Withum

SEPTEMBER 14, 2022

While we’re waiting on the IRS to ramp up, now is a good time to take the opportunity to reassess your tax “strategies” and compliance. The IRS is aware of the “creative” schemes some taxpayers employ to lower their tax bills. 10 Troublesome Tax Schemes. This is a pronounced problem for service businesses.

Tax 105

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Withum

APRIL 4, 2024

Defined Benefit Cash Balance Plans offer a powerful strategy for highly compensated physicians, allowing substantial annual contributions—often exceeding $150,000. Key features include tax-deductible contributions and suitability for small physician practices with consistent or growing cash flow. Actual amounts will vary.

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CPA Practice

JULY 31, 2023

The new promotions touch the firm’s offices in both Pittsburgh and Columbus, and they reach across several areas of the firm’s service offerings, including the firm’s Tax, Audit and Consulting practices, as well as the Merger and Acquisitions/Transaction Advisory practice. Deatrick joined the firm in 2009.

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inDinero Tax Tips

JUNE 24, 2023

Business tax deductions – three words that can cause stress and confusion for even the most seasoned entrepreneurs. It’s no wonder that tracking and claiming tax-deductible business expenses falls by the wayside. In general, the IRS has this to say: “To be deductible, a business expense must be both ordinary and necessary.

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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. If we do, will those services be taxable, adding to our cost and administrative burden?

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Anders CPA

NOVEMBER 21, 2023

As we near year-end, it’s important to be aware of the latest tax tips and guidelines to maximize your financial potential for 2024. Make sure you’re taking advantage of donations, cash gifts and more deductible activities to minimize your tax burden.

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CPA Practice

MAY 1, 2023

More small businesses across the country are taking advantage of new tax credits to offer 401(k) programs , according to a report from the Wall Street Journal. The new tax credits are widely available now thanks to the Setting Every Community Up for Retirement Enhancement (Secure) Act , which went into effect on Dec.

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Going Concern

NOVEMBER 24, 2022

Take a look at the description, salary range, and requirements and if you’re so compelled, head over to Accountingfly to apply for this Remote Tax Manager position. Remote Tax Manager needed at small but progressive firm – with NO crazy busy season hours. Compensation: $75,000 to $95,000, for a consistent 30 to 40 hours a week.

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Shay CPA

JANUARY 10, 2024

Betterment is not a tax advisor, nor should any information herein be considered tax advice. Please consult a qualified tax professional. And with limited resources and lofty goals, the companies that you advise could benefit significantly from tax credits designed to help them and their employees thrive.

Tax 52

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Snyder

FEBRUARY 7, 2023

Tax liability is an inevitable part of running a business. Every year business owners have to bear the burden of the tax season, paying taxes for income, payroll, property, sales, and so on. In total, nearly 30% of a business’ income is needed to cover all tax payments. What exactly are tax deductions? Contents: 1.

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inDinero Tax Tips

JUNE 12, 2023

You must identify and reclassify the transactions as fringe benefits or as loans from your company to yourself. Future investors or creditors will want to know your financials, not to mention the confusion this will bring come tax time. Indinero’s online bookkeeping services are here to help with this tedious task.

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Ronika Khanna CPA,CA

APRIL 5, 2024

The deadline to file tax returns is quickly approaching, resulting in various degrees anxiety for some taxpayers and accountants. The most effective starting point is to evaluate your tax situation and prepare a checklist of the documentation that you will need with respect to your specific tax situation.

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ThomsonReuters

JANUARY 6, 2022

2021-03: Temporary Enforcement Policy Regarding Group Health Plan Service Provider Disclosures Under ERISA Section 408(b)(2)(B) (Dec. The DOL has announced a temporary enforcement policy for fee disclosure requirements that apply to certain group health plan service arrangements. Although plans providing only excepted benefits (e.g.,

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inDinero Tax Tips

FEBRUARY 28, 2022

Classifying employees correctly is important to optimizing your tax position while staying on the correct side of the law. Misclassifying employees could cost your company thousands in fines and unexpected back taxes. How Classifying Employees As Independent Contractors Benefits Your Business. Tax Services.

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CPA Practice

MAY 5, 2023

New-grad hires that join the firm in assurance or tax spend their first few years working with clients in a variety of industries before selecting where they want to specialize. billion program that enables employees to build personalized careers, choosing what they work on, the hours they work, where they work, and the benefits they need.

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CPA Practice

MARCH 6, 2023

Nearly one-half of nonprofits saw a decrease in net income in 2022 due to increases in personal compensation and operational costs, decreases in state appropriations and an end to the American Rescue Plan funding. Coupled with a 68% surge in demand for programs and services, many nonprofits are feeling outweighed by their financial demands.

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xendoo

MAY 26, 2021

You know that filing taxes can be stressful even in the best of times, but as a restaurant owner, tax time can leave you feeling in the weeds because your deductions are exponentially more complex. Set up a sound filing system where you can locate any tax documents you might need by vendor or category and keep it up to date.

Tax 98

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Anders CPA

NOVEMBER 30, 2022

Each fall, the Internal Revenue Service (IRS) reviews the contribution limitations for benefit plan contributions and other supporting factors based on inflationary increases and other factors. The limit on compensation that can be included for benefit purposes was increased from $305,000 to $330,000.

payroll 52

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Cherry Bekaert

AUGUST 25, 2023

Methodology When qualifying for the ERC tax credit, the government is looking for either a significant decline in gross receipts or a partial to full suspension of operations due to a COVID related government mandate. Qualification does not immediately generate benefit.

