Withum

MARCH 21, 2024

Did you know that ERP systems can be a game-changer for your tax teams, making tax-related activities a breeze and boosting overall efficiency? The tax applications within an ERP system can speed up tax-related activities, including tax calculation, reporting, compliance and optimization.

Tax 59

Tax NetSuite tax return tax planning 59

Shay CPA

OCTOBER 18, 2023

How to Claim the Credit To claim the credit, you’ll need to fill out Form 6765 and attach it to your timely filed income tax return. If you’re claiming the payroll tax credit, complete Form 8974 and attach it to your employment tax return.

payroll tax 52

payroll tax Tax income tax tax return 52

PYMNTS

FEBRUARY 23, 2016

A stunning 81 percent of people surveyed said that they would rather splurge their refunds on weekend getaways over consumer electronics, like TVs and video game systems.

tax return 40

tax return Retail Tax income tax 40

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.

Tax 105

Tax tax return audit Entertainment 105

ThomsonReuters

DECEMBER 6, 2023

” He noted that in a “normal time,” the lack of regulations regarding tax return preparation “wasn’t seen as something that could be a huge issue.” “It’s hard to compete when there’s advertisements on every baseball, football, basketball game you watch.”

tax preparation 105

tax preparation Tax tax return payroll 105

MyIRSRelief

MAY 22, 2023

In this article, we will explore the benefits of professional tax help for Chicago taxpayers facing tax audits, back taxes, and 941 payroll tax problems. Contact us for tax help today. Tax audits can be time-consuming and require a significant amount of documentation. .”

payroll tax 147

payroll tax payroll audit Tax 147

CPA Practice

APRIL 22, 2024

Client Appreciation Events: Host an event specifically for thanking clients, such as a barbecue or a day at a local baseball game. Consider creating video walkthroughs on how to prepare for end-of-year tax returns or quick tips for managing summer business expenses. These can be done over a casual coffee or even a lunch.

accounting firms 52

accounting firms Account accountant accounted 52

Withum

FEBRUARY 20, 2024

Traveling in Manhattan was very easy with the subways, plus I had some free time to work on tax returns. I also worked late into the night on tax returns. Also, NY Knicks’ Willis Reed and Walt Frazier were regulars after many Knicks games. Nothing was a chore and I enjoyed it all.

tax return 59

tax return CPA cpa firm Tax 59

Going Concern

MARCH 21, 2023

The products can sort accounts, predict the other side of a journal entry, and populate a tax form with high accuracy. If you’ve been on an audit or prepared a tax return and at some point thought “a monkey could do my job,” you weren’t far off. It isn’t just another game, it’s a different sport. ChatGPT is Usain Bolt.

Account 91

Account accountant accounted tax return 91

CPA Practice

NOVEMBER 7, 2023

Tax Autopilot then transforms the data and calculates the return, cutting a previously manual and time-intensive process, from days to seconds. The platform then generates both the tax return and supporting workpapers for a streamlined review.

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Technology cpas tax preparation tax return 59

Going Concern

AUGUST 28, 2023

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. My federal refund was deposited in my bank account three weeks later, on April 27th.

accounting firms 52

accounting firms CPA Account accountant 52

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.

Sports 52

Sports Non-Profits Tax income tax 52

Snyder

NOVEMBER 10, 2022

Poor tax planning can result in high penalties with accruing interest rates to the IRS. A lesser-discussed problem is overpaying your taxes and losing money on miscalculations. If you want to harness the tax game and avoid losing money, employing tax preparation software for a small business can be a game changer.

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tax preparation Tax tax return accounting software 52

Withum

JULY 20, 2022

To incentivize the conservation of natural resources of historical significance the IRC permits taxpayers who donate land to take a tax deduction in the amount of the value of the land given. The IRS takes strong enforcement actions against these types of transactions. .

Tax 125

Tax Non-Profits tax return audit 125

Withum

JANUARY 16, 2024

The business can’t be involved in retail, real estate, professional services, gaming, or financial services. What Are the Tax Savings? The credit is monetized on the investor’s tax return with the Commonwealth of Massachusetts. Taxpayers may be eligible for a credit on 20% of the qualifying investment amount.

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Massachusetts Tax Real Estate tax return 59

ThomsonReuters

OCTOBER 1, 2022

For today’s tax and accounting professionals, the name of the game is doing more with less. In a world where tax regulations are constantly changing, clients are demanding more, and competition is fierce, it’s hard to decide where to invest your limited time and resources. Shift to an advisory business model.

Account 59

Account accountant accounted Technology 59

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?

Tax 97

Tax Technology accounting firms income tax 97

Xero

AUGUST 22, 2022

January tax returns were out of the way, so we got our heads together and started with client segmentation. We even added short MTD summaries to tax returns. We have fantastic software, we’re using Xero’s MTD for ITSA beta product, and we’re ahead of the game. They talked us through their MTD journey so far. .

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Account accountant accounted tax return 71

ThomsonReuters

APRIL 4, 2022

At the end of the day, all tax preparation software will give you the same result: a completed client tax return on an IRS-approved form. The game-changer is in the journey — how you get to that final output and what are the efficiencies gained along the way. Outline efficiencies and growth opportunities.

