CPA Practice

DECEMBER 13, 2023

The following five strategies can help firms leverage tax season and increase client retention throughout the year. Integrating guiding questions into your tax planning sessions can tease out information that identifies areas where you can offer your client advisory services that help them meet their goals.

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CPA Practice

APRIL 17, 2023

And now, the results are in: IN-FIRM TECHNOLOGIES Federal/State Income Tax Preparation Insight : As was true in every year of voting, the tax prep system category is always the most voted-on, with nearly all respondents selecting a preferred system. We thank the more than 5,000 professionals who participated in voting this year.

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Nancy McClelland, LLC

APRIL 9, 2024

For years, we have stressed the importance to our clients of making quarterly estimated tax payments. And unlike many tax preparers, we also do bookkeeping, accounting, and consulting for our small business owners — so we’ve also encouraged them to have us do a quarter-by-quarter calculation of how much to pay.

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ThomsonReuters

JULY 11, 2023

Firms have various situations when working with clients, such as tax planning, tax preparation, or risk management. Tax planning and research : Faced with ever-changing tax laws , clients can quickly find it challenging to keep pace and navigate the complexities. Let’s examine this further.

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Going Concern

JANUARY 4, 2024

Hoppa provides tax compliance and planning services to clients in a variety of industries, including private equity, construction, communications and media, real estate and manufacturing and consumer products. Mo Huda (Dallas, Texas, State & Local Tax Services). Tax Credits & Incentive Services). Tax Services).

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ThomsonReuters

JULY 6, 2023

Let’s take a look at what tax advisory is and how you can take advantage of this approach to serving clients. What are tax advisory services? Audit : An audit advisor reviews and verifies the financial records of an individual or company and provides recommendations to reduce the risk of audit based on this information.

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ThomsonReuters

JULY 6, 2023

Accounting advisory services include a variety of engagements—from tax planning and strategy to counsel on tax-related legislation—and centers on your unique knowledge and experience. The result is more meaningful work, deeper client relationships, and a boost in profitability.

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MyIRSRelief

OCTOBER 16, 2023

Job-Related Expenses Explore miscellaneous deductions, such as unreimbursed job-related expenses and tax preparation fees. Tax Credits for Individuals 3.1. Popular Individual Tax Credits a. Child Tax Credit Learn about the Child Tax Credit, including recent changes that have made it more accessible to many families.

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ThomsonReuters

MAY 6, 2022

For small and mid-sized tax and accounting firms, there are plenty of ways to do so. Whether you want to increase overall sales and revenue, decrease expenses, or a bit of both, 8 strategies to increase profitability are explored below. Some accounting and tax firms offer only tax preparation.

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Ryan Lazanis

MAY 24, 2023

Tax software is starting to move online and the promise is that tax software will become far more integrated into your accounting suite to help automate the completion of tax forms, making tax preparation much more seamless and beneficial for your current and potential clients.

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Withum

MARCH 1, 2023

This process should also include state and local income taxes. Part of this review should include separate schedules of gross capital gain sales and withholding estimated tax payments to compare to the amounts reported on the tax return. Look to understand why there are significant differences from last year.

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SkagitCountyTaxServices

DECEMBER 8, 2021

Year End Business Tax Strategy #1: You’re the boss. If you have employees, you have some special tax preparations to think about concerning tax preparation this year. Year End Business Tax Strategy #3: You bet your assets. This brings us to a key concept of tax planning. What a deal.

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Withum

APRIL 12, 2022

You have a complicated situation, and you feel it is best to have an extension so you or your preparer would have more (and more relaxed) time to devote to your return. If your tax preparer is unable to devote the necessary time to get the return ready to file on time. You might want to open and/or fund a SEP pension plan.

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KROST

FEBRUARY 23, 2021

The 1031 exchange is limited to like-kind real estate and requires the entire sales proceeds to be reinvested into the like-kind replacement property. Any sales proceeds not reinvested create taxable gain. Sales proceeds equal to the basis in the capital asset sold can be retained by the taxpayer tax-free.

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LyfeAccounting

JUNE 9, 2021

Because cryptocurrencies are treated as “property” and not as a security, the IRS wash sales rule, which is applicable to stocks, is not applicable to crypto. What is the Wash Sale Rule? The Cryptocurrency Tax Loophole. If you are like us and love saving on taxes, you are loving this right now. Talk to us today!

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ThomsonReuters

MARCH 1, 2024

For example, ONESOURCE corporate tax software has modules for tax planning and preparation that can help streamline the process and make tax preparation more efficient. The post How are S corporations taxed?

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ThomsonReuters

OCTOBER 12, 2023

From understanding what foreign income is to navigating various tax forms and deductions, it is important for accountants to understand the ins and outs of U.S. Proper tax planning and compliance are key to managing the tax implications associated with foreign property ownership. Plan ahead. Timely filing.

