CPA Practice

JANUARY 23, 2023

By Tim Grant, Pittsburgh Post-Gazette (TNS) The stimulus benefits that have been fattening income tax returns for the past few years are gone. But since the stock market didn’t do so well last year, investors who sold at a loss can at least expect a lower tax bill. This year, the tax-filing deadline is April 18.

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Tax tax return income tax Start-ups 98

ThomsonReuters

MARCH 6, 2024

Understanding the ERC It is no secret that the Employee Retention Credit has been challenging for employers who struggle to understand complex eligibility requirements and the process to claim the tax credit, and for the IRS who continues to process a large volume of claims, many of which are dubious, despite the expiration of the credit.

tax return 52

tax return payroll tax payroll Tax 52

TaxConnex

NOVEMBER 30, 2021

This initial reconciliation of tax data to the GL will ensure you have all the necessary data in the proper format before you start preparing and filing your sales tax returns. Do these steps consistently each month.

E-commerce 185

E-commerce tax return Tax audit 185

CPA Practice

MARCH 6, 2024

Terry Link, who wore a secret FBI wire in a sting against a colleague in the Illinois Legislature, was sentenced to three years of probation Wednesday on tax evasion charges stemming from the withdrawal of campaign funds for personal use. Weiss was convicted and sentenced last year to 5 1/2 years in prison.

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Illinois Tax Gambling Gaming 105

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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tax preparation Georgia Tax tax return 52

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. Their main game is usually poker, table games, or sports betting. Gamblers’ tax payments depend on these variations.

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Gambling Tax Account accountant 105

TaxConnex

OCTOBER 3, 2023

Georgia will require retailers to collect sales and use tax on in-state sales of digitally downloaded products beginning next Jan. 1, Louisiana will shift oversight of the state’s uniform local sales and use tax return and remittance system from the Louisiana Department of Revenue to the Louisiana Uniform Local Sales Tax Board.

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Sales Louisiana Tax Tennessee 147

TaxConnex

APRIL 6, 2021

A specified digital product includes digital audiovisual works, audio works, books, artwork, photographs, periodicals, newspapers, magazines, video greeting cards, audio greeting cards or video games. tax issue this year as other states move to join Maryland in trying to levy taxes on this commercial internet-based activity.

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West Virginia Sales Nebraska Alaska 130

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.

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Tax NetSuite tax return tax planning 59

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

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.

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payroll tax Tax income tax tax return 52

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

CPA Practice

NOVEMBER 29, 2023

Think of the embarrassment if a tax return or set of financials you fed to a model was shared without your client’s permission and without appropriate anonymization. Intelligent use of design and AI has changed the game for practitioners. You should still have time to innovate by adopting Liscio Pro.

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Tax Technology quickbooks tax return 119

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.”

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tax preparation Tax tax return payroll 105

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.

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Account accountant accounted tax return 107

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

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.

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tax return CPA cpa firm Tax 59

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.

Technology 59

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

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

Accounting Insight

NOVEMBER 16, 2023

million tax returns have been submitted through IRIS’ tax products, making IRIS the largest third-party online filer with UK government. IRIS Elements has changed the game. Firms can now optimise practice performance and increase value in the longer term.

Account 59

Account accountant accounted Technology 59

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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Sports Non-Profits Tax income tax 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

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

ThomsonReuters

APRIL 30, 2024

However, the rise of AI-powered tax technology and increasing client demands have prompted accountants to move beyond compliance into value-added services that address clients’ broader financial needs year-round. Let’s take a look. Automation.

Technology 52

Technology accounting firms financial statements Tax 52

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?

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Tax Technology accounting firms income tax 97

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 105

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 73

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.

Massachusetts 69

Massachusetts Tax Real Estate tax return 69

Reckon

JUNE 22, 2022

When it comes to paying less tax, lowering your taxable income is the aim of the game. Fortunately, in Australia, charitable donations are incentivised and taxpayers (including businesses) can claim back on donations to any registered ‘tax-deductible gift recipient charity’.

Tax 98

Tax tax return Gaming Sales 98

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.

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Tax Government tax return Healthcare 106

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.

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