CPA Practice

NOVEMBER 6, 2024

For every dollar they paid in, they would get tax deductions of about $4.50. Now that longtime accountant, Herbert Lewis, is heading to federal prison for his role in promoting and selling illegal tax shelters. I think this thing is the best safe tax savings tool I have seen in a long time; probably ever. million in restitution.

CPA

RogerRossmeisl

FEBRUARY 23, 2025

When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from the sale or exchange of certain business property.

Sales

CPA Practice

DECEMBER 3, 2024

27)—A tax preparer who admitted to filing more than $3 million in fraudulent tax returns on behalf of her clients is facing up to 30 years in prison for her crime. Crawford is not representative of most tax preparers who provide honest services to their clients. (TNS) ATHENS, GA (Nov.

tax preparation

Accounting Today

JUNE 12, 2025

EDT 6 Min Read Facebook Twitter LinkedIn Email By any other name; poor Service; a saga continues; and other highlights of recent tax cases. Rockford, Illinois: Tax preparer Gretchen Alvarez, 49, has pleaded guilty to preparing and filing false income tax returns. The tax loss totaled $356,881. All rights reserved.

Tax

Going Concern

NOVEMBER 8, 2024

PwC accused of interfering in Australian tax leaks probe [ Financial Times ] PwC has been accused of interfering in Australia’s political and regulatory affairs after documents revealed the Big Four accounting group warned its local firm against co-operating with investigations into a damaging tax leaks scandal without permission.

Florida

Accounting Insight

JUNE 6, 2025

With MTD for Income Tax, the UK government’s initiative to digitalise the tax system—approaching its next significant phase, this stark contrast serves as both an urgent signal and a compelling invitation to accounting professionals across Britain. What does this mean for your practice?

Tax

CPA Practice

JUNE 5, 2025

Today, the firm’s team of over 85 professionals delivers comprehensive services including audit, tax, business advisory, business valuation, fraud and forensic accounting, outsourced accounting, and wealth management consulting. © 2025 Firmworks, LLC.

Texas

CTP

JANUARY 17, 2025

One of the many roles we play as tax planners is as the taxpayers audit support system. We will especially want to have this conversation if our clients tax return features one of the IRS red flags of the season. Knowing the Common Audit Triggers No matter a taxpayers income or industry, they can be randomly selected for an audit.

audit

CPA Practice

JUNE 30, 2025

From tax prep to asset management, invoicing and portals, and auditing to remote CFO functions, the services the accounting and tax pros provide are dependent on the technologies they use. The awards highlight the most useful technology for firms and clients.

Technology

CPA Practice

JULY 28, 2025

OBannon In the first half of 2025, states made 408 sales tax rate changes and new rates – a 24% increase compared to the first half of 2024 – as many local governments continue to grapple with the state of the economy and generating revenue. a provider of indirect tax solutions. These findings are part of the 2025 Mid-Year U.S.

Sales

CapataCPA

JANUARY 13, 2025

IRS Announces Tax Relief for Los Angeles County Wildfire Victims – Tax Updates with CAPATA In response to the devastating wildfires and straight-line winds that began on January 7, 2025, in Southern California, the Internal Revenue Service (IRS) has announced significant tax relief measures for individuals and businesses in affected areas.

Tax

Withum

APRIL 14, 2025

Pros Flexibility: LLCs can choose to be taxed as a sole proprietorship, partnership, S Corporation, or C Corporation. Pass-Through Taxation: Profits and losses can be passed through to the member’s personal tax returns, avoiding double taxation. It is a popular choice among small business owners due to its flexibility.

tax return

Accounting Today

JUNE 19, 2025

EDT 5 Min Read Facebook Twitter LinkedIn Email Seeking shelter; please be Gentle; where the heart is; and other highlights of recent tax cases. Nixa, Missouri: Tax preparer Tina Louise Yager has pleaded guilty to making false and fictitious claims against the U.S. million in taxes on income he earned from his business.

Tax

CTP

MARCH 17, 2025

Partnerships are pass-through entities, so they are not subject to corporate income tax. Instead, they pass the profits onto the owners who then pay personal income tax based on their tax bracketsa setup that can provide significant tax advantages to these owners. No gain means no tax!

Tax

Withum

AUGUST 6, 2025

Individuals who believe they are subject to the no tax provisions on tips and/or overtime may be tempted to adjust withholding. Tips No Tax on Tips allows certain employees in industries, yet to be officially named by the U.S. Treasury Secretary, to have the potential to reduce their federal income tax liability on tipped wages.

Tax

CPA Practice

NOVEMBER 20, 2024

19 that will enable certain tax-exempt, governmental, and tribal entities that co-own clean energy projects access to the Inflation Reduction Act’s clean energy tax credits through elective pay, also known as direct pay. The Treasury Department and the IRS released final regulations on Nov.

Tax

Ronika Khanna CPA,CA

OCTOBER 18, 2024

This helps with tracking income and expenses and simplifies tax filing. Budget for Taxes One of the biggest changes when you become self employed is that taxes are not automatically deducted from your paycheque. You can calculate your approximate taxes owing by using a tax calculator.

income tax

Accounting Insight

MAY 21, 2025

Almost half of UK sole traders at risk of non-compliance, feeling unprepared for income tax changes due April 2026. million businesses* – say they feel unprepared for upcoming tax reporting changes, putting them at risk of non-compliance. Nearly half (45%) of UK sole traders – representing approximately 1.4

accounted

CTP

MARCH 17, 2025

New entrepreneurs may instinctively view them as too complicated, and even if tax professionals are familiar with the benefits, they may not feel well-versed enough to know when to recommend a partnership structure to their clients. This means they are not subject to corporate income tax. Exiting the partnership is just as easy.

