MyIRSRelief

OCTOBER 3, 2022

Taxes can be broken down into three categories: what you purchase, what you own, and what you earn. They contribute to resources such as our government, educational systems, law enforcement, libraries, and others. However, individuals who fail to pay taxes can suffer penalties and potential criminal charges.

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MyIRSRelief

JUNE 23, 2023

Let’s explore some of the key areas where their expertise shines: a) Tax Preparation: Enrolled Agents possess an in-depth understanding of tax laws and regulations. b) Tax Planning: Enrolled Agents provide strategic tax planning advice to minimize tax liability and optimize financial outcomes.

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MyIRSRelief

DECEMBER 15, 2022

Our Los Angeles based tax firm, led by Mike Habib, EA, represents and helps business taxpayers get compliant with tax & accounting service, contact us today at 1-877-78-TAXES [1-877-788-2937]. What is income tax preparation service? What is business tax preparation service?

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Nancy McClelland, LLC

MARCH 29, 2022

To validate and successfully submit an electronically filed tax return to the IRS , taxpayers need their adjusted gross income, or AGI, from their most recent tax return. The IRS has a couple of “special tips” to ensure the tax return is accepted by the IRS for processing.

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CPA Practice

AUGUST 14, 2023

A South Carolina woman was sentenced today to 37 months in prison for conspiring to defraud the United States by preparing and filing false tax returns. According to court documents and statements made in court, Georgina Gonzalez, formerly of Miami, worked as a tax return preparer since at least 2013.

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CPA Practice

AUGUST 11, 2023

A South Carolina woman was sentenced today to 37 months in prison for conspiring to defraud the United States by preparing and filing false tax returns. According to court documents and statements made in court, Georgina Gonzalez, formerly of Miami, worked as a tax return preparer since at least 2013.

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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 The IRS reminds taxpayers to make sure they choose a trusted, respected tax professional for help.

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CPA Practice

JANUARY 29, 2024

It’s back to regular IRS deadlines this year, but with a new tool for many low- and moderate-income households: a service that will prepare and file their tax returns online for free. That sort of virtual hand-holding is similar to what you’d get by using commercial tax preparation software.

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Going Concern

JANUARY 31, 2023

Deena Vang Lee of Fresno, CA, was indicted in April 2019 and charged with wire fraud, aggravated identity theft, aiding and assisting in the preparation and presentation of false and fraudulent tax returns, and making and subscribing false and fraudulent tax returns. She is scheduled to be sentenced on May 8.

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CPA Practice

JANUARY 26, 2024

The IRS Criminal Investigation unit will hold educational sessions for tax professionals about the employee retention credit (ERC) next month, the agency announced on Jan. These educational sessions will help tax preparers navigate the complexities of ERC claims to ensure they’re in compliance with U.S.

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xendoo

FEBRUARY 23, 2022

A number of factors affect the time it takes to file taxes. Not all of these will be the responsibility of the tax preparer. . First, you must make sure that you have all of the required documentation available for the tax preparer. State or local property tax. Tax Preparation for Small Business Owners.

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ThomsonReuters

APRIL 17, 2024

The ability of GenAI to process vast amounts of data quickly and accurately offers the promise of improved quality and accuracy of work, enhancing the overall efficiency of tax preparation and staying on top of compliance and regulations. “I think we are still in the early stages of generative AI.

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CPA Practice

FEBRUARY 8, 2024

The IRS warned that scammers are posing as tax software providers and requesting EFIN documents from tax professionals under the guise of a required verification to transmit tax returns. To register for a session, tax professionals can click on the date/time below. 12 and running each day next week. 12, at 12 p.m.

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Withum

APRIL 11, 2022

On Friday, March 25, 2022, the IRS announced that it will suspend sending the notices that they generally mail to tax-exempt organizations resulting from what its systems believe is the late filing of tax returns. Not-For-Profit and Education Services. Contact Us. Contact Us.

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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. This ensures that they are up-to-date on the latest tax laws and best practices.

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MyIRSRelief

OCTOBER 16, 2023

Educator Expenses Discover deductions available to teachers for out-of-pocket classroom expenses. Job-Related Expenses Explore miscellaneous deductions, such as unreimbursed job-related expenses and tax preparation fees. Tax Credits for Individuals 3.1. Popular Individual Tax Credits a. Lesser-Known Tax Credits a.

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ThomsonReuters

APRIL 25, 2024

When filing tax returns, it’s important to report all income sources accurately. Other tax-favored accounts. The form also covers other tax-favored accounts, such as Coverdell education savings accounts (ESAs), qualified tuition programs (QTPs), and Achieving a Better Life Experience (ABLE) accounts.

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Nancy McClelland, LLC

APRIL 16, 2023

(c) Nataliya Vaitkevich via Pexels I used to find it annoying when a client would forward me an article about a tax deduction or credit, to make sure I would take it on their tax return. Yet we often see this benefit overlooked on tax returns, especially when S-Corp shareholders pay for their insurance through work.