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LyfeAccounting

OCTOBER 29, 2020

The long-term capital gains tax rate is 0%, 15% or 20% depending on your taxable income and filing status. Here’s a look at both short-term and long-term capital gains tax rates depending on your tax bracket! Ok, let’s talk about the second way you can be taxed on a stock. A complete overview of tax on stocks.

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ThomsonReuters

FEBRUARY 8, 2022

In the 2018 Small Business Accounting Insight Survey , published in Accounting Today, 65% of people said they would use a professional tax service for taxes only in 2019. Have you considered adding ancillary and advisory services to better meet client demands, bolster client retention rates and win new tax clients?

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xendoo

NOVEMBER 23, 2020

This deduction covers any consultants you hire in connection with running your business, including attorneys, accountants, tax preparers and advertising agencies. Printing flyers, sales letters, business cards, and forms. For more information about tax planning and filing for small businesses, please consult your Xendoo team.

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LyfeAccounting

JULY 22, 2021

constitution, and it also seems like they ratified low taxes. Delaware has just a 0.57% effective property tax rate and has no sales tax at all. In the state, its population has also been rising steadily which may be affording the state the ability to keep its taxes low. So there you have it, folks!

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LyfeAccounting

JULY 22, 2021

constitution, and it also seems like they ratified low taxes. Delaware has just a 0.57% effective property tax rate and has no sales tax at all. In the state, its population has also been rising steadily which may be affording the state the ability to keep its taxes low. So there you have it, folks!

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South Carolina Hawaii West Virginia Delaware 52

Snyder

APRIL 10, 2023

But can you ease the strain and optimize tax filing for e-commerce companies with lots of sales? Recording Amazon sales tax correctly Travis, who has been working with Amazon businesses for several years, knows first hand the challenges of Amazon sales tax collection and working with the Marketplace Facilitator Tax.

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Snyder

NOVEMBER 14, 2022

When a CPA is in the zombie zone, you can’t perform well during the tax filing season. Will your clients be satisfied with loosely done books auditing and tax preparation in the end? For the upcoming tax season, do your planning and stick to it. No more mess with transactions during the tax filing season.

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LyfeAccounting

OCTOBER 18, 2020

There are a ton of things that are important to businesses owners like: sales. With a budget, you can plan for future expenses and the anticipated resources that would cover those expenses. It Helps You With Tax Preparation. In most cases, your business has to file a tax return every year. I know, I know.

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Accounting Today

NOVEMBER 7, 2023

CPAs' real pay; crypto data released; factoring receivables; and other highlights from our favorite tax bloggers.

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CPA Practice

MARCH 19, 2024

Marriage The first question that a lot of newlyweds ask themselves and/or their tax preparer is – “Can we still file as single?” If you are legally married, the answer is no, and you may not want to anyway given the potential tax implications. Children Expanding your family? Jamie Scott is a partner at The Bonadio Group.

Tax 52

Tax Real Estate tax preparation Education 52

LyfeAccounting

MAY 13, 2021

If you’re thinking about selling real estate, one thing that you need to keep in mind is the amount of taxes you’re going to pay on that sale. Uncle Sam’s piece of the pie is called the capital gains tax. So basically, you are only assessed a capital gains tax when you sell your assets. Contact us today to get started.

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Ryan Lazanis

OCTOBER 24, 2022

As a simple example, this means that year-end tax return preparation fees will be billed the same way for Client A and for Client B. The tax preparation fees for Client A may be different than the year-end tax preparation fees for Client B, even if the service is identical. Value Pricing.

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ThomsonReuters

JUNE 13, 2023

In the world of tax and accounting, advisory services include providing insights and strategies that help your clients build their business strategy, enhance decision-making, and successfully achieve their financial goals. Why make the shift to advisory?

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tax return Tax bookkeeping services Technology 93

xendoo

JANUARY 31, 2022

Calculating these figures isn’t challenging, but it can be a bit intimidating if you’re not used to doing your own business tax preparation. Under section I, you’ll report your sales and the cost of goods sold. You can accomplish this through the following calculations: Gross sales – returns and allowances = net receipts.

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tax preparation business tax income tax Tax 122

MyIRSRelief

NOVEMBER 19, 2021

That’s why so many people choose to hire a tax preparer/ EA, Attorney, CPA, they don’t want the hassle of doing it themselves, and they trust an expert to handle their business. Tax credits to look out for. Earned Income Tax Credit (EITC). This is also known as the R&D Tax Credit.

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SkagitCountyTaxServices

SEPTEMBER 24, 2020

With the business deadline (9/15) behind us, we’re in tax planning season. But this actually has nothing to do with your taxes for this year. But the most important time of the year for tax planning is right now, Q4. In business-to-business marketing the same sophistication is available.

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Ryan Lazanis

NOVEMBER 9, 2022

A report by Oxford University concluded that there was a 99% chance that tax preparers’ jobs would be automated and a 98% chance that it will happen to bookkeepers and accountants. Upcoming sales pipeline. Here’s a good video of how MindBridge works in action: 15) Tax Planning. 13) Financial Modeling. Over to You.

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