a corrected tax return in a timely manner. Note, however, that it may take time for plan providers to offer this feature and for payroll systems to be updated accordingly.

Illinois 96

Illinois Start-ups Tax CPA 96

Basis 365

MARCH 30, 2023

CPA firm : CPAs are generally going to be the most expensive option. Although very highly trained, they tend to bill by the hour, discouraging you from speaking to them to avoid surprise invoices and tend to only handle the books for their customers to keep their tax professionals busy. CPA firm : CPAs do tend to document well.

accrual accounting 52

accrual accounting Account accountant accounted 52

xendoo

AUGUST 2, 2023

As a business owner, you want access to trends like: Losses Profits Tax information Personnel and payroll data Insurance payments Procurement Online bookkeeping ensures that you have access to the latest information, with reports available with unparalleled speed. But the more information you have about your business, the better.

bookkeeping 52

bookkeeping bookkeeping services online accounting tax preparation 52

Ryan Lazanis

MAY 4, 2023

Check out this template I set up for payroll processing : Jetpack Workflow currently has 70 custom-fit templates that are designed with bookkeepers, CPAs, and other accounting professionals in mind. You can create a job without setting up a template, but you’d be better off if you do so.

Technology 52

Technology bookkeeping accounting software Tax 52

ThomsonReuters

JANUARY 9, 2024

.” Per the IRS’s Strategic Operating Plan for fiscal year (FY) 2023 through 2031, expanded enforcement is on the radar for large partnerships and large corporations, with additional focus on the employment tax returns these and other entities file. Will practitioner guidance change?

audit 98

audit Legal Tax tax return 98

CPA Practice

DECEMBER 4, 2023

But one of the big challenges here is that it’s not apparently clear at this point, whether or not CPAs are going to even be able to offer this service or whether they’re malpractice insurance will will cover it.

Technology 64

Technology tax return CPA cpas 64

CPA Practice

DECEMBER 8, 2023

But one of the big challenges here is that it’s not apparently clear at this point, whether or not CPAs are going to even be able to offer this service or whether they’re malpractice insurance will will cover it.

Technology 52

Technology tax return CPA cpas 52

xendoo

JANUARY 16, 2023

How Are Small Businesses Taxed? Depending on your business structure and income, you may be subject to one or more types of taxes. The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate.

business tax 52

business tax Tax income tax payroll tax 52

Snyder

JANUARY 19, 2023

Tax season is the time when accounting firms and CPAs earn the biggest part of their profit. Surviving tax season is a skill that any accountant has to develop, and the earlier, the better. What is the busiest season for CPAs and accounting firms during the year? Want to automate your clients’ payroll?

Tax 52

Tax cpas bookkeeping quickbooks 52

Steve Feinberg

JUNE 6, 2023

While more complicated, paying quarterly taxes can help small businesses and freelancers avoid the burden of a single, larger tax bill at the end of the year, and stop them from overpaying. Self-employed designers must fill out a tax return, much like all businesses should, on or before the deadline.

Tax 52

Tax tax return bookkeeping accounting and finance 52