CPA Practice

AUGUST 16, 2023

The federal agency launched Operation Hidden Treasure in 2021, for example, to root out taxpayers who fail to report income from cryptocurrency transactions on their federal tax returns. The IRS is looking for unreported assets,” said Lucas Rihely, a tax partner at H2R CPA. That’s really what the purpose of all this is.”

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MyIRSRelief

MARCH 15, 2024

In the bustling city of Whittier, California, individuals and businesses alike face the daunting task of navigating the complex world of taxes. From unfiled tax returns to unpaid back taxes, and from employment 941 payroll issues to the intimidating process of IRS, FTB, EDD, and CDTFA audits, the challenges can seem insurmountable.

California 130

California Tax tax return payroll 130

CPA Practice

MAY 24, 2023

The American Institute of CPAs (AICPA) has endorsed bipartisan legislation introduced by Representatives Judy Chu (D-CA) and Mike Carey (R-OH) to simplify the tax filing extension process. In addition, taxpayers and their preparers must often obtain records from third parties to properly determine their tax liability.

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CPA Practice

APRIL 24, 2024

A new bill recently introduced by lawmakers in both the House of Representatives and the Senate would improve the IRS’s math error procedures—a power used by the agency to quickly adjust a taxpayer’s federal income tax return if it contains a simple mistake or clerical error. You owe money on your taxes as a result of these changes.

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MyIRSRelief

NOVEMBER 3, 2023

Mike Habib, EA: Your Ally in Navigating Tax Problems Tax issues can be a source of significant stress and confusion. Whether it’s unfiled tax returns, unpaid back taxes, tax audits and appeals, or 941 employment payroll problems, these issues can seem insurmountable.

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MyIRSRelief

FEBRUARY 1, 2023

An IRS audit is a review or examination of an individual’s or organization’s tax return to ensure that the information is accurate and that the tax return is being filed in compliance with the tax laws. They can also help taxpayers to negotiate with tax authorities and to resolve tax disputes.

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CPA Practice

JANUARY 8, 2024

The special week is the IRS’ latest effort in support of taxpayers and the tax community. Each year, millions of taxpayers seek the help of tax professionals to prepare their federal tax returns and other filings. “As For available more information and locations, see free tax return preparation for qualifying taxpayers.

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CPA Practice

APRIL 8, 2024

Tax season – an already stressful time for Certified Public Accountants (CPAs) – has been made even more stressful by tax scams. For example, many CPAs and tax professionals use e-signatures to sign and send documents digitally, reducing instances of errors and speeding up time-consuming processes like auditing or reporting.

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CPA Practice

MAY 23, 2023

The American Institute of CPAs (AICPA) has endorsed bipartisan legislation introduced by Representatives Judy Chu (D-CA) and Mike Carey (R-OH) to simplify the tax filing extension process. In addition, taxpayers and their preparers must often obtain records from third parties to properly determine their tax liability.

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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. Accounting and CPA firms looking to expand their services into the sales and use tax niche, often have pent-up demand within their own client base.

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ThomsonReuters

MAY 6, 2021

Their focus is on taxpayers who omit cryptocurrency income from their tax returns. But this is just the most recent step in the increasing IRS focus on cryptocurrency tax, here’s a brief timeline on past activities: 2021 – Launch Operation Hidden Treasure. Unfortunately for them, that time is past. Conclusion.

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LSLCPAs

MARCH 28, 2024

These contributions are due by the first due date of personal tax returns, so April 15th for most of the country. The post Time Sensitive Opportunities Regarding IRAs: 2023 IRA and HSA Contribution Deadlines appeared first on LSL CPAs. IRA and Roth Contributions The allowable 2023 contribution amount is $6500.

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CPA Practice

JANUARY 11, 2024

Tax season officially starts Jan. 29, 2024, when the IRS begins accepting and processing tax returns for the 2023 tax year. With the IRS anticipating receiving nearly 129 million individual tax returns by the April 15, 2024, deadline this season, getting an early start on prepping yours may be best.

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Illinois CPA Tax tax return 52

BuildYourFirm

MARCH 31, 2020

Her affiliations include Massachusetts Society of CPAs, National Conference of CPA Practitioners, and Chair, Mass. Society of CPAs South Shore Breakfast Networking Forum. Memorable Quotes: “Especially the smaller ones [film companies], they don’t realize they need to file tax returns.”. Irene graduated with a B.S.

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CPA Practice

DECEMBER 18, 2023

In a recent letter submitted to the Department of the Treasury and the Internal Revenue Service (IRS), the American Institute of CPAs (AICPA) expressed concerns with the timing currently involved with the procedure for business entities organized in the U.S.

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CPA Practice

MAY 12, 2023

In a recent letter to Senators Marsha Blackburn (R-TN) and Catherine Cortez Masto (D-NV), the American Institute of CPAs (AICPA) expressed strong support for an issue identified by the Internal Revenue Service National Taxpayer Advocate (IRS NTA) in its Annual Report to Congress, or Purple Book.

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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.

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CPA Practice

MARCH 21, 2024

It dismissed Soroban GP’s other arguments, which relied on Congress’ previously stopping the IRS from defining “limited partner,” a prior report of the Joint Committee on Taxation, the regulations governing passive activity losses, and instructions for the federal partnership tax return. Court of Appeals for the Second Circuit.

