RogerRossmeisl

NOVEMBER 6, 2023

When preparing a business valuation, quantitative data — from tax returns, financial statements, contracts and other sources — is important. But there’s more to a company than numbers. Qualitative factors also contribute to a company’s overall value. Websites and marketing materials can provide only limited insight.

tax return 242

tax return CPA financial statements Tax 242

RogerRossmeisl

MAY 15, 2023

Valuing a business requires more effort than just plugging numbers from the financial statements into a spreadsheet or artificial intelligence software program. Financial statements, tax returns and marketing materials tell only part of the story.

tax return 242

tax return financial statements CPA Tax 242

CPA Practice

APRIL 28, 2024

The Internal Revenue Service is offering tax-related information to entrepreneurs in anticipation of the upcoming kick-off of National Small Business Week. Tax topics during the week will include: Monday, April 29. Small business owners must implement data protection safeguards and always be on the lookout for tax-related scams.

tax return 114

tax return income tax Tax business tax 114

MyIRSRelief

OCTOBER 2, 2023

You don’t have a lot of money to spend on accounting and tax services. The truth is, accounting, taxes and bookkeeping are essential for all businesses, regardless of size or age. To comply with tax laws. These programs can help you track your income and expenses, generate financial reports, and file your taxes.

tax services 130

tax services bookkeeping bookkeeping services Tax 130

TaxConnex

OCTOBER 12, 2023

And one thing that can pound a stake through the heart of a promising M&A is unearthing past tax liability during due diligence. Enter past-due sales tax, a sometimes-overlooked and haunting liability that might not get the attention of, say, overdue income or property tax, until it’s too late. Requirements can vary widely.

Sales 113

Sales Tax audit tax return 113

TaxConnex

FEBRUARY 24, 2022

But sometimes, the deal is held up for various reasons – including sales tax exposure within the company being acquired. But many business owners have been gut-punched during due diligence when an unanticipated sales and use tax? This could all be avoided if founders know their potential risk with sales and use tax?beforehand

Sales 196

Sales Tax tax return payroll 196

Basis 365

FEBRUARY 15, 2023

Bookkeepers' duties vs. Tax Accountants Bookkeeping duties A bookkeeper's responsibility is to keep track of your company's daily transactions, preferably in an accounting program like Xero or QBO. This will allow you and your accountant to make better financial decisions. Why not hire bookkeepers and tax accountants for the year?

bookkeeping 97

bookkeeping tax accountant Tax Account 97

CPA Practice

SEPTEMBER 15, 2023

The IRS is asking taxpayers for their thoughts on how the agency can improve and expand its tax certainty and issue resolution options for businesses of all sizes. The IRS is also evaluating the value of new or alternative programs to advance tax certainty and issue resolution for businesses. Under Initiative 2.4 Under Initiative 2.4

Tax 115

Tax tax return audit financial statements 115

Snyder

OCTOBER 30, 2022

Taxes add a big chunk to this plate. Tax filing deadlines and taxes themselves become a really big deal for e-commerce business owners, adding even more stress to their busy lives. But is there a way to escape tax filing season disturbance? How much do small businesses pay in taxes? How to file income tax?

tax preparation 98

tax preparation E-commerce Tax income tax 98

ThomsonReuters

AUGUST 25, 2023

Jump to: How does depreciation affect corporation taxes? What is the depreciation guidance for corporate alternative minimum tax? With tax obligations on the rise, your role as a trusted advisor is bound to grow in importance. Furthermore, 73% said they expected their total tax liability to increase over the next 12 months.

corporation tax 98

corporation tax Tax income tax financial statements 98

xendoo

FEBRUARY 15, 2022

If you own a business or earn a significant income, you may be wondering how to manage your tax situation and how much a tax consultant costs. There is a lot to consider when weighing the costs and benefits of hiring a tax consultant. A tax consultant can help with any of these issues. What Does a Tax Consultant Do?

tax consultant 103

tax consultant Tax tax return business tax 103

ThomsonReuters

JULY 25, 2023

A recent article from Thomson Reuters, “ Baker Tilly’s Michele Donohue Makes the case for Automation in Tax Practice ,” discusses the benefits of automation in tax practice, as well as the role of artificial intelligence. Let’s take a look.

