CPA Practice

FEBRUARY 3, 2023

(TNS) A Columbus, GA-based tax preparer has pleaded guilty in federal court to charges that she submitted false claims for tax credits for her clients and also failed to pay her own personal taxes. Nadine Word pleaded guilty to preparing and submitting false tax returns and failing to file her personal tax returns,” James E.

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Withum

FEBRUARY 9, 2024

These on-paper losses have the opportunity to provide investors with significant tax reduction opportunities. For many investors these losses can be considered passive activity losses and can be used to offset other passive activity income on their individual income tax returns.

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Going Concern

AUGUST 28, 2023

2022 state income tax refund might be coming. Then he answered, “ We’re understaffed and we had a lot of income tax returns last year.” My return, by the way, was sent electronically on April 3, the same day my cpa firm sent my federal income tax return in electronically. state workers.

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Withum

SEPTEMBER 14, 2022

Those who still challenge the system with aggressive deductions and underreported income may find themselves confronting a criminal charge of tax evasion. 10 Troublesome Tax Schemes. With this in mind, below are 10 troublesome tax schemes I have seen used by taxpayers. Remember the data science I mentioned.

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ThomsonReuters

JULY 13, 2023

This means source documents are bookmarked and organized into a standardized work paper index that follows the order of the tax return. Preparers don’t have to painstakingly assemble tax work papers thanks to automated scan-and-organize functionality. Sounds great, right?

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PYMNTS

FEBRUARY 23, 2016

“The response shows how we are often torn between what we want to do with our income tax refund versus what we feel we should do,” Liz Weston, personal finance columnist for NerdWallet, said in a statement.

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CPA Practice

JUNE 14, 2023

For tax years beginning after Dec. This payment will first offset any tax liability of the entity and any excess will be refundable. Entities without sufficient tax liability were previously unable to realize the full value of credits, which raised costs and created challenges for financing projects.”

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inDinero Tax Tips

APRIL 11, 2023

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. Delaware is considered “the place” to establish your corporate entity as there’s no Delaware sales tax. Delaware offers perhaps the most favorable tax treatment to businesses. Historically, in the U.S.,

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Xero

AUGUST 22, 2022

The road to Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is long and winding, but the end is in sight. From April 2024, sole traders and landlords with a total annual turnover above £10,000 need to use MTD for ITSA compatible software to keep digital records and file returns. Getting started.

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LyfeAccounting

JULY 1, 2021

But in 1931, Capone was found guilty of 22 counts of federal income tax evasion and was convicted to 11 years in federal prison, in addition to $215,000 plus interest due on back taxes. You see, despite publicly displaying his wealth, Capone never filed a Federal tax return. The FBI didn’t have enough evidence.

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ThomsonReuters

JULY 10, 2023

The use tax rate is the same as the sales tax rate where the item is being used and is due when the item is first used in the state. Every calendar year due date, the taxpayer can pay when filing their income tax. For other items, however, Washington state requires that use tax be reported on a designated tax return.

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inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . The IRS announced a plan to increase audits for small businesses by 50% for the 2020 tax year. Our CPAs Answer Your Top 5 Burning Tax Questions.

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ThomsonReuters

JANUARY 18, 2024

Preparing tax returns. In order to keep their certification current for representation in front of government entities and tax return preparation, CPAs must also keep up to date with yearly continuing education requirements. Recording disbursements and payments. Ensuring that systems are up to date.

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Withum

FEBRUARY 1, 2023

Set in New Orleans, Louisiana this year, there was plenty of fun (Phillies Astros World Series Game 1) and information to go around. LIFO The Last-In First-Out inventory method is a common inventory valuation method used by many dealerships that can help taxpayers lower their income tax for a period of time.

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LyfeAccounting

JUNE 22, 2021

For tax purposes, sole proprietors are considered disregarded entities. All this means is that you do not have to file a business tax return when you file your taxes. Instead, you will file a Schedule C when you file your personal tax return. What Taxes Do You Have to Pay as a Sole Proprietor?