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Nancy McClelland, LLC

APRIL 11, 2023

• An extension is a form filed with the IRS to request additional time to file your federal tax return. This extends the due date for submitting your individual return to October 15. • In some states, filing an extension with the IRS will automatically extend the time to complete a state income tax return.

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Tax tax return CPA Illinois 98

LSLCPAs

JANUARY 12, 2024

It is not part of your tax return.) 2024 BENEFICIAL OWNERSHIP REQUIREMENTS appeared first on LSL CPAs. (This rule impacts your 2024 business filing. Why is this happening? As of January 1, 2024, newly formed entities will have to report beneficial ownership to FinCEN (Financial Crimes Enforcement Network).

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CPA Practice

AUGUST 28, 2023

The American Institute of CPAs ( AICPA) submitted comment letters to the IRS on Aug. 14 requesting improvements be made to two tax returns pertaining to foreign trusts.

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CPA Practice

MARCH 12, 2024

The American Institute of CPAs and CPA.com announced the participants of its 2024 Startup Accelerator program, which will kick-off this week at a meeting at their headquarters in New York.

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CPA Practice

JANUARY 29, 2024

Today marks the start of the long and grueling road ahead for CPAs and enrolled agents as the IRS has begun accepting 2023 federal income tax returns. So with that in mind, IRS Commissioner Danny Werfel had a message for all tax professionals as they embark on another filing season: Thank you.

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Going Concern

JANUARY 5, 2024

” Why not have more schooling for a CPA. I think if CPAs were a more elite group, although it may take a while there will be more CPAs once people realize that it is an elite group. Breezing right past the suggestion that CPAs need more schooling, they make an excellent point. Then we could afford to pay staff more.

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CPA Practice

FEBRUARY 7, 2024

The American Institute of CPAs has submitted a letter to the Financial Crimes Enforcement Network and Internal Revenue Service (IRS) providing recommendations for the Report of Foreign Bank and Financial Accounts to taxpayers impacted by major disasters.

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CPA Practice

OCTOBER 10, 2023

High Demand, Limited Supply The pressure from tax filers to ensure accurate tax returns with maximum tax relief compounds the demand on veteran tax practitioners. It offers a buffer against the challenges of recruiting new staff and retaining seasoned CPAs.

Technology 105

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CPA Practice

SEPTEMBER 18, 2023

During this time, Kess helped organize the Association of CPA Candidates and developed guides to help CPAs pass their exams. He then took over the Comprehensive CPA School upon the death of its founder, and the program became one of the most successful CPA coaching courses at the time.

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Bharmal&Associates

JULY 30, 2020

You repay the $30,000 before you timely file your 2020 tax return: You don’t include any of the $30,000 in income on your 2020 tax return. You pay no taxes or penalties. You later amend your 2020 tax return to remove the $10,000 from income and claim a refund of tax paid on that amount.

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inDinero Tax Tips

FEBRUARY 10, 2023

Schedule K-1 allows partners and shareholders to report their shares of income, deductions, and credits to the IRS on their tax returns, typically via Form 1040. A partner or their tax preparer will transfer the information on the K-1 form to an individual tax return. When Are K-1 Tax Forms Due?

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CPA Practice

JUNE 8, 2023

In return, your firm can have CPAs or enrolled agents acting as independent contractors from the service provider’s network to prepare or review tax returns. One of the most significant benefits of financial automation for CPAs is saving time.

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Shay CPA

MARCH 6, 2024

To claim the credit, you need to get this submitted by attaching it to your business income tax return. We can help you complete Form 6765, prepare your 2023 tax return, and submit them together to make everything as easy as possible. To submit it, you need to attach it to your payroll tax returns (e.g.,

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CPA Practice

NOVEMBER 7, 2023

As part of today’s launch, Black Ore also announced its flagship product, Tax Autopilot , which combines its proprietary AI technology with federal and state tax codes and regulations to simplify the tax preparation and review process for Certified Public Accountants (CPAs) and accounting firms.

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MyIRSRelief

DECEMBER 15, 2022

Our Los Angeles tax preparation service is the process of preparing and filing tax returns for individuals or businesses. Tax preparation services can be provided by a variety of professionals, including Certified Public Accountants (CPAs), enrolled agents (EAs), and tax attorneys.

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CPA Practice

FEBRUARY 15, 2024

The American Institute of CPAs has submitted a letter to the U.S. federal income tax return through the IRS Modernized e-File system. Department of the Treasury and Internal Revenue Service requesting the IRS allow foreign-owned U.S. disregarded entities to electronically file their Form 5472 with their U.S.

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CPA Practice

SEPTEMBER 28, 2023

The American Institute of CPAs has submitted a letter to the Department of the Treasury, the Internal Revenue Service (IRS) and Congressional leadership requesting the release of the IRS contingency plan that would go into effect in the event of a government shutdown on October 1, 2023.

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CPA Practice

MARCH 29, 2023

The AICPA’s recommendations and comments focus on four main issues that require some level of specificity and clarity in order to ensure tax compliance,” she continued.

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LSLCPAs

MARCH 30, 2023

These contributions are due by the first due date of personal tax returns, so April 18th for most of the country. If you happen to live in California (all counties except Lassen, The post Time Sensitive Opportunities Regarding IRAs: 2022 IRA and HSA Contribution Deadlines appeared first on LSL CPAs.

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