MyIRSRelief

FEBRUARY 1, 2023

Tax anxiety, TAXIETY, comes in different forms of tax problems such as: What is an IRS audit taxiety? 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.

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Tax tax return cpas audit 147

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

JANUARY 8, 2024

With the 2024 tax filing season starting later this month, the IRS is launching a special Tax Professional Awareness Week , from Jan. 8-14, 2024, to assist tax professionals on what to expect during the filing season and start the year on the right foot. 10: Answering Your Frequently Asked Questions on Due Diligence Friday, Jan.

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MyIRSRelief

MAY 22, 2023

Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. The process of resolving tax issues can be overwhelming and stressful for taxpayers, and seeking professional (EA, CPA, Lawyer) tax help can be a wise decision.

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payroll tax payroll audit Tax 147

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. Another cost-effective approach to adding sales and use tax advisory services: partnering with sales and use tax experts.

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Withum

OCTOBER 27, 2023

CPAs perform a wide range of services including personal financial planning. This is a critical service for clients and I feel the CPA is best able to perform these services. I have been doing this since I started my own practice, having considerable experience from my initial jobs with CPAs.

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CPA Practice

MARCH 21, 2024

Tax Court determined that the exception to net earnings from self-employment in Section 1402(a)(13) of the Internal Revenue Code of 1986, as amended, does not automatically apply to all limited partners in a state law limited partnership. Soroban GP challenged this increase in Tax Court. By Julie M. At the end of 2023, the U.S.

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Tax Delaware tax return accounting and finance 122

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.

Tax 98

Tax tax return cpas CPA 98

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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MyIRSRelief

DECEMBER 15, 2022

For example, you may want to catch up on your tax filings, prepare for an audit, or simply get a better understanding of your financial situation. This might include accounting software, a financial calculator, and reference materials such as tax guides or accounting textbooks. What is income tax preparation service?

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tax accountant Tax Account accountant 130

CPA Practice

APRIL 1, 2024

Since 2021, the American Institute of CPAs (AICPA) has spoken out against unscrupulous third-party vendors promoting improper Employee Retention Credit (ERC) claims. The Internal Revenue Service has heeded the concerns of CPAs from across the country and taken steps to curb fraudulent ERC claims.

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cpas payroll tax tax return payroll 114

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.

Illinois 52

Illinois CPA Tax tax return 52

Shay CPA

MARCH 6, 2024

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. But we have an R&D tax credit overview blog to help you get a good feel for how this potentially significant tax credit works.

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payroll tax payroll Tax tax return 52

Nancy McClelland, LLC

APRIL 11, 2023

It’s that time again… Tax Day is upon us and millions of taxpayers will need to have their returns extended for various reasons. The AICPA has released a “Tax Extension FAQ” for CPA members to share with their clients. This extends the due date for submitting your individual return to October 15. •

Tax 98

Tax tax return CPA Illinois 98

BuildYourFirm

MARCH 31, 2020

Episode 066: Look at the Film Industry Tax Credit Business with Irene Waschler. Tune in to this episode when host Hugh Duffy talks with Irene Waschler of Waschler CPA, LLC about how she got started in the film industry tax credit business. Also, what does the future look like for Waschler CPA? Irene graduated with a B.S.

Tax 178

Tax cpas Massachusetts CPA 178

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.

Tax 111

Tax tax return cpas income tax 111

CPA Practice

AUGUST 16, 2023

Crypto mining operations—the process of creating new digital coins—have unique tax issues because the rules aren’t clear if miners are taxed as cryptocurrency investors or business owners. There’s different tax implications depending on the answer to that,” Ms. Connolly said. That’s really what the purpose of all this is.”

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TaxConnex

JANUARY 12, 2023

It’s a fair bet, then, that sooner or later you’re going to be selling online into Puerto Rico, which has a sales tax. state with a sales tax has economic nexus thresholds – does Puerto Rico? Such companies must register with the Puerto Rico Department of Treasury and collect and remit Puerto Rico sales tax. Nexus for two years.

Sales 130

Sales Tax Real Estate Manufacturing 130

MyIRSRelief

OCTOBER 28, 2022

In case you were not aware of what the FTB is, it is the California board that is responsible for collecting all of the personal income tax and business franchise taxes that are assessed every year for people and companies in California. The board uses several methods to collect owed taxes.

California 130

California audit Tax income tax 130

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. Danny Werfel

Tax 96

Tax income tax tax return cpas 96

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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CPA Practice

FEBRUARY 6, 2024

What it actually means is that I am licensed by the IRS to prepare taxes and represent taxpayers, which is not cool or scary. The reality of the situation is that I have the same feelings of unhappiness and annoyance you do every time tax season rolls around. A common exception to the income tax statement above is a direct rollover.