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ThomsonReuters

JULY 11, 2023

Facing a rise in client expectations and an increasingly complex regulatory environment , a growing number of firms are looking to transform their practice and take their advisory services to the next level. What are the paths to advisory services? Tax preparation : Tax season is obviously a very busy time of year.

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Snyder

FEBRUARY 12, 2023

Payroll taxes can be daunting for employers to calculate and pay. With the numerous tax laws, regulations and compliance requirements, employers are required to be up-to-date on the latest regulations to ensure they’re making accurate and timely payroll tax payments. It is not intended to provide any tax advice.

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ThomsonReuters

JULY 6, 2023

It’s called advisory services, and it builds on the client relationships you already have and the expertise you’ve worked so hard for. Here, we make the case by taking a look at the current landscape of the accounting profession and why transitioning to advisory services could be the career path you’ve been looking for.

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xendoo

APRIL 8, 2022

Many small business owners miss out on tax savings simply because they aren’t aware of what tax deductions are available. As professional accountants, we know all the small business tax deductions that can save you money, and we’re sharing them in this tax deductions checklist. . What is a tax deduction?

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Anders CPA

DECEMBER 13, 2023

Any taxes, benefits, workers’ compensation, etc., A common mistake is to group health insurance benefits for the entire company in one line, under administration. Admin expenses (4%): It usually includes the wages and benefits of the billing department. need to be included here.

Transportation 52

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Cherry Bekaert

SEPTEMBER 15, 2023

The inability to operate in a normal fashion regarding the services and mission of these institutions, due to the government COVID-19 mandates, established the schools’ eligibility for ERC. For educational institutions, COVID-related mandates often resulted in a partial suspension of normal services and operations, qualifying them for ERC.

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xendoo

MARCH 17, 2022

Tax season feels particularly overwhelming for small business owners. Halting operations to research every tax-saving opportunity is not realistic – let Xendoo do it for you! In this blog post, we will share popular small business tax deductions that you may be able to claim for the 2021 tax year!

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CPA Practice

SEPTEMBER 26, 2023

The new capabilities include Global HR consultancy (HRC) and enhanced HR software enabling organizations headquartered in the Americas to seamlessly scale HR operations with confidence in global compliance. An increasing number of organizations are hiring remote global talent to fuel growth and reduce costs.

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ThomsonReuters

MAY 27, 2021

QUESTION: We have heard that there are revised requirements for agreements with plan service providers. ANSWER: ERISA’s prohibited transaction exemption for plan service arrangements has been amended to add extensive disclosure requirements that apply to certain types of arrangements beginning in December 2021.

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CPA Practice

JANUARY 24, 2024

But could you afford to lose more than one-quarter of the best players on your team, especially during tax season? workers, 55% of respondents said they plan to look for a new job soon because they seek higher compensation. For insight on current trends, consult Robert Half’s Salary Guide.) In a Robert Half survey, 85% of U.S.

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Basis 365

JULY 21, 2023

Service-based businesses, such as marketing agencies or management consultants, face several accounting issues that are unique to their industry. Time Tracking and Billing: Tracking billable hours and accurately invoicing clients is crucial for service-based businesses. This has a significant impact on cash flow.

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PANALITIX

AUGUST 15, 2021

For ideas on making your financial review (advisory) services more attractive, read on. How will future tax obligations affect cash reserves? Perhaps there are opportunities to seek better arrangements, a change in the compensating balance requirement or an increase in credit lines? Review compensation policies.

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Ronika Khanna CPA,CA

FEBRUARY 23, 2024

Before starting the process with Quickbooks, ensure all that your employees have all their personal info including SIN, birth date, employment and compensation info completed. This can come in handy for taxable benefits like health insurance (Quebec) or car allowances.* QB will give you the option to add amounts and a description.

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CPA Practice

FEBRUARY 28, 2023

Nearly one-half of nonprofits saw a decrease in net income in 2022 due to increases in personal compensation and operational costs, decreases in state appropriations and an end to the American Rescue Plan funding. Coupled with a 68% surge in demand for programs and services, many nonprofits are feeling outweighed by their financial demands.

Management Consulting 52

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xendoo

SEPTEMBER 7, 2022

In this article, we’ll go into the specifics of 1099 tax forms, the pros and cons of independent contractors, and what it all means comes tax season. . What Is a 1099 Tax Form? For example, a regular employee does not use 1099 forms because their income tax is withheld during each payment period. . These include: .

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Withum

APRIL 5, 2023

The magical application of Section 1202 for C corporation shareholders seems too good to be true, with millions of tax dollars being saved. The ability to limit 1202 to C corporations to avoid double taxation, once at the C corporation and again at the shareholder level, may have made more sense when the corporate income tax rate was 35%.

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CPA Practice

MAY 4, 2023

New-grad hires that join the firm in assurance or tax spend their first few years working with clients in a variety of industries before selecting where they want to specialize. billion program that enables employees to build personalized careers, choosing what they work on, the hours they work, where they work, and the benefits they need.

cpa firm 59

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Anders CPA

MAY 25, 2023

Provisions Effective January 1, 2024 Aged-Based Catch-Up Contributions   Update Currently, catch-up contributions can be made on either a pretax basis or an after-tax basis if they are permitted by the plan. requires their catch-up contributions to be treated as after-tax contributions. SECURE Act 2.0

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