Accounting Today

JULY 15, 2025

The bill said that you had to have the asset placed in service by 2027 but also you had to start construction on that facility within one year of the enactment date," said Ian Boccaccio, principal and income tax practice leader at tax firm Ryan. "If All rights reserved. By Jeff Stimpson July 15 Like what you see?

Tax

Accounting Today

JULY 10, 2025

He and his fellow co-authors, Yinghua Li of Arizona State University and Dechan Wang of Texas A&M University, employed an innovative partner-level measure of individualism based on whether they were among the top 50 most common first names in the Social Security Administration database for their gender. All rights reserved.

auditor

CPA Practice

JULY 14, 2025

OBannon Four tax preparers convicted of defrauding the IRS of nearly $8 million have been sentenced to a combined 105 months in federal prison, the acting United States Attorney for the Northern District of Texas Nancy E. Three additional tax preparers who worked for FA Tax also pled guilty to falsely preparing tax returns.

tax preparation

Accounting Today

JULY 15, 2025

EDT 2 Min Read Facebook Twitter LinkedIn Email Members of a firefighter crew assist in recovery efforts in Hunt, Texas, on Thursday, July 10, 2025. Eli Hartman/Bloomberg Individuals and businesses in Texas affected by severe storms, straight-line winds and flooding that began on July 2 now have until next Feb. All rights reserved.

Texas

CPA Practice

AUGUST 1, 2025

It was later expanded to include 25 states, including California, New York, Florida, Texas, Illinois, North Carolina and Pennsylvania. Residents of these 25 states reporting W-2 wage income, Social Security income, retirement income, and other credits and deductions are able to use the free service.

Technology

CPA Practice

APRIL 7, 2023

“If your preparer asks you to sign a blank return, refuses to sign your return as your return preparer, or is charging you a fee based on the size of your refund, consult the IRS’s website and tips to make sure you are not exposing yourself to trouble.” “Tax Goldberg of the Justice Department’s Tax Division. “As

tax preparation

CPA Practice

APRIL 11, 2024

“Taxpayers must look out for unscrupulous preparers, who often will promise refunds that are too good to be true,” said Deputy Assistant Attorney General David A. Hubbert of the Justice Department’s Tax Division. “If Over the last year, the Tax Division has worked with U.S.

tax return

CPA Practice

JANUARY 8, 2024

We continue to urge taxpayers who need help to reach out to a trusted tax professional, including those who work with recognized national organizations.” The IRS reminds taxpayers to make sure they choose a trusted, respected tax professional for help. The IRS has more information available to help taxpayers select a tax professional.

Tax

CPA Practice

JANUARY 13, 2023

A professional tax return preparer in Texas recently pleaded guilty to “engaging in a multi-year conspiracy to prepare and file false tax returns on behalf of clients and obtaining a fraudulent loan under the Paycheck Protection Program” (“PPP”). The proceeding was held before U.S. Magistrate Judge Jeffrey C.

Texas

CPA Practice

MARCH 14, 2023

Allegations include stealing identities of accountants, tax preparers, and taxpayers. On March 7, a federal grand jury in Austin, Texas, returned an indictment charging seven individuals with conspiracy to commit mail and wire fraud and other crimes arising out of their scheme to defraud the IRS using stolen identities.

Tax

CPA Practice

JANUARY 29, 2024

It’s back to regular IRS deadlines this year, but with a new tool for many low- and moderate-income households: a service that will prepare and file their tax returns online for free. That sort of virtual hand-holding is similar to what you’d get by using commercial tax preparation software.

tax preparation

CPA Practice

OCTOBER 17, 2023

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. In addition, the state of Washington agreed to join the integration effort for its application of the Working Families Tax Credit.

tax return

CPA Practice

AUGUST 23, 2023

Wilde’s team analyzed more than 94,000 tax returns of U.S. businesses with at least $10 million in assets that used an external tax preparer between 2005 and 2016. Wilde’s study, “Who really matters in corporate tax?” Most of the businesses—91%–were private and their data was provided by the IRS. The study found….

business tax

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?

Tax

ThomsonReuters

APRIL 25, 2024

As an accountant, understanding state tax considerations for various sources of retirement income — including pensions, Social Security benefits, 401(k) and IRA distributions, Thrift Savings Plans (TSPs), and military retirement income — is crucial in helping your clients minimize their tax liability and make the most of their golden years.

South Dakota

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?

Tax

LyfeAccounting

JUNE 7, 2021

Did you know that some countries have zero income taxes? If you use places like Dubai, Monaco, or the Bahamas as your primary residence then you don’t have to pay any taxes. Well, there are other states that give you great tax benefits as well. Not into changing your citizenship? Tip #4: Make Charitable Donations.

Legal

LyfeAccounting

JULY 22, 2021

Hawaii also has the second-highest income tax in the country coming in at 11%. That’s 11 times more than other states like F lorida and Texas who virtually have no income tax at all. Nevada’s effective property tax rate is just 0.6% Well, it’s possible because of tourism taxes.

South Carolina

LyfeAccounting

JULY 22, 2021

Hawaii also has the second-highest income tax in the country coming in at 11%. That’s 11 times more than other states like F lorida and Texas who virtually have no income tax at all. Nevada’s effective property tax rate is just 0.6% Well, it’s possible because of tourism taxes.

South Carolina

LyfeAccounting

FEBRUARY 9, 2021

Note, that’s $9,180 more income, even after you take out Federal and State income taxes. In short, S-Corps can greatly reduce your self-employment tax obligation by only paying self-employment tax based on your salary and not on the total business income. Tax Benefits #2: Pass-through Taxation.

Tax

CPA Practice

MARCH 12, 2024

The 12 states participating in the Direct File pilot program this filing season are: Arizona California Florida Massachusetts Nevada New Hampshire New York South Dakota Tennessee Texas Washington Wyoming Users can log in to Direct File to start their return and complete it any time before the April filing deadline. million in Texas, 2.8

South Dakota

CPA Practice

JULY 24, 2024

The IRS said this week that individuals and businesses in 67 Texas counties affected by Hurricane Beryl now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments. Quarterly estimated income tax payments normally due on Sept. 16, 2024, and Jan. 31, 2024, and Jan.

Tax

LyfeAccounting

MARCH 10, 2021

Common IRS Tax Penalties and How You Get Penalized. Failing to file a tax return on time. Well, the deadline for filing your federal income tax return and paying any tax you OWE is April 15th (or usually the next business day if April 15th falls on a weekend). inability to obtain relevant tax records.

Tax

Accounting Today

JULY 15, 2025

The Wandering Tax Pro ( [link] ): "The deduction for tip income and overtime pay is just plain stupid and makes no logical sense. Tip income and overtime pay is earned W-2 income. Why should these types of W-2 income be deductible (exempt from federal income tax) and not other W-2 income?

tax preparation

Going Concern

FEBRUARY 3, 2025

A hasty decision in choosing a fake tax preparer can lead to stolen information, an incomplete tax return and a bigger headache than if youd simply done your taxes yourself, Cafferelli said. Anyone still looking for a preparer in February is making a hasty decision. The national finals were held Jan.

Account