This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
S Corporations: Tax Preparation, Tax Planning, and the Benefits of Professional Tax Help S Corporations , often referred to as S Corps, are a popular business structure in the United States, particularly among small to medium-sized businesses. However, navigating the tax landscape for S Corps can be complex.
should know that sales tax obligations for these sovereign nations and territories resemble those obligations in other areas of the U.S. Areas such as the Navajo Nation have tribal sovereignty; for tax purposes, this means their sales tax laws are separate from the states within which they reside.
Recent developments in payment platforms and tax regulations have brought increased attention to the IRS reporting requirements triggered by lower income thresholds. With these changes in mind, it's important to consider how using a payment platform impacts the collection of sales tax. sales taxes? and international sales.
A new survey from Big Four firm EY reveals that CFOs’ and corporate tax leaders’ stances on generative artificial intelligence have shifted over the past year—from mostly negative to mostly positive. Tax departments are expected to be the leaders for most organizations as they move quickly along the GenAI maturity curve.
In recent years, tax planners have increasingly been recruited to work alongside family offices. Adding a knowledgeable tax planner to their team can greatly increase the value the firm provides its clients. Tax planners should be aware that the smaller the family office is, the more problematic it becomes from a tax perspective.
Established, wealthy families have long leveraged the concept of a “family office” to preserve their wealth, ensure business succession, establish governance and control, and foster their family legacy. However, a family office is an expensive setup—which is one of the reasons a tax planner can be a value-add to this team.
You may have heard that Nevada LLC taxes are favorable to business owners. This is true if you plan to do business there, but keep in mind it’s rarely advantageous for out-of-state businesses to incorporate somewhere other than their home state; taxes accrue where you do business, not where you incorporate.
27)—A tax preparer who admitted to filing more than $3 million in fraudulent taxreturns 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.
Jump to Key areas where AI enhances tax services in large firms Barriers to AI adoption in large firms and overcoming them Embrace AI in your large firm for a competitive edge The tax and accounting industry is on the brink of a significant transformation, driven by the integration of artificial intelligence (AI) and generative AI (GenAI).
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.
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 taxreturn features one of the IRS red flags of the season. The taxpayer claimed a tax credit that has resulted in a lot of fraud.
When dealing with tax debts, two terms often come up in discussions with the IRS or state tax authorities: liens and levies. While both are tools used by the government to ensure the collection of unpaid taxes, they serve very different purposes and have distinct implications for taxpayers. How Does a Lien Work?
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.
Your Complete Guide to Tax Help in Cleveland, Ohio: Frequently Asked Questions Expert Tax Resolution Services by Mike Habib, EA – Serving the Greater Cleveland Metropolitan Area About Our Cleveland Area Tax Services Q: Which areas does Mike Habib, EA serve in the Cleveland metropolitan region? How serious is this problem?
The mistake – they failed to comply with an esoteric tax rule known as the variance doctrine. Shleifer filed a joint taxreturn with his wife in 2014, and on that return, the Shleifers claimed a $2.6 million deduction on their return for unreimbursed travel expenses relating to the expenses of operating the private jet.
The corporate tax rate is currently a flat 21% rate. There is also a 15% corporate alternative minimum tax (CAMT) based on book income for companies with average annual adjusted financial statement income exceeding $1 billion. Please work with your tax advisor for future planning.
government operate more proficiently. The study is an accounting of the cost of in-person audits carried out by the Internal Revenue Service relative to the taxes paid as the result of the audits. The returns are more than double, however, at $14,200, suggesting that for every dollar spent on audits, $2.17
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 taxreturns. The tax loss totaled $356,881. All rights reserved.
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 taxreturns, avoiding double taxation. It is a popular choice among small business owners due to its flexibility.
Key components of statutory reports include financial statements and ESG disclosures, enhancing stakeholder trust and governance. Statutory reporting is the mandatory disclosure of financial and non-financial information by companies and organizations to designated government agencies and regulatory bodies. What is statutory reporting?
TaxPlanIQ adds new features Pavel Bolotov/pashabo - stock.adobe.com Tax planning solutions provider TaxPlanIQ rolled out several new features. A Multi-1040 Uploader and Opportunity Analyzer allows bulk upload of up to 100 client returns at once. All rights reserved. Another feature will auto-redact client information on upload.
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.
Technological competence for tax practitioners is receiving increased attention from the IRS. Circular 230, which outlines rules governing those who practice before the IRS, has an entire section on competence. Clients may send along brokerage account statements or medical statements that are not directly relevant for their taxreturn.
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.
EDT 3 Min Read Facebook Twitter LinkedIn Email Private equity in the profession; green cards and exit taxes; governance for preparers; and other highlights from our favorite tax bloggers. Tax Foundation ( [link] ): Illinois policymakers should think twice before taxing GILTI. Tax Review Board.
Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.
Taxfyle rolls out TXF Intelligence for smaller practitioners Tax solutions provider Taxfyle announced the release of its new TXF Intelligence product, a generative AI tool built to automate and streamline taxreturn preparation for small tax and accounting firms in the U.S. All rights reserved.
Do you feel ready to do your Self Assessment taxreturn with a smile this year? Late filing The deadline for filing your Self Assessment taxreturn online is midnight 31 January 2025. If you are over 3 months late submitting your taxreturn, you will have to pay more.
The rise of continuous transaction controls (CTCs)—and the increasing number of other digital real-time controls being implemented every year—makes managing indirect tax more complex and riskier than ever. Webinar Digital transformation for end-to-end indirect tax compliance Watch on-demand That’s where digital transformation comes in.
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 taxreturns are due for calendar-year businesses. Very Newton-esque.
Compensation season is starting off with a bang if our inbox is any indication pic.twitter.com/Bw7ZJjupNS — Going Concern (@going_concern) August 1, 2025 Tax AICPA supports bill that lets married domestic violence victims file taxes as single [ Journal of Accountancy ] In a letter to Sen. John Fetterman, D-Pa.,
The injunctions also prohibit Dombek from preparing anyfederal taxreturns for anyone other than himself and Optimal from preparing certain federal taxreturns reflecting such tax plans. According to the government’s complaint, Dombek is a licensed CPA and served as Optimal’s manager and president.
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.
Each year, a number of audits are randomly chosen by the IRS, so the possibility of being audited is unavoidable even if your taxreturn has been filled out perfectly. Tip #1: Establish Evidence Every tax deduction and credit that you claim on your return should be backed up by supporting documentation.
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.
Thomson Reuters has published a guide to the GENIUS Act for tax and accounting professionals that covers new regulatory requirements and tax considerations. He said: Back in the 20-teens, the Treasury was losing money to identity thieves who would file fraudulent taxreturns claiming to be someone they were not.
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.,
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.
Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.
Receiving notice of an IRS audit can be one of the most stressful and intimidating experiences a taxpayer faces, triggering immediate concerns about potential penalties, additional taxes, and the complex process ahead.
Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.
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.
Here’s something you probably hadn’t thought about when it was announced last week we’re getting our first American pope: Does Leo XIV have to pay taxes ? The United States generally requires all citizens to file an annual taxreturn, even those who live out of the country.
As Companies Houses new verification system gets delayed at the last minute, accountants and tax advisers will have a familiar feeling of uneasiness, writes Kevin Reed. The drive to digitise tax filings is representative of technology as the silver bullet to improve government departments efficiency.
We organize all of the trending information in your field so you don't have to. Join 237,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content