IRS expands business tax accounts
Accounting Today
DECEMBER 18, 2023
Individual partners and individual shareholders of S corps can now get a business tax account.
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Financial vs Tax Accounting
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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Tax Account Review – TAR or Discovery
MyIRSRelief
OCTOBER 1, 2020
For Los Angeles, and all over America, individuals or businesses who are concerned about the information they receive from the Internal Revenue Service (IRS) about their taxes, a tax account review – TAR may be the answer. What is a Tax Account Review or TAR, Discovery? How It Works.
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IRS Expands Business Tax Accounts to Include S Corporations and Partnerships
CPA Practice
DECEMBER 18, 2023
The Internal Revenue Service has launched the second phase of a new online self-service tool for businesses that expands business tax account capabilities and eligible entity types. Available at IRS.gov/businessaccount , the new business tax account is a key part of the agency’s continuing service improvement initiative.
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The CPA Firm Growth Strategy: From Compliance to Consulting
Speaker: Rita Keller - President of Keller Advisors, LLC
You've worked diligently and have built a glowing reputation grounded in your excellent skills in tax, accounting, and auditing. You're known as the “go-to” person when a client is faced with tax and financial decisions. You have a very successful firm -- but that’s not enough.
IRS Starts Business Tax Accounts
CPA Practice
OCTOBER 25, 2023
20 that it has launched new business tax accounts , with the initial version geared toward sole proprietors. As part of its continuing effort to improve taxpayer services and make the agency more technology-friendly, the IRS said on Oct.
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IRS Highlights New Payment Options Within Business Tax Account Tool
CPA Practice
AUGUST 22, 2024
When fully developed, business tax account (BTA) will allow many types of business taxpayers to check their tax history, make payments, view notices, authorize powers of attorney, and conduct other business with the IRS. To set up a new business tax account or for more information, visit Business Tax Account.
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Cannabis Tax & Accounting
MyIRSRelief
MAY 17, 2021
Cannabis-based businesses are some of the fastest growing business sectors in the country. With more and more states legalizing medical marijuana and also recreational use, dispensaries and grow operations are popping up all over.
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IRS to Host Virtual Focus Groups on the Business Tax Account Online Tool
CPA Practice
NOVEMBER 25, 2024
If you’re a business owner or a tax professional who represents one, the IRS wants to hear from you. 22 that it’s conducting virtual focus groups starting in December to gather feedback on the business tax account (BTA) online self-service tool. “We The agency said in an email on Nov.
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Los Angeles tax, accounting service
MyIRSRelief
DECEMBER 15, 2022
How to fix my messy back-years accounting for my Los Angeles, CA business? If you have messy books for many back years of accounting, it can be overwhelming to try to organize and clean them up.
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Why Small Business Owners Should Sign Up for the New IRS Business Tax Account
CPA Practice
NOVEMBER 20, 2023
(TNS) The new business tax account from the IRS , unveiled in late October, is expected to expand next year with a slate of new features that should make tax time a little smoother for entrepreneurs.
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Why you should have separate bookkeepers and tax accountants
Basis 365
FEBRUARY 15, 2023
It's OK to ask an outsourced accountant for help with