Tax

CPA Practice

JULY 9, 2025

Becker , national managing principal of tax, has been ratified by a principal-wide vote to serve as the firm’s next Chief Executive Officer, effective July 1, 2026. He joined BDO in 2002, became a tax partner in 2005, and assumed the role of national managing principal in 2019. debt on the economy.

Technology

MyIRSRelief

MAY 23, 2025

Your Complete Guide to Tax Help in San Diego, California: Frequently Asked Questions Expert Tax Resolution Services by Mike Habib, EA – Serving the Greater San Diego Metropolitan Area About Our San Diego Area Tax Services Q: Which areas does Mike Habib, EA serve in the San Diego metropolitan region? A: Generally, yes.

California

ThomsonReuters

NOVEMBER 1, 2024

← Blog home Global indirect tax and e-invoicing compliance is more critical than ever, with corporations needing to navigate a complex web of regulations and mandates. Given these potential pitfalls, ensuring a robust and adaptable tax compliance strategy is essential for maintaining a competitive edge.

Tax

Reckon

FEBRUARY 20, 2025

The deadline for the new tax reporting requirements for Not For Profit (NFP) organisations with an active ABN is set for 31st March 2025. However, the new reporting scheme has left some NFPs uncertain of their status or tax obligations. This is a drastic change from how tax exemption was calculated for NFPs. Lets break it down.

Non-Profits

CPA Practice

JUNE 26, 2025

OBannon A new survey from Grant Thornton, one of America’s largest brands of professionals providing end-to-end audit, assurance, tax and advisory services , highlights the agility of today’s chief financial officers (CFOs) amid economic turmoil. The survey was in the field during the early stages of tax bill discussions.

Finance

Xero

JULY 30, 2025

And it’s starting to attract more structured attention from the government. Although not legislation, the plans signal a clear intent that the government intends to make AI more accessible across the economy, including for small businesses. Progress in digital adoption is cumulative.

Technology

ThomsonReuters

JULY 21, 2025

For tax professionals, this change brings with it both opportunity and complexity, whether it’s deciphering federal changes, navigating a mix of state conformity, or managing client expectations. Let’s take a look at how the OBBBA is reshaping SALT policy and how tax professionals like you can stay one step ahead.

tax preparation

CPA Practice

JULY 14, 2025

Mary Girsch-Bock Professionals on the Move is a round-up of recent hiring, promotion and staffing announcements from around the accounting and tax profession. His areas of tax expertise include partnerships, including allocations, tax planning and structuring. She is a member of the American and Pennsylvania Bar Associations.

West Virginia

inDinero Tax Tips

JANUARY 1, 2025

Good accounting also helps avoid costly mistakes: misfiled taxes, underreported equity, or mismanaged cash flow can snowball into major problems. Doing so informs the IRS youd like to be taxed on the date the equity is granted rather than when it vests. Important: Startup funding deals fall apart all the time because of this oversight.

accrual accounting

CPA Practice

JUNE 18, 2025

Governing Board, and the addition of John Kmetz and appointment of Rob Pruitt as vice-chair to the Forvis Mazars Global Network Board. Governing Board Partners Tim York and Fran Randall join the U.S. Governing Board, which is responsible for setting the strategic direction of the firm. The changes took effect June 1.

Technology

Accounting Insight

MAY 1, 2025

Approaching the transition to MTD (Making Tax Digital), accountants may be worrying about the challenge they face. In this guide we cover everything you need to know about preparing for MTDincluding what it means for income tax and self-assessment, as well as MTD for Income Tax. What is MTD for Income Tax (MTD)?

Tax

Accounting Today

JULY 22, 2025

EDT 4 Min Read Facebook Twitter LinkedIn Email E-comm challenges; advising on biz sales; the IRS and math errors; and other highlights from our favorite tax bloggers. Answer unclear; ask again later Taxbuzz ( [link] ): So is Social Security tax-free under the One Big Beautiful Bill Act? All rights reserved. Tell clients "almost."

E-commerce

CPA Practice

NOVEMBER 11, 2024

The injunctions also prohibit Dombek from preparing anyfederal tax returns for anyone other than himself and Optimal from preparing certain federal tax returns reflecting such tax plans. According to the government’s complaint, Dombek is a licensed CPA and served as Optimal’s manager and president.

Texas

Accounting Today

JUNE 6, 2025

The company also announced new tax workflows and features. All rights reserved. Avalara launches APIs for 1099, W-9 solutions Scott McFarlane, chief executive officer of Avalara Inc.,

Technology

CPA Practice

JULY 25, 2025

Mary Girsch-Bock Professionals on the Move is a round-up of recent hiring, promotion and staffing announcements from around the accounting and tax profession. His areas of tax expertise include partnerships, including allocations, tax planning and structuring. She is a member of the American and Pennsylvania Bar Associations.

West Virginia

SkagitCountyTaxServices

MARCH 6, 2025

And unfortunately, its not mostly the fun stuff keeping you busy its things more on the housekeeping side of running your business, like meeting tax and other important government deadlines. Monday, March 17 : S corporation and partnership tax returns are due for calendar-year businesses. Very Newton-esque.

tax return

Accounting Insight

JANUARY 16, 2025

Do you feel ready to do your Self Assessment tax return with a smile this year? Late filing The deadline for filing your Self Assessment tax return online is midnight 31 January 2025. If you are over 3 months late submitting your tax return, you will have to pay more. If youre worried about missing a deadline, youre not alone!

tax return

Accounting Insight

APRIL 30, 2025

Where businesses are based largely determines how they are taxed. However, in recent years, the concurrent globalisation and digitalisation of the economy have complicated this approach to taxing large multinational enterprises (MNEs).

Tax