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. Word would submit fraudulent claims for earned income credits, education credits and business losses.

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KROST

FEBRUARY 18, 2021

Whether taxpayers regularly use a tax professional to help them file a tax return or they have decided to work with one for the first time, it is important to choose a tax return preparer wisely. Taxpayers are responsible for all the information on their income tax return. Never sign a blank return.

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CPA Practice

OCTOBER 2, 2023

Taxpayers potentially affected by recent storms should visit the disaster relief page on IRS.gov for the latest information. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due. It’s available to any person or family with an adjusted gross income (AGI) of $73,000 or less in 2022.

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CPA Practice

JANUARY 29, 2024

, taxpayers will see clearer and more detailed updates, including whether the IRS needs them to respond to a letter requesting additional information. The IRS plans to continue expanding the information available on Where’s My Refund? Taxpayers will also see other improvements this tax season, including: Phone service.

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CPA Practice

OCTOBER 16, 2023

Taxpayers potentially affected by recent storms should visit the disaster relief page on IRS.gov for the latest information. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due. It’s available to any person or family with an adjusted gross income (AGI) of $73,000 or less in 2022.

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CPA Practice

JANUARY 8, 2024

A significant number of taxpayers eligible for refundable credits such as the Earned Income Tax Credit or Child Tax Credit choose to enlist the assistance of tax preparers and rely on paid tax professionals to accurately file their returns. For more information, visit Tax Professional Awareness Week.

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MyIRSRelief

DECEMBER 15, 2022

Some of the benefits include: Improved financial management: Proper accounting and bookkeeping can help small business owners to get a better understanding of their financial situation, including how much money they are making, what their expenses are, and how much they owe in taxes. What is income tax preparation service?

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CPA Practice

JANUARY 8, 2024

However, the tool provides limited information, often leading taxpayers to call the IRS to inquire about their refund status. With the improvements, taxpayers will see clearer and more detailed updates, including whether the IRS needs them to respond to a letter requesting additional information. Improvements to the Where’s My Refund?

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CPA Practice

JANUARY 29, 2024

Unlike the free filing options the IRS provides through third parties or the free services from TurboTax and H&R Block , Direct File enables you to send sensitive financial information directly to the IRS — no middleman required. That sort of virtual hand-holding is similar to what you’d get by using commercial tax preparation software.

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Nancy McClelland, LLC

FEBRUARY 24, 2024

The past four years have been challenging in so many ways, to so many people — but as a tax preparer, I can confidently say that the inability for the IRS to provide its usual level of customer service has been among the most impactful. It’s available for all military members, and some veterans, with no income limit.

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xendoo

DECEMBER 14, 2020

The processor will charge a fee, which does not go to the IRS and may be tax-deductible.Note that when you e-file with integrated e-payment, the processing fees may be different. Visit the Debit or Credit Card payment page on the IRS website for more information. Electronic Federal Tax Payment System.

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MyIRSRelief

OCTOBER 3, 2022

There is a substantial amount of time you have to file your taxes, but the process can seem hefty. With the help of Los Angeles tax services firms, you can receive information on your tax return, the amount you owe, and various resources for tax preparation service.

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Ronika Khanna CPA,CA

MAY 3, 2024

Note that the tuition credits have to be included in the tax year to which they relate and not on a future tax return. In some cases Revenue Canada (or Quebec) will make the adjustment automatically based on information that they already have (e.g. You can also add additional information. R-V ) and mail it in.

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CPA Practice

FEBRUARY 10, 2023

Anyone who electronically files an amended individual income tax return can for the first time select to have any resulting refund deposited into their bank account, the IRS said on Feb. Individual Income Tax Return , with the IRS had to wait for a mailed paper refund check, adding an extra step onto the amended return process.

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MyIRSRelief

NOVEMBER 3, 2023

941 Employment Payroll Problems Employers are required to file Form 941, the Employer’s Quarterly Federal Tax Return, to report income taxes, social security tax, or Medicare tax withheld from employee’s paychecks, and to pay the employer’s portion of social security or Medicare tax.

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Withum

DECEMBER 22, 2023

See IR-2023-247 , Announcement 2024-3 , general information , and FAQs. Taxpayers also must disclose to the IRS identifying information and other details about any advisors or tax preparers who advised or assisted them with their ERC claims.

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Nancy McClelland, LLC

MARCH 7, 2023

(c) Nataliya Vaitkevich The past three years have been challenging in so many ways, to so many people — but as a tax preparer, I can confidently say that the inability for the IRS to provide its usual level of customer service has been among the most impactful. There are products in English and Spanish.

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ThomsonReuters

APRIL 25, 2024

When it comes to navigating the tax landscape of 401(k) contributions and withdrawals, it’s important for accountants to stay informed and help clients make tax-efficient decisions during their retirement years. Jump to: Is a 401(k) pre-tax? Are 401(k) contributions tax deductible? How is a 401(k) taxed?

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CPA Practice

FEBRUARY 17, 2023

Tax season is always stressful. Hurried filers inundate tax preparers working furiously to help their clients file on time while the dreaded tax deadline looms. However, it’s important to pause and reflect on your data privacy standards, digital communication norms, and potential vulnerabilities this tax season.

