TaxConnex

APRIL 25, 2024

There’s nothing like just walking down the hall of your office or clicking into a virtual team meeting to get an answer on something as complex and important as your company’s sales tax obligations. Almost as many (43%) relied on internal resources for the all-important task of calculating the correct sales tax.

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TaxConnex

FEBRUARY 24, 2022

But sometimes, the deal is held up for various reasons – including sales tax exposure within the company being acquired. But many business owners have been gut-punched during due diligence when an unanticipated sales and use tax? This could all be avoided if founders know their potential risk with sales and use tax?beforehand

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TaxConnex

FEBRUARY 27, 2024

Your sales tax obligations depend on knowledge and that knowledge often resides in a professional tax specialist (usually an accountant) who helps your company meet its sales tax obligations. This is a complicated time for sales tax obligations – and a terrible time to try to hire an accountant.

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MyIRSRelief

FEBRUARY 23, 2024

Facing the IRS can be a daunting experience, especially when dealing with unpaid back taxes, unfiled returns, and the looming threat of bank levies. For many, the stress and confusion surrounding tax debt can feel overwhelming. Furthermore, failure to file tax returns can result in hefty fines and legal repercussions.

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Withum

DECEMBER 18, 2024

On Thursday, December 12, 2024, the Internal Revenue Service (IRS) released a fact sheet addressing Form 8275 and the disclosure of tax positions related to IRC section 280E. Form 8275 is used by taxpayers to disclose positions taken on tax returns for which substantial authority does not exist.

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CTP

OCTOBER 28, 2024

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.

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TaxConnex

OCTOBER 6, 2022

It’s a common scenario: A company has decided to sell, then due diligence turns up a $2 million risk in past sales tax obligations and compliance. Do you have solid positions and reasons for your sales tax decisions? Can you defend your sale tax position to minimize the escrow’s impact? Let’s say you’re the seller.

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TaxConnex

MARCH 2, 2021

There’s always something changing in the world of tax, especially sales tax. The Sunshine State previously bet a lot on tourism revenue making up for not taxing internet sales – but the pandemic has wrecked that industry. Estimates reportedly said the tax will generate up to $250 million but opponents promise legal challenges.

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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. by Bill Meador, CPA, JD.

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TaxConnex

NOVEMBER 18, 2021

Most businesses don’t set out to be non-compliant with sales tax, or anything for that matter. In fact, you probably have the best of intentions of meeting your sales tax obligations in the future. But what about sales tax liability from prior months? When do your sales tax obligations and liability start?

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Bharmal&Associates

AUGUST 28, 2020

Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can elect treatment as a single member LLC for federal income tax purposes. But LLCs can offer similar legal protection to their members (owners). LLCs Offer Legal Protection. Single-Member LLC Tax Basics.

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MyIRSRelief

OCTOBER 3, 2022

If you own a property, a business, or are employed, you’ll likely have to pay taxes. According to the 16th Amendment in our Constitution, individuals are required to pay taxes from income sources. Taxes can be broken down into three categories: what you purchase, what you own, and what you earn. Call us today at 1-877-788-2937.

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MyIRSRelief

MAY 19, 2023

With this bustling economy comes a complex tax system, which can be overwhelming and confusing for many taxpayers. Whether you are a small business owner, self-employed, or an individual taxpayer, you may face tax issues such as tax audits, back taxes, and 941 payroll tax problems. Contact us for tax help today.

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RogerRossmeisl

FEBRUARY 7, 2021

When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on your 2020 tax return. When filing a return, you do so with one of five tax filing statuses. In part, they depend on whether you’re married or unmarried on December 31.

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TaxConnex

JULY 30, 2024

Sales tax isn’t simple. Here’s a step-by-step overview of various complications of sales tax compliance – and how to handle them. Then came 2018’s South Dakota vs. Additional complexities: The five NOMAD states – New Hampshire, Oregon, Montana, Alaska and Delaware – do not have a statewide sales tax.

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CTP

FEBRUARY 28, 2025

Technological competence for tax practitioners is receiving increased attention from the IRS. According to this guidance, tax practitioners must have the knowledge, skill, thoroughness, and preparation for any tax engagement they take on. The central goal here is to ensure that taxpayer data is protected.

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MyIRSRelief

DECEMBER 1, 2020

As ruthless as the IRS can be, they aren’t completely heartless and they themselves know that businesses can’t be expected to hand over unreasonable amounts of profit every time they file their tax returns. Below we’ll be listing 6 useful planning tips from tax experts that will help you to save on your business taxes.

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MyIRSRelief

FEBRUARY 1, 2023

Tax anxiety, TAXIETY, comes in different forms of tax problems such as: What is an IRS audit taxiety? An IRS audit is a review or examination of an individual’s or organization’s tax return to ensure that the information is accurate and that the tax return is being filed in compliance with the tax laws.

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Going Concern

JUNE 5, 2025

If your firm or internal team is having a tough time sourcing qualified remote tax and accounting professionals, you’re not alone—and you’re not out of options. Whether you’re looking for talent in tax, audit, accounting, or project-based roles, we’ve got candidates worth your time. We’ve Got You Covered.

