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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. Two or more partners use a Schedule K-1 to report their share of profits, losses, and dividends. Startup businesses often are not aware of their obligation to provide the K1 tax form to their partners.
Anyone who electronically files an amended individual income tax return can for the first time select to have any resulting refund deposited into their bank account, the IRS said on Feb. 9. Up until now, taxpayers who filed Form 1040-X , Amended U.S. Individual Income Tax Return , with the IRS had to wait for a mailed paper refund check, adding an extra step onto the amended return process.
With nearly $80 billion allotted over the next 10 years thanks to the Inflation Reduction Act, the IRS is going on a hiring spree to improve its woeful customer service (to taxpayers and tax professionals alike) and technology; wade through the piles of individual, business, and amended paper tax returns that have accumulated over the last year or longer which still need to be processed; and to crack down on noncompliance.
By Jon Healey, Los Angeles Times (TNS) Accountants across California have been grumbling for weeks about the IRS’s refusal to clarify a key issue for state taxpayers: whether they’ll have to pay federal taxes on the state’s Middle Class Tax Refund. On Thursday, the IRS’s in-house taxpayer advocate service added its voice to the complaints. In a blog post , the National Taxpayer Advocate blasted the agency for urging taxpayers in California and more than a dozen other states to hold off filing
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
The Wall Street Journal has written a pretty detailed account of comments EY Global Chairman and CEO Carmine Di Sibio made to WSJ’s CFO Network Summit earlier this week, scroll down to skip past a bunch of words and watch the clip. Of note, the split vote is now expected to happen in April. “I do see potential [further] delays because the deal is complicated,” Di Sibio said.
Unfortunately, fraudsters are out there. They want your money and identity, and they're getting more sophisticated. There's a wealth of opportunity for swindlers to take advantage of people because so much of what we do is now online. There are ways for you to protect yourself, both by taking action and being aware of what's going on. While they might get less information from a small business, thieves will easily access it.
Talent As tax season approaches, accounting firms are short on staff [ Marketplace ] Oh hey! Planning ahead: How these employers will grow and retain talent this year [ Silicon Republic ] When it comes to engaging with talent, PwC recently launched its people value proposition, which aims to give employees flexibility with how they work and help them achieve better work-life balance.
Talent As tax season approaches, accounting firms are short on staff [ Marketplace ] Oh hey! Planning ahead: How these employers will grow and retain talent this year [ Silicon Republic ] When it comes to engaging with talent, PwC recently launched its people value proposition, which aims to give employees flexibility with how they work and help them achieve better work-life balance.
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. Two or more partners use a Schedule K-1 to report their share of profits, losses, and dividends. Startup businesses often are not aware of their obligation to provide the K1 tax form to their partners.
Just before midnight last night my phone reminded me that February 9 is National Pizza Day, an event celebrated year-round at accounting firms across the country. Why February 9? I’m not exactly sure, and Googling it only got me a bunch of weird AI-populated websites about the history of pizza. Did find this though : I’ve tagged this to Partners Corner to be sure the handful partners who read here will set a calendar reminder for 2024 so we never again miss this important day.
Considerations for Valuation Despite the uncertainty surrounding the value of tokens purchased from defunct crypto exchanges, like FTX, investment fund managers still need to mark their portfolios at fair value and issue financial statements to their investors. Whether these tokens are now worthless and should be written down to $0, if a discount should be applied, and how a discount would be supported have been questions on everyone’s mind since the collapse back in November.
On February 8, the Florida Institute of Certified Public Accountants (FICPA) officially opened its new headquarters in the Park Building at 250 S. Orange Ave., in downtown Orlando. Orlando Mayor Buddy Dyer joined FICPA President & CEO Shelly Weir, Board Chair Julian Dozier, professional staff and volunteer leaders in a ceremonial ribbon cutting to mark the occasion.
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
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. Two or more partners use a Schedule K-1 to report their share of profits, losses, and dividends. Startup businesses often are not aware of their obligation to provide the K1 tax form to their partners.
While being self employed comes with numerous benefits, there are also many challenges. One of the major ones is ensuring that you are aware of, and fulfill, your tax obligations on a timely basis. In the beginning these tax obligations can seem mystifying and somewhat overwhelming, but once you understand what needs to be done, the enigma surrounding the process dissipates and it tends to become routine.
Late nights, long hours, and lots of coffee. Sound familiar? If you’re an accounting professional, this may happen to you throughout the year. But, there are a few times in particular when the work days get longer. Cue busy season. So, when is busy season for accountants?
Technologists Randy Johnston and Brian Tankersley, CPA, CITP, CGMA discuss how “low Earth orbit satellites” can provide greater internet connectivity for accountants, firms, remote staff, and others who frequently travel. Click here to visit the podcast page.
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
Learn how a not-for-profit education company avoided massive challenges by using Microsoft Azure Data Factory and reduced their data pipeline cost by 95%. Download a PDF of this case study. Executive Summary A child- and education-focused not-for-profit supporting underserved populations needed help with their legacy data pipeline process that was suddenly out of budget.
Menzies LLP - A leading chartered accountancy firm. Phil Wright – Director Ever heard of the ‘aggregation of marginal gains’? This approach has been widely written about in the world of sport, but did you know that it can also applied to the world of business. The aggregation of marginal gains – aka the 1% rule The theory is that by making small increases or changes to one, two or even three key areas in a business the positive impact on a company’s profit and loss account can be sub
In the current e-commerce climate, having a return and refund policy has become a necessity rather than a nice-to-have feature. However, such policies don’t mean losses for small businesses. Quite the opposite, they can help increase the number of returning customers and bring more profit in the long run. In this article, we’ll explore the reasons behind customer returns and the benefits of a small business return policy.
Manufacturing activity has slowed materially over the past year, especially as the global economy has weakened. Yet, there are pockets of resilience in the sector, and the U.S. has remained more resilient than many of our trading partners. This session focuses on the U.S. and global manufacturing outlook for 2023. Learn more about Cherry Bekaert’s offerings for Industrial Manufacturing companies.
Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.
With the passing of two landmark legislative pieces, the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act and the Inflation Reduction Act (IRA), industrial businesses are presented with significant new opportunities. In this session, we examine the post-election landscape and assess the tax legislative environment, the year-end omnibus legislation, and expectations for the first quarter of 2023 as the 118th Congress comes into session with a new majority in the House.
With disruption serving as the only constant for supply chain leaders, industrial businesses must adapt to a growing list of challenges including global supply chain delays, geopolitical complications, workforce shortages and shifting demand patterns. Watch our webinar as we unlock new opportunities to proactively manage current supply chain disruptions and also craft a strategy to navigate future disruptions.
In the continuation of the prior session, we take a deep dive into a case study detailing a mid-market US manufacturer’s efforts to improve sustainability through capitalization of available incentives and benefits of the Inflation Reduction Act of 2022. We highlight how your business can accomplish the dual missions of reducing costs while also decreasing your carbon footprint.
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