AdviceForTaxpreparers

SEPTEMBER 8, 2020

Advice for Tax Preparers Making tax preparers lives easier one blog at a time HOME. Earn $20 per Book Promoting My Tax Preparer Book from Home in Your Spare Time. My name is Bill Meador and I am writing a book to help tax staff succeed in a public accounting firm tax department.

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CPA Practice

JANUARY 26, 2024

According to court documents and statements made in court related to the tax scheme, Iona Coates owned and operated Bits & Bytes Accounting Services Inc., which provided tax preparation and bookkeeping services. She sent the money she received to them. In December 2020, U.S.

Florida 109

Florida tax preparation Tax tax return 109

CPA Practice

MAY 16, 2023

The IRS is planning to roll out its own free online tax-filing system in a move that could put the agency in direct competition with online tax preparation behemoths like Turbo Tax and H&R Block. Free File does not auto complete any of the financial information but does provide free filing for most state taxes.

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ThomsonReuters

DECEMBER 6, 2023

James Creech, a senior manager with Baker Tilly’s tax advocacy and controversy team, explained that the origin of the current issues with the ERC can be traced back to before the health emergency and the absence of tax preparer oversight. “Tax preparation is kind of the Wild West,” Creech began.

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ThomsonReuters

OCTOBER 6, 2023

leaving preparers to wait on key information late into tax season. Therefore, it is important to leverage the right client collaboration tools that facilitate data collection and integrate with the tax software to automate 1040 preparation. TaxCaddy , a highly secure client collaboration platform, can help.

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Snyder

OCTOBER 30, 2022

How much do small businesses pay in taxes? How to file income tax? How to file self-employment tax? How to file employment tax? How to file excise tax? How to file estimated tax? Tax preparation tips: How to prepare in 5 steps. When are 2022 taxes due? General Tax Calendar.

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CPA Practice

MAY 17, 2023

The IRS is planning to roll out its own free online tax-filing system in a move that could put the agency in direct competition with online tax preparation behemoths like Turbo Tax and H&R Block. Free File does not auto complete any of the financial information but does provide free filing for most state taxes.

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Nancy McClelland, LLC

APRIL 5, 2024

This week, I discovered a gift that Gusto created for tax preparers with clients that use the Gusto+Guideline combo — a reporting tool that will literally prepare the Form 8881 “Credit for Small Employer Pension Plan Startup Costs” for you. And now we’re superstars to them.

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Withum

FEBRUARY 6, 2023

Sales and Use Tax ; noting jurisdictions to which there are filing obligations and keeping up-to-date with tax rate changes to ensure correct calculations and timely, accurate filings. Quality of Tax Data ; general improvements to enhance the reliability of information and timeliness of closing out accounting periods.

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Going Concern

SEPTEMBER 25, 2023

In the indictment that was unsealed on Tuesday, prosecutors allege that Mitchell and Shreiteh allegedly recruited independent business owners, self-employed workers, and other businesses to provide them with personal information, bank statements, and other documents which they then submitted for PPP loans, prosecutors said.

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CTP

APRIL 15, 2022

As news headlines proclaim stories of tax fraud, taxpayers may wonder how they can trust that their tax preparer is abiding by ethical practices. Another example of an unconscionable fee is if a tax preparer were to take the fee but not do any of the work.

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Snyder

NOVEMBER 10, 2022

The biggest tax season challenge for a small business is tax preparation and filing. Most SMB owners fall into the trap of putting off taxes until the last minute because they don’t have professional tax accounting software backing them up. What is tax software? Online tax preparation + IRS forms.

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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. As tax season is currently underway, citizens should be reminded that committing tax fraud will lead to criminal prosecution.”

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CTP

APRIL 29, 2022

The regulations outlined there provide tax professionals with information on what is considered a viable tax position and what is likely to incur a penalty. Circular 230 states that all positions on tax returns need to have a reasonable basis in the law and be disclosed adequately.

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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

APRIL 11, 2024

The Justice Department is advising taxpayers to choose their return preparers wisely as the April 15 federal tax filing deadline approaches. Unscrupulous preparers who include errors or false information on a tax return could leave a taxpayer open to liability for unpaid taxes, penalties and interest.

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MyIRSRelief

MARCH 29, 2024

In the bustling city of Whittier, California, businesses face a myriad of tax-related challenges that can significantly impact their operations and financial health. From business tax preparation to dealing with unpaid back taxes and navigating complex audits, the tax landscape can be daunting.