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CPA Practice

MAY 22, 2023

If not, it’s time to conduct one as it is not only a good practice but is required for any individual or firm that electronically file tax returns. We encourage the firm’s IT person/security trainer review each of the checklist items and educate firm personnel on the firm’s position on each point.

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CPA Practice

OCTOBER 25, 2023

Join John Sapp, CPA and Chief Revenue Officer at Drake Software and Isaac O’Bannon, Managing Editor for CPA Practice Advisor for a live webinar covering key topics that will affect tax preparers and payers in the upcoming season. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.

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ThomsonReuters

JANUARY 18, 2024

Accountant vs. CPA vs. tax preparer: What are the differences? Preparing tax returns. Accountant vs. CPA vs. tax preparer: What are the differences? Accounting professionals may find that some outside of the profession do not fully understand the differences between an accountant and a tax preparer.

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MyIRSRelief

MAY 1, 2024

They can advise on maximizing retirement contributions, choosing the most advantageous business entity, and implementing investment options that minimize your overall tax burden on forms like 1120, 1120S, and 1065. Time Efficiency: Tax preparation and research are notorious time-sinks.

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ThomsonReuters

JULY 6, 2023

If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. Whether it’s advising on residential energy tax credits or restructuring a partnership, your knowledge and expertise beyond the tax return are valuable.

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Nancy McClelland, LLC

APRIL 9, 2024

For years, we have stressed the importance to our clients of making quarterly estimated tax payments. And unlike many tax preparers, we also do bookkeeping, accounting, and consulting for our small business owners — so we’ve also encouraged them to have us do a quarter-by-quarter calculation of how much to pay.

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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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ThomsonReuters

JANUARY 4, 2024

Driven by the dwindling number of accountants entering the profession, the outsourcing market for tax preparation services has expanded significantly in recent years. This measure aims to combat illegal activities like money laundering and tax evasion. Partial outsourcing is also an option.

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CPA Practice

JUNE 21, 2023

This FREE online webinar is a continuation of CPA Practice Advisor ’s mission to provide unbiased, independent information on technologies available to practicing public accountants and tax professionals. Visit safesend.com to learn more about our digital solutions.

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Shay CPA

FEBRUARY 28, 2024

While you’re putting some energy into gathering up the documents you need, grab a copy of your 2022 tax returns. Gusto, Justworks) Rent (including WeWork/coworking spaces) Taxes (e.g., Delaware Franchise Taxes) Training/education Utilities (e.g., Clearly, tax prep isn’t easy. Amazon, Staples) Payroll (e.g.,

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ThomsonReuters

NOVEMBER 15, 2023

What to know about Section 501 Section 501 of the Internal Revenue Code delineates the criteria for organizations to qualify for tax-exempt status. This section includes various subsections, each catering to different types of organizations, such as charitable, religious, educational, scientific, and more. File the tax return.

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CPA Practice

AUGUST 15, 2023

Ann Campbell , CPA CIA, joined Drake Software in 2021 as a Tax Software Trainer. She is a Certified Public Accountant licensed to practice in California and North Carolina with many years of experience as a tax preparer using Drake Tax®.

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CPA Practice

JULY 13, 2023

“The Security Summit plays a key role in protecting federal and state tax filings from identity thieves. Their work continues to strengthen our systems against fraudulent tax returns,” said IRS Commissioner Danny Werfel. Tax professionals also form a critical part of our defenses. San Diego and Orlando.

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ThomsonReuters

SEPTEMBER 7, 2023

Jump to: Child and dependent care credit FAQs What is kiddie tax? What is the adoption tax credit? Claiming children on taxes Choosing the best tax preparation software As all working parents know, the cost of child and dependent care can be a significant financial burden.

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Nancy McClelland, LLC

JANUARY 16, 2024

For example, if you’re trying to prepare a tax return for a prior-year and need a list of all the informational documents filed with the IRS that are associated with your SSN, you’d want a Wage & Income Transcript. Print the file to PDF and save it somewhere safe, along with the rest of your tax season documents.

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ThomsonReuters

MARCH 1, 2024

To the IRS, S corporations (S corps) are considered “ pass-through entities ”, which means any deductions, losses, income, credits, and profits pass through directly to shareholders, who report their share of the business’s performance on their own personal tax returns. For 2024, S corp taxes are due on March 15, 2024.

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CPA Practice

JUNE 28, 2023

By now, most tax preparers are aware they need to comply with the FTC Safeguards Rule and IRS Publication 4557. And what if you don’t provide tax? By Chris Farrell, CPA. Failure to do so could result in stiff penalties, yet many firms have not been able to make this a priority.

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LyfeAccounting

MARCH 10, 2021

CPAs are individuals that passed the hardest professional exam in the world while meeting rigorous educational and experience requirements. They know the rules of accounting and can act as a trusted advisor to help you plan for taxes, manage your finances, and overcome business challenges that you’ve never experienced before.

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ThomsonReuters

NOVEMBER 15, 2023

Charitable contributions from IRAs How much of a donation is tax deductible? In addition to helping our communities, these donations can also lead to significant tax benefits. It’s crucial to note that donations made to individuals, political organizations, and certain private foundations do not qualify for tax deductions.

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