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Withum

APRIL 14, 2025

When starting your food or restaurant business, one of the most important decisions you’ll make is selecting the legal structure for your company. Pros Flexibility: LLCs can choose to be taxed as a sole proprietorship, partnership, S Corporation, or C Corporation. citizens or residents.

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MyIRSRelief

DECEMBER 27, 2024

When the IRS decides to audit your tax returns, the experience can be daunting and stressful. The process involves meticulous examination of financial documents and can result in significant financial and legal consequences if discrepancies are found. Contact us today for case evaluation at 1-877-78-TAXES [1-877-788-2937].

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Mark Lee

NOVEMBER 18, 2024

Our clients typically want and value someone competent and experienced to help them satisfy their legal obligations to file annual accounts and tax returns, to work out how much tax they need to pay, to help them arrange their affairs to pay the minimum amount of tax that will be legally acceptable and so on.

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MyIRSRelief

MAY 16, 2025

For Glendale residents and businesses, as well as those in nearby cities like Pasadena, Burbank, and Whittier, tax season can feel like a daunting maze of forms, deadlines, and IRS complexities. Fortunately, Mike Habib, EA, and his esteemed tax firm, based in nearby Whittier, offer a beacon of clarity and expertise.

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SMBAccountant

MARCH 8, 2023

One type of accounting that is well-known is tax accounting. According to Investopedia, tax accounting is “a structure of accounting methods focused on taxes rather than the appearance of public financial statements”. Tax accounting applies to individuals, businesses, and corporations.

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CPA Practice

NOVEMBER 26, 2024

Brian Tankersley, CPA, and Randy Johnston review HubSync , an all-in-one, modern client platform which automates the tax return and other key processes and provides a single gateway to drive “Best-in-Class” collaboration between professionals and their clients. The CEO has been around the tax and accounting space for 30 plus years.

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CPA Practice

MARCH 29, 2023

The Internal Revenue Service warns that trusting tax advice found on social media can lure otherwise honest taxpayers and tax professionals into compromising tax situations. Social media can circulate inaccurate or misleading tax information, and the IRS has recently seen several examples. This is false information.

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TaxConnex

NOVEMBER 23, 2021

But how does this impact your sales tax obligations? Things are pretty straightforward for your standard brick and mortar store – if your product is taxable, you charge the sales tax rate in effect at the store location and remit it to the proper jurisdiction(s). Some of the more basic shopping carts manage sales tax in this method.

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MyIRSRelief

AUGUST 2, 2024

The cannabis industry is one of the fastest-growing sectors in the United States, with more states legalizing its use for medicinal and recreational purposes. However, despite state-level legalization, cannabis remains a Schedule I controlled substance under federal law. Recordkeeping Good recordkeeping is essential for tax compliance.

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ThomsonReuters

MAY 20, 2025

Jump to Streamlining tax engagement through effective communication Introducing SafeSend One: Your communication and client experience solution Changing the tax client experience with effective communication The tax preparation process is often full of problems, from finding documents to managing many systems. Lets take a look.

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MyIRSRelief

DECEMBER 15, 2022

For example, you may want to catch up on your tax filings, prepare for an audit, or simply get a better understanding of your financial situation. This might include accounting software, a financial calculator, and reference materials such as tax guides or accounting textbooks. What is income tax preparation service?

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MyIRSRelief

MAY 22, 2023

Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. The process of resolving tax issues can be overwhelming and stressful for taxpayers, and seeking professional (EA, CPA, Lawyer) tax help can be a wise decision.

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MyIRSRelief

DECEMBER 1, 2020

As ruthless as the IRS can be, they aren’t completely heartless and they themselves know that businesses can’t be expected to hand over unreasonable amounts of profit every time they file their tax returns. Below we’ll be listing 6 useful planning tips from tax experts that will help you to save on your business taxes.

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MyIRSRelief

OCTOBER 30, 2023

Income Tax Return for Estates and Trusts, is a complex tax form that is used to report the income and expenses of estates and trusts. Trust tax preparation can be a challenging task, even for experienced tax preparers. Third, a tax preparer can help you to avoid costly tax penalties and errors.

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CPA Practice

SEPTEMBER 26, 2024

There’s a big difference between “tax avoidance” and “tax evasion.” Simply put, tax avoidance relies on legitimate strategies that may be used to reduce your income tax liability. This is perfectly legal. Conversely, tax evasion is illegal. These penalties are added to the back taxes already due.

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TaxConnex

SEPTEMBER 28, 2023

Now it’s time to register with the states to collect and remit sales tax. You complete your sales tax registrations and file them with the departments of revenue or taxation in each state. These registrations are called sales tax permits, sometimes licenses. New York calls theirs a “sales tax certificate of authority.”

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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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CPA Practice

SEPTEMBER 19, 2024

The new tax season of 2024 brings multiple changes and updates, which makes it a rather challenging time for all tax professionals. At a minimum, tax professionals need to stay sharp and up to date with the laws and regulatory requirements that change from year to year. By Isaac Bock.

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