California 130

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CPA Practice

SEPTEMBER 25, 2023

18 it warned five tax preparation companies that they could face thousands of dollars in fines for using clients’ confidential data for purposes other than tax preparation, such as advertising. The Federal Trade Commission (FTC) said on Sept.

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MyIRSRelief

FEBRUARY 8, 2023

Tax Preparation, Tax Planning, and Tax Representation: Understanding the Importance of Professional Assistance Tax preparation, tax planning, and tax representation are all crucial components of managing your finances and ensuring that you meet your tax obligations.

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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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TaxConnex

MAY 7, 2024

New Jersey has begun a multi-phased modernization of its tax-filing system. In early 2025, sales and use tax filers and tax preparers will have a new self-service portal that aims to provide more control over taxpayer’s own accounts, providing faster access, easier filing and better assistance with tax account information.

Rhode Island 193

Rhode Island Sales Tax South Carolina 193

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.

Tax 122

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CPA Practice

APRIL 8, 2024

As a result, clients have their sensitive information stolen. This phishing attack is only one of many that tax professionals must look out for when using digital services. As trusted financial professionals, CPAs are responsible for safeguarding their clients’ sensitive information and ensuring compliance with tax laws.

Tax 64

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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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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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CPA Practice

MAY 12, 2023

By Joshua Tehee, The Fresno Bee (TNS) A former Fresno IRS employee who also worked as a private tax preparer was sentenced Thursday for 13 felonies related to identity theft and wire and tax fraud. The crimes occurred from 2012 through 2016, while Lee was working as a tax preparer.

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CPA Practice

MAY 17, 2023

By Joshua Tehee, The Fresno Bee (TNS) A former Fresno IRS employee who also worked as a private tax preparer was sentenced Thursday for 13 felonies related to identity theft and wire and tax fraud. The crimes occurred from 2012 through 2016, while Lee was working as a tax preparer.

tax preparation 96

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CPA Practice

JANUARY 9, 2024

Previously, the IRS has seen a surge in these “new client” scams during tax season where identity thieves target accounting and tax preparation firms with fake emails. These intricate email scams pose a real risk to tax professionals and the taxpayers they represent,” IRS Commissioner Danny Werfel said in a statement on Jan.

Tax 101

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CPA Practice

APRIL 9, 2024

But when it comes to taxes, misleading information on social media can lead to financial or even legal problems, the IRS warns. Social media—things like Facebook, Instagram and TikTok—can be used to circulate “wildly inaccurate tax advice,” the agency said. There are two other variations of the W-2 scheme.

Tax 116

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MyIRSRelief

JUNE 23, 2023

Unraveling the Tax Services of Enrolled Agents Enrolled Agents offer a wide range of tax services tailored to meet the needs of their individual & business clients. b) Tax Planning: Enrolled Agents provide strategic tax planning advice to minimize tax liability and optimize financial outcomes.

Tax 130

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Basis 365

MARCH 6, 2023

Are you tired of spending countless hours on bookkeeping, payroll, and tax preparation? By outsourcing, you no longer have to spend time and resources on financial tasks, such as bookkeeping, payroll, and tax preparation. Do you want to focus more on growing your business and achieving your goals?

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CPA Practice

MAY 15, 2024

“With identity theft an ongoing concern, the IRS has taken additional steps needed to protect both tax professionals and their clients given the sensitivity and importance of the information involved. The tax agency uses this unique number to keep track of requests for client information, such as transcripts.

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CPA Practice

OCTOBER 2, 2023

24, 2024, to file various individual and business tax returns. 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. IRS Direct Pay.

South Carolina 124

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ThomsonReuters

AUGUST 24, 2023

A 7216 consent form is a document that allows a tax preparer to use or disclose a client’s tax return information for purposes other than preparing their tax return. The consent form must also inform the clients of their right to revoke their consent at any time and the consequences of doing so.

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CPA Practice

MAY 22, 2023

Most of us are already aware of the Financial Services Modernization Act (known as Gramm-Leach-Bliley) that was enacted in 1999, but you may not be aware of the specific impacts on those of you that are tax preparers. Good Firm Practices. ChatGPT, Bard).

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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. Taxpayers can get answers to many tax law questions by using the IRS’s Interactive Tax Assistant tool.

South Carolina 111

South Carolina Georgia income tax Vermont 111

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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