tax preparation 98

tax preparation Technology Tax accounting firms 98

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.

tax accountant 130

tax accountant Tax bookkeeping Account 130

Withum

OCTOBER 5, 2023

This model has been essential to growing virtual health businesses that need to remain in compliance with the Corporate Practice of Medicine (CPOM) laws; however, there are several legal and tax considerations to be aware of when considering whether to file a consolidated federal income tax return for the entities within the structure.

income tax 59

income tax tax return Tax Legal 59

SMBAccountant

DECEMBER 21, 2022

Auditors provide opinions on the accuracy and reasonableness of financial statements. Forensic accountants research financial transactions to uncover fraud. Tax accountants specialize in IRS law and completion of tax returns. Tax accountants specialize in IRS law and completion of tax returns.

bookkeeping 130

bookkeeping managerial accounting Account accountant 130

Anders CPA

NOVEMBER 21, 2023

Year-end is approaching fast, which means this is the perfect time for businesses to make some final adjustments to their tax planning strategies. Exploring options such as a de minimis safe harbor election or purchasing assets to take advantage of 2023’s bonus depreciation of 80% could have a big impact on a business’s tax burden come April.

tax planning 64

tax planning Tax financial statements tax return 64

Shay CPA

DECEMBER 7, 2022

Before you shut down your tech company, you need to take some final tax steps. . We’ve seen founders left holding the bag in resolving tax issues, even years after they thought they had closed their companies. Sales tax accounts. State franchise and income tax accounts. File a final corporate tax return.

tax accountant 59

tax accountant Tax tax return Account 59

Going Concern

APRIL 12, 2024

ICYMI: These are the most-read articles on Going Concern this week: Tax Preparer Finds Out in the Worst Way Possible That ERC Wasn’t a Free Money Glitch Survey Says: Which Group of Auditors Are Most Satisfied With Their Salaries? the auditor of Tesla Korea, about the company’s financial statements for last year.

CPA 89

CPA auditor Tax audit 89

CPA Practice

JUNE 8, 2023

The IRS and the Treasury Department said on June 7 that it will provide penalty relief for corporations that failed to pay their estimated tax liability under the new corporate alternative minimum tax (CAMT), which was created last year by the Inflation Reduction Act. 31, 2022, and before Jan. 1, 2024, according to Notice 2023-42.

income tax 105

income tax tax return financial statements Tax 105

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.

Illinois 52

Illinois Tax tax preparation tax return 52

CPA Practice

JUNE 12, 2023

The IRS and the Treasury Department said on June 7 that penalty relief will be provided for corporations that failed to pay their estimated tax liability under the new corporate alternative minimum tax (CAMT), which was created last year by the Inflation Reduction Act. 31, 2022, and before Jan. 1, 2024, according to Notice 2023-42.

income tax 98

income tax tax return financial statements Tax 98

Cherry Bekaert

NOVEMBER 28, 2023

There are several key tax considerations and tactical approaches for businesses to address while closing out 2023 and moving into 2024. From leveraging tax incentives to optimizing deductions, this guide offers insights into tax planning to help businesses make informed decisions and set a solid foundation for the upcoming year.

tax planning 64

tax planning Tax income tax tax return 64

ThomsonReuters

AUGUST 25, 2023

What is tax depreciation? What are the differences between book and tax depreciation? What is book-to-tax reconciliation? Managing book and tax depreciation with software Depreciation. Tax depreciation is a depreciation expense listed by a business client on their tax return for a given tax period.

Tax 52

Tax tax return accounting principles Account 52

MyIRSRelief

OCTOBER 1, 2019

If you are facing payroll tax problems, then you have a serious issue on your hands. This is especially true for small business owners and entrepreneurs who may not have the knowledge, experience, or skill set to understand how tax issues with their 940/941payroll and employment got out of hand. 941/940 Payroll Tax Employment Issues.

payroll tax 100

payroll tax payroll Tax tax return 100

Withum

JULY 25, 2023

While gift cards are prevalent in many businesses, there continues to be misconceptions on the impact to a business’ financial statements and tax returns when considering how to report income related to the cash received when issuing a gift card, as well as with the redemption of that gift card.

financial statements 97

financial statements tax return E-commerce Tax 97

xendoo

FEBRUARY 25, 2022

Be Ready for Tax Season. No one enjoys tax season (not even accountants), but paying taxes is a required part of keeping your business tax compliant. If you don’t have accurate records, you may miss out on deductions or income on your tax returns. Inconsistencies in Financial Statements.