Tax 111

Tax income tax tax return tax preparation 111

CPA Practice

SEPTEMBER 18, 2023

Sidney Kess, a nationally renowned tax lawyer and accountant, author of hundreds of tax books on financial and estate planning, educator, and a friend to many in the profession, passed away on Sunday at the age of 97. Kess was a CPA in New York and admitted to practice law in New York state.

Tax 111

Tax cpas CPA New York 111

inDinero Tax Tips

FEBRUARY 10, 2023

If you’re starting a business partnership for the first time, you may be asking, What is a Schedule K-1 form for taxes? Also known informally as a K1 form, a Schedule K-1 is a federal tax document that the IRS requires of partnerships. So, each year when tax season rolls around, partnerships must file Form 1065 with the IRS.

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Withum

MARCH 22, 2024

Most people are aware that we are in tax filing season with individual returns due April 15th (or April 17th for those living in Maine and Massachusetts). CPAs, EAs, and professional tax preparers see many clients this time of year and they are obviously busy with this work. Unless that is done, nothing will happen.

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CPA Practice

JUNE 8, 2023

The accounting profession has been facing a staffing crunch brought on by fewer college graduates entering the profession and experienced tax practitioners transitioning to different careers in accounting. However, with the rapid evolution of technology, navigating the high-density workloads brought in annually by tax season can improve.

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MyIRSRelief

MARCH 15, 2023

As a trucker, filing taxes can be a daunting task. The paperwork, deadlines, and complex tax laws can leave you feeling overwhelmed and uncertain about your tax obligations. However, failing to file your taxes can have severe consequences, including back taxes, penalties, and even legal action.

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AdviceForTaxpreparers

SEPTEMBER 8, 2020

Advice for Tax Preparers Making tax preparers lives easier one blog at a time HOME. Earn $20 per Book Promoting My Tax Preparer Book from Home in Your Spare Time. by Bill Meador, CPA, JD. My name is Bill Meador and I am writing a book to help tax staff succeed in a public accounting firm tax department.

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CPA Practice

NOVEMBER 13, 2023

In August 2022, the American Institute of CPAs (AICPA) released proposed revisions to the Statements on Standards for Tax Services (SSTSs) for public comment. The AICPA’s Tax Executive Committee (TEC) reviewed and adopted the updates to the SSTSs on May 18, 2023; the updated standards will be effective on January 1, 2024.

Tax 59

Tax tax services tax return cpas 59

CPA Practice

FEBRUARY 23, 2024

In the 2000s and 2010s, CPAs witnessed technology advancements that largely accrued to accounting-centric workflows. Unfortunately, tax professionals and their clients did not see the same benefits. Solutions will emerge and combine AI with automation to significantly free up tax professionals to focus on tax advisory services.

Technology 64

Technology Tax cpas tax preparation 64

CPA Practice

APRIL 17, 2023

As a certified public accountant, I’m flattered that we’re consulted for a growing range of business needs, including rising taxes. But with the increasing complexity of modern business and regulations, and a worsening shortage of CPAs, the truth is that small business accountants rarely help clients optimize their tax strategies.

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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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Shay CPA

MAY 3, 2023

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. But we have an R&D tax credit overview blog to help you get a good feel for how this potentially significant tax credit works.

payroll tax 52

payroll tax payroll Tax tax return 52

xendoo

FEBRUARY 23, 2022

As tax season looms, you may be wondering whether you should have an accountant prepare your taxes. In addition to considering how much an accountant costs , you’ll also want to consider how long an accountant will take to do taxes compared to trying to do it yourself. How do you know when to bring in a tax professional?

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Tax tax preparation tax return Account 94

CPA Practice

MARCH 29, 2023

The interim rules provided by Treasury and the IRS also address determining CAMT adjustments for depreciation and the treatment of federal income tax credits, as well as providing a safe-harbor method for determining whether a corporation is an applicable corporation subject to CAMT.

Tax 64

Tax income tax cpas tax return 64

CTP

APRIL 29, 2022

When tax professionals prepare a tax return, they are typically aiming for the return to be correct “beyond a reasonable doubt.” In the eyes of tax law, the reality is that almost nothing can be dubbed “always correct” or “always incorrect.” Rather, tax professionals must learn to navigate a world of gray.

Tax 98

Tax tax preparation tax return cpas 98

ThomsonReuters

MAY 6, 2021

It’s been well reported in cryptocurrency circles that Damon Rowe, Executive Director at the IRS Office of Fraud Enforcement, unveiled “Operation Hidden Treasure” at a recent Federal Bar Association virtual tax conference. Their focus is on taxpayers who omit cryptocurrency income from their tax returns.

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cpas tax return audit Tax 59