Withum

MARCH 19, 2024

In 2024, professional gaming and streaming is a lucrative path for those with the skills and charisma to hold a crowd. Those that receive 1099-NEC should report this income within Schedule C of their 1040 income tax return, unless that individual created a company specifically for their Esports activities.

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ThomsonReuters

APRIL 28, 2025

Jump to The power of AI in tax preparation How AI contributes to long-term sustainability in accounting Getting started with AI Are you ready to get AI in action for your tax and accounting firm? Enhanced tax research capabilities Beyond workflow, AI is revolutionizing the way firms approach tax research.

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Accounting Today

NOVEMBER 28, 2023

Sanctions list; getting out of the Market; why oh Y; and other highlights of recent tax cases.

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CTP

DECEMBER 2, 2024

Despite your best efforts as a tax planner, your client may still end up facing an audit. Since some audits are randomly chosen, this is an unavoidable reality for those of us in the tax field. That depends—on what type of audit protection you may choose to offer along with your tax plans.

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CPA Practice

SEPTEMBER 25, 2023

What does your game plan for this fall include? It would be best if you took this time to address the top few issues and develop a plan to complete those by mid-December while accommodating tax planning, Client Accounting Services, and cleaning up any other open projects for the year. Our firms need some fundamental tools to operate.

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ThomsonReuters

DECEMBER 19, 2024

Jump to Automating digital asset compliance workflows What can cryptocurrency tax software do? Strategic digital asset reporting implementation for tax professionals Act now and gain a competitive edge The tax landscape is evolving rapidly, especially with the emergence of digital assets like cryptocurrencies.

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ThomsonReuters

JANUARY 21, 2025

The post AI-powered risk assessment: The game-changer in modern auditing appeared first on Tax & Accounting Blog Posts by Thomson Reuters. Explore Thomson Reuters Cloud Audit Suite and discover how it can streamline your risk assessment processes, improve accuracy, and boost overall efficiency.

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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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TaxConnex

OCTOBER 8, 2020

What’s an IP address and how can it influence your company’s need to collect and remit sales tax to states? When your customers access your website and make purchases, the customer is often providing a billing and/or shipping address which can be used to determine where sales tax applies. Tech on the forefront. Texas and Maryland.

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TaxConnex

DECEMBER 7, 2023

There’s always something changing in the world of tax, especially sales tax. Johns County, Florida, received a $750 credit from Amazon after discovering that the marketplace facilitator had been overcharging her for sales tax for more than a decade, news reports said. New York state sales tax collections jumped 2.5%

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TaxConnex

OCTOBER 3, 2023

There’s always something changing in the world of tax, especially sales tax. billion in tax revenue on sales tax holidays that offer breaks on such goods as back-to-school or disaster-preparedness items. The other prevalent argument is that sales tax holidays are a way of giving tax relief. “The

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TaxConnex

NOVEMBER 30, 2021

When you look at the details involved in your sales tax compliance process – preparing and filing returns, updating the filing calendar, managing notices, monitoring nexus thresholds and on and on – it’s easy to see why you need to simplify the process wherever possible. Smooth flow. Do these steps consistently each month.

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CPA Practice

AUGUST 25, 2024

Yet some states still haven’t clearly defined how sales and use tax applies to digital goods and services. To help you better understand digital products sales tax, this blog will explain: How do you define digital products for sales tax? How do you figure out sales tax on digital products by state?

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TaxConnex

APRIL 6, 2021

There’s always something changing in the world of tax, especially sales tax. The Alaska Remote Seller Sales Tax Commission has approved its “Remote Seller Sales Tax Code & Common Definitions” that would apply to local municipalities in Alaska that choose to adopt it. 10 to report use tax.

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Accounting Today

NOVEMBER 22, 2024

Captive audience; some disagreement; game of 21; and other highlights of recent tax cases.

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TaxConnex

MARCH 5, 2024

That’s a lot of tax potential, and the feds have started to notice. Nevertheless, how long before states start trying to tap this market to collect sales tax? So far, Pennsylvania reportedly just lists NFTs as “taxable,” though Michigan does go so far as to classify NFTs as digital goods not subject to the state sales and use tax.

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CPA Practice

AUGUST 19, 2024

Olympians have won 40 gold medals, 44 silver medals, and 42 bronze medals at the 2024 Olympic Games in Paris, for a total of 126 medals. What potential taxes face these Olympians on these medals and funds they receive? taxed Olympic medal winners on the value of the medals won. By Mark Luscombe, CPA, JD, LLM.

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CPA Practice

OCTOBER 14, 2024

Here are the rules and expectations: Candidates should be working in the accounting field, or supporting the field (public, private, tax preparation, consulting, academia, government) and have not turned 40 as of Oct. Nominees must have not turned 40 by Oct.