Account 111

Account accountant accounted general ledger 111

ThomsonReuters

AUGUST 2, 2022

With many tax and accounting professionals choosing to take a break or pursue other passions, smaller firms are finding that remaining team members are wearing multiple hats and are at risk of burnout. Increasing productivity with tax technology. So, how can tax technology boost the agility of your firm? Detect inaccuracies.

Technology 98

Technology Tax Non-Profits tax preparation 98

ThomsonReuters

SEPTEMBER 19, 2023

Jump to: Job security: AI is an enhancement, not a replacement Making AI work for you: Best practices for tax professionals A collaborative future with AI The dawn of artificial intelligence (AI) has sparked concerns across various industries about the potential replacement of human workers with machines. Scary, right?

Technology 52

Technology Tax tax preparation tax return 52

MyIRSRelief

AUGUST 14, 2023

Dealing with tax-related issues can be overwhelming, and one such issue is an IRS wage garnishment. An IRS wage garnishment, also known as a wage levy or wage attachment, is a legal action taken by the Internal Revenue Service (IRS) to collect unpaid taxes. What is an IRS wage garnishment?

tax return 130

tax return Tax Legal audit 130

MyIRSRelief

AUGUST 14, 2023

Dealing with tax-related issues can be overwhelming, and one such issue is an IRS wage garnishment. An IRS wage garnishment, also known as a wage levy or wage attachment, is a legal action taken by the Internal Revenue Service (IRS) to collect unpaid taxes. What is an IRS wage garnishment?

tax return 130

tax return Tax Legal audit 130

Going Concern

SEPTEMBER 25, 2023

In that capacity, Urban was responsible for maintaining the company’s general ledger, preparing financial statements, and reconciling the company’s accounts payable and receivable and bank statements. His actions undermined the integrity of the tax profession and caused detriment to his clients and the ATO.” “We

tax preparation 85

tax preparation Gambling Account accountant 85

ThomsonReuters

OCTOBER 24, 2023

Data is king in today’s fast-paced world of finance and tax. Yet, for many companies, the journey of data from disparate sources to financial close, tax returns, and reporting can be torturous. Fortunately, tax departments are not powerless. based CFO Consultants, in a blog post.

Technology 52

Technology Tax corporation tax accounting and finance 52

ThomsonReuters

JULY 6, 2023

There are several different areas of advisory to investigate, such as tax advisory , business advisory , M&A advisory , and accounting advisory. Not so long ago, manual data entry dominated an entry-level accountant’s day—from formatting financial statements to entering trial balance data.

Account 98

Account accountant accounted accounting and finance 98

CPA Practice

DECEMBER 15, 2023

The IRS and the Treasury Department on Friday released Notice 2024-10 , which provides additional interim guidance on the new corporate alternative minimum tax. The corporate AMT generally applies to large corporations with average annual financial statement income exceeding $1 billion. The new guidance released on Dec.

financial statements 59

financial statements tax return Tax 59

Basis 365

JUNE 26, 2022

The IRS wants you to comply by having good books and records to substantiate the amounts you put on your business tax return. You need to dive into the financial statements and understand the relationship between the different statements: Profit & Loss, Balance Sheet, and Cash Flow.

bookkeeping 93

bookkeeping financial statements tax return business tax 93

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. Instead, they can shift their focus to more value-added activities like providing financial insights and helping clients navigate the complexities of tax law.

Account 88

Account accountant accounted tax return 88

ThomsonReuters

APRIL 30, 2024

Jump to: The role of emotional intelligence (EQ) in client relationships The evolution of client service in accounting firms Leveraging technology for enhanced client service Forward-looking accountants are increasingly realizing the importance of harmonizing technical tax expertise with interpersonal relationship skills.

Technology 52

Technology accounting firms financial statements Tax 52