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CPA Practice

OCTOBER 17, 2023

This will help us gather important information about the future direction of the Direct File program.” According to the IRS, Arizona, California, Massachusetts, and New York have decided to work with the agency to integrate their state taxes into the Direct File pilot program for the 2024 filing season.

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MyIRSRelief

OCTOBER 16, 2023

The Difference Between Deductions and Credits Before we dive into the world of tax deductions and credits, it’s essential to understand the fundamental difference between the two: Tax Deductions: Deductions reduce your taxable income, which, in turn, lowers the amount of income subject to taxation.

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CPA Practice

JANUARY 18, 2024

[Your credentials] with [#] years of experience helping individuals and small businesses with tax filings and compliance. Saving [your niche] money one tax write-off at a time! Accepting new tax preparation clients for the 2024 filing season. Then release them throughout tax season, including: a.

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MyIRSRelief

OCTOBER 2, 2023

Accounting and bookkeeping help you track your income and expenses so you can see where your money is going. This information is essential for making informed business decisions. To comply with tax laws. Accounting, tax and bookkeeping are essential services for all businesses, regardless of size or industry.

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inDinero Tax Tips

MARCH 2, 2023

Bitcoin Tax Rate: What You Need to Know As the popularity of cryptocurrency grows, so does the scrutiny of tax authorities. The Bitcoin tax rate depends on the holding period of the cryptocurrency and the taxpayer’s income tax bracket. Do You have to pay taxes on cryptocurrency gains?

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xendoo

FEBRUARY 23, 2022

How Much Time Does it Take an Accountant to Prepare Taxes? The time it takes an accountant to do taxes depends on the complexity of your return and how quickly you make your tax information and necessary documents available to them. . It is better to plan ahead before the tax filing deadline.

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ThomsonReuters

JULY 6, 2023

What are tax advisory services? research and development credits) Trade and customs tax services and guidance Transfer pricing evaluation , documentation, and modification of existing policies Tax valuation services What does a tax advisor do? Start your journey to tax advisory services today.

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CPA Practice

JANUARY 15, 2024

The Tax Blotter is a round-up of brief news items relating to tax preparation, policy and legislation. Now that we have started another new year, there are several important tax dates to circle on your calendar or bookmark on your phone. Tax season kicks off. No wiggle room in 2024. Ask for more time.

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ThomsonReuters

OCTOBER 12, 2023

Paying taxes on money earned abroad Avoiding double taxation Helping clients who live abroad with their taxes U.S. income tax returns, just like individuals living in the United States. However, the tax obligations for expats can be different and more complex due to their international status. tax return.

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ThomsonReuters

SEPTEMBER 7, 2023

Jump to: Child and dependent care credit FAQs What is kiddie tax? What is the adoption tax credit? Claiming children on taxes Choosing the best tax preparation software As all working parents know, the cost of child and dependent care can be a significant financial burden. If the child’s unearned income (i.e.,

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CPA Practice

MARCH 14, 2023

Allegations include stealing identities of accountants, tax preparers, and taxpayers. Yusuff and others then allegedly registered with the IRS, posing as authorized agents of multiple taxpayers using stolen information relating to the taxpayers and their real tax preparers.

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ThomsonReuters

APRIL 28, 2022

We are concerned, however, that employees may not have sufficient information and professional advice to make good retirement planning decisions, so we would like to start making retirement planning services available. The value of the services is also excluded from each employee’s wage base for employment tax purposes (e.g.,

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Nancy McClelland, LLC

APRIL 16, 2023

To that end, when you do share something with your tax preparer, I beg you to phrase it in respectful language that recognizes they are experts in their field. The deduction is claimed as a reduction of taxable income , and applies only to income taxes, not to self-employment taxes.

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inDinero Tax Tips

FEBRUARY 10, 2023

If you’re starting a business partnership for the first time, you may be asking, What is a Schedule K-1 form for taxes? Also known informally as a K1 form, a Schedule K-1 is a federal tax document that the IRS requires of partnerships. However, they should keep their K-1s with their tax records.

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ThomsonReuters

APRIL 25, 2024

See Line 55 for more information. Form 5329 health savings account considerations If you, someone on your behalf, or your employer contributed more to your health savings account (HSA) than is allowable, or you had an amount on line 49 of your Form 5329, you may owe additional tax. Can you file Form 5329 by itself?

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Nancy McClelland, LLC

JANUARY 23, 2023

Earned Income Tax Credit or Additional Child Tax Credit refunds: Taxpayers may file their returns beginning Jan. 23, but the IRS cannot issue refunds involving the Earned Income Tax Credit or Additional Child Tax Credit before mid-February. “Where’s My Refund?

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ThomsonReuters

SEPTEMBER 7, 2023

Calculate the credit based on the information provided. The software will apply the appropriate credit percentage and income limitations. Review all information entered to ensure accuracy. The tax software should provide an option to review the form before finalizing. The software will guide you through this process.

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ThomsonReuters

OCTOBER 12, 2023

Jump to: What is foreign income? How to report foreign income What is Form 1099-DIV? Tax implications for owning property abroad What is FATCA? Helping clients with foreign income tax forms For U.S. citizens living abroad or earning income from foreign sources, questions often arise on how the U.S.

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