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TaxConnex

MAY 4, 2023

Many tech companies consider themselves service providers, exempt from sales and use tax. But a purchase within an app or gaming system may not require the same information, so the location of a purchase can be harder to pinpoint. Are IPs the future? But the same holds true for customers’ IP addresses. “A

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CPA Practice

JUNE 5, 2023

Taylor, Kiplinger Consumer News Service (TNS) NBA finals Game 2 is in the books, and many people who tuned in to see the Miami Heat tie the series with the Denver Nuggets are probably not wondering what a jock tax is. But the NBA Finals—and other sporting events—are connected to taxes in a big way. What is the jock tax?

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Accounting Today

MARCH 19, 2024

with tax season in full swing, accountants need to have a game plan to mitigate the potential impacts the shortage may cause.

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Accounting Today

SEPTEMBER 11, 2023

The Internal Revenue Service will need to tread carefully with how it uses AI amid growing questions about the reliability of the technology.

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MyIRSRelief

DECEMBER 6, 2024

But beneath its glamorous surface lies a practical reality: taxes. Whether youre an individual chasing the California dream or a business owner navigating the complexities of the entertainment industry, tax obligations are an unavoidable part of life in this vibrant city. Habibs credentials as an Enrolled Agent set him apart.

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CTP

APRIL 21, 2025

For college and even high school athletes, NIL deals are becoming more and more commonwhether thats for major brands like Nike and Under Armour, in the world of video games, or through their own social media following. Where does the tax planning opportunity come in? That does not count as a tax-exempt purpose.

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Withum

FEBRUARY 17, 2025

With New York State progressing towards extending and amending the Film Tax Credit Program, now is the time to make sure you have a trusted advisor who can help you navigate this tremendously beneficial tax credit. How Does the New York State Film Tax Credit Program Work, and Who Is Eligible To Claim the Credit?

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CTP

APRIL 21, 2025

Popular athletic brands, video games, and local businesses see this as an opportunity to get a small-time celebrity endorsement at a more affordable cost. Non-Profit NIL Collectives: Gunning for That Tax Exemption For new NIL collectives, qualifying as a nonprofit sounds like a best-case scenario.

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inDinero Accounting

OCTOBER 17, 2024

For small business owners and startup founders, navigating the complex world of tax deductions can feel like traversing a financial minefield. As we delve into the specifics, remember that tax laws are as dynamic as the business world itself. Table of Contents What Is a Small Business Tax Deduction and How Does It Work?

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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. Without knowing that information, you can’t serve your client the legal help required to avoid paying IRS tax debts.

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CPA Practice

NOVEMBER 19, 2024

In the accounting world, burnout is especially common during tax busy season. Tax season often feels like a “necessary evil” for the success of your firm, bringing with it a lot of stress. By stepping up your planning and management game, you can take control and make tax season more manageable.

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Going Concern

MARCH 6, 2024

PwC strips partners of leadership roles over election rule breaches [ Financial Times ] The post The Race to Replace Tim Ryan at PwC Unexpectedly Turned Into Game of Thrones appeared first on Going Concern. Well, sucks for him I guess.

Gaming 111

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CPA Practice

OCTOBER 25, 2024

As the older generation, we can mentor younger accountants in things they can’t learn from a YouTube tutorial—like navigating complex client relationships, understanding the nuances of tax law, or the ever-important art of staying cool during tax season. And hey, if that means learning a TikTok dance or two, I’m game.

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ThomsonReuters

APRIL 14, 2025

Blog home Imagine a world where mastering taxes becomes your company’s secret weapon for boosting total revenue. As businesses aim for greater efficiency and accuracy, artificial intelligence (AI) is a game-changer in handling exemption certificates. In a recent webinar, industry experts Ray Diaz , J.D.,

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Accounting Today

JUNE 18, 2024

The confluence of generative AI's boundless potential and the strategic application of the R&D tax credit can be a game-changer for businesses willing to lean into innovation.

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LSLCPAs

JANUARY 14, 2025

Nonprofits and government agencies can now tap into a game-changing financial incentive: the Clean Vehicle Credit. Thanks to Section 6417 of the Inflation Reduction Act of 2022, tax-exempt entities can benefit from a groundbreaking provision called the Direct Pay (or Elective Pay) option.

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ThomsonReuters

JULY 2, 2024

The recent surge in artificial intelligence advancements has started to transform the professional services industry, and corporate tax departments are no exception. The integration of GenAI into tax workflows offers a wide set of benefits. The marriage of GenAI and tax operations holds immense promise for the future.

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Going Concern

SEPTEMBER 30, 2022

Welcome to part two of our series on the IRS Section 179D tax deduction. We explained how the §179D tax deduction works and who qualifies for it in part one. You’ll need to work with a partner like Walker Reid to sort through tax code and the changes, figure out the best way forward, and get certified.”. ABOUT WALKER STRATEGIES.

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Ace Cloud Hosting

SEPTEMBER 25, 2023

Did you know that QuickBooks has your back when it comes to simplifying your tax filing process? Well, it does, and it’s a game-changer. QuickBooks, the versatile accounting software, is.

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