Tax 98

Tax Technology tax preparation tax return 98

CPA Practice

JUNE 14, 2023

Direct pay is a game-changer for our ability to spread the benefits of clean energy to every community in America,” John Podesta, senior advisor to the president for clean energy innovation and implementation, said in a press release. The unrelated taxpayers are then allowed to claim the transferred credits on their tax return.

Tax 85

Tax Alaska Manufacturing Tennessee 85

Withum

JULY 25, 2022

The business can’t be involved in retail, real estate, professional services, gaming, or financial services. What Are the Tax Savings? Applications are currently live online here and must be submitted by January 5, 2023, at noon EST. The credit is monetized on the investor’s tax return with the Commonwealth of Massachusetts.

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Massachusetts Tax Real Estate tax return 69

Going Concern

SEPTEMBER 29, 2023

KPMG offered video game training to some employees. After creating a video game character, players “travel” around the globe, answering questions about the firm and earning points for every question answered correctly. Players receive instant feedback and a detailed explanation of questions answered incorrectly.

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auditor audit New York CPA 90

ThomsonReuters

JULY 10, 2023

For other items, however, Washington state requires that use tax be reported on a designated tax return. For instance: If it is a registered business, they must report use tax on their regular excise tax return. For businesses, purchases of equipment, supplies, and books would be subject to tax.

Tax 98

Tax Massachusetts Washington South Dakota 98

Withum

JANUARY 18, 2023

Some of the actions that can result in such a finding include filing a false tax return, two sets of books and the destruction of records. The IRS is currently focused on a number of areas where there is fertile ground for possible criminal referrals.

Tax 106

Tax Government tax return Healthcare 106

CPA Practice

JULY 26, 2023

Essentially, our professional lives could be compared to an ongoing game of ‘Beat the Clock.’ To illustrate, imagine that you’re working on a large tax return. Be it IRS deadlines, month end close deadlines, or audit deadlines, we are continually locked in a race against time.

tax return 95

tax return Start-ups financial statements audit 95

ThomsonReuters

NOVEMBER 8, 2022

tax, accounting, finance, and trade questions so you can make confident decisions that position your firm as a trusted partner—not just a once-a-year tax return provider. . As you work to streamline your accounting processes, consider expanding your firm’s services beyond tax preparation and into advisory services.

Technology 105

Technology Account accountant accounted 105

Withum

APRIL 28, 2023

When we prepare a tax return, we need to use exact numbers for the government. Anyway, I had a half hour of stories like this as well as a few number games for them to play. Well, what accountants do is decide on the right way to present numbers so that people can relate to them and that they are relevant for their purposes.

tax return 52

tax return public accounting Gaming Tax 52

ThomsonReuters

NOVEMBER 8, 2022

From increasing accuracy to optimizing tax workflow to freeing up time for more value-added activities, technology has transformed the accounting industry—for the better. Today, automation is the name of the game. When it comes to tax laws and regulations, the only constant is change. Accounting firm technology trends.

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Technology Account accountant accounted 98

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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Account accountant accounted tax preparation 59

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. A grave mistake. Found Property.

Tax 52

Tax Gambling tax return income tax 52

Basis 365

JUNE 8, 2023

Accounting tasks, from managing financial records to preparing tax returns, can be overwhelming and time-consuming. This is where outsourcing your accounting with Xero can be a game-changer for your business. One area that often demands a significant amount of time and expertise is accounting.

Account 52

Account accountant accounted bookkeeping 52

Mark Lee

DECEMBER 13, 2022

Although you might all produce similar accounts and tax returns etc, the way you go about your work, your service levels and your interactions with your clients are as distinct as you are. In summary: Never compare your B game with someone else’s A game. By all accounts(!)

Account 52

Account accountant accounted Gaming 52

SkagitCountyTaxServices

DECEMBER 30, 2021

Contrary to what some tax practitioners have been saying, in most cases, you do NOT need to pay these taxes by 12/31/21 to elect for this workaround (if you are eligible). There are nuances state by state (for instance, the deadline to have made this election in New York has already passed). ” -Vince Lombardi.

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Tax CPA tax return New York 68

ThomsonReuters

JANUARY 30, 2023

In today ’ s business environment, the deliverables are no doubt important; however, it ’ s the input, or the streamlining of data collection, that can be the true game-changing benefit for firms. “ When we think about these pressures, oftentimes … our minds immediately go to the output rather than the input.

Tax 59

Tax corporation tax Technology tax return 59

Withum

JANUARY 18, 2023

Employment taxes. Tax Evasion IRC 7201. Where the government can demonstrate beyond a reasonable doubt that the taxpayer with a deficiency made an affirmative act to evade tax and was willful, a charge of tax evasion may result. Some of these areas include: Abusive preparers. Bankruptcy fraud. Corporate fraud. Healthcare.

Tax 52

Tax tax return Government Healthcare 52

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. The game is over. You need to think about cash like fuel.

tax return 52

tax return Tax accounting and finance income tax 52

Mark Lee

SEPTEMBER 6, 2023

This is a common misconception based largely, I think, on the fact that the output of an accountant’s work is often pretty much the same in terms of accounts and tax returns. A common mistake made by lots of accountants is to accept the common assumption that accountants are pretty much interchangeable.

Account 52

Account accountant accounted tax return 52