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PYMNTS

APRIL 5, 2018

million individual returns have been filed electronically, a slight 0.7 For many, though, the hard part comes after their taxes are filed and they are forced to play the waiting game, even if they opt to get refunds with direct deposit. As of March 16, 2018, the Internal Revenue Service (IRS) reports approximately 72.7

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CPA Practice

OCTOBER 3, 2023

But all the excitement and talk about Taylor’s appearance at an NFL game has also raised questions about what Eras Tour tickets have to do with taxes. So, to sort out some of the confusion, here’s what you need to know about how reselling concert tickets (not just those for Swift’s tour) might impact your tax bill.

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CTP

FEBRUARY 29, 2024

American gaming has boomed since sports betting and online gambling were legalized. Complex tax laws for filing and deducting gambling winnings and losses provide new hurdles for taxpayers. First, you must classify gamblers, identify your clients in specific categories, and calculate estimated federal income tax.

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PYMNTS

APRIL 14, 2018

But despite the things that 1914 didn’t have, it did have income taxes; the 1040 we all know and love today made its first appearance among the masses that year following the ratification of the 16th Amendment to the Constitution. Back then, taxes weren’t due on April 15. Unfortunately, it seems to be a growing trend.

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CPA Practice

OCTOBER 2, 2023

But all the excitement and talk about Taylor’s appearance at an NFL game has also raised questions about what Eras Tour tickets have to do with taxes. So, to sort out some of the confusion, here’s what you need to know about how reselling concert tickets (not just those for Swift’s tour) might impact your tax bill.

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Going Concern

MARCH 24, 2023

Up until now, Tax Heaven 3000 creators MSCHF have been known for sneaker drops more than sketchy tax prep games (is anyone known for sketchy tax prep games?). love and taxes forever my heart- “Suitable for singles without dependents” LOL The game’s itch.io

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Accounting Insight

FEBRUARY 1, 2024

Such a business tax enquiry is not to be confused a regular compliance check into personal tax returns or simpler corporation tax returns, which typically focus on a single tax year or accounting period, and sometimes just a handful of aspects. What is a business tax enquiry / hmrc corporate enquiry ?

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LyfeAccounting

DECEMBER 30, 2020

Are you tired of paying taxes? Taxes stink. But recently, I heard that some people pay very little in taxes. In fact, the president’s tax returns show he paid just $750 in federal income taxes in 2016 and 2017. This helps make the tax system fair. How to Calculate Your Taxes.

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xendoo

JUNE 24, 2021

As it relates to real estate accounting specifically, choose software with a payroll feature capable of calculating commissions and tracking those amounts for income tax withholding. Suppose you wait until a week before your tax return is due to get your books updated. . • Independent subcontractors.

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LyfeAccounting

MAY 5, 2021

For those people, we edited the chart and made a slight adjustment, so you can see their tax rate would be closer to the 40% range. of the 154 million people who filed a tax return in 2018. During the same year, let’s say you earned $100,000 and that puts in you the 24% tax bracket.

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inDinero Accounting

JANUARY 9, 2023

As a result, the first few years may see negative returns, and hence no income tax liability. However, this doesn’t mean you shouldn’t concern yourself with taxes. First of all, there are many other taxes – such as payroll tax, property tax, sales tax, and excise tax – to worry about.

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inDinero Accounting

JANUARY 9, 2023

As a result, the first few years may see negative returns, and hence no income tax liability. However, this doesn’t mean you shouldn’t concern yourself with taxes. First of all, there are many other taxes – such as payroll tax, property tax, sales tax, and excise tax – to worry about.

Account 52

Account accountant accounted accrual accounting 52

CPA Practice

FEBRUARY 27, 2024

billion cost of Allegiant Stadium via hotel room tax-backed municipal bonds with investors’ yields sheltered from federal income taxes. What about other metropolises, where attendees at these games are almost all locals? Those are the two worst sides of these “tax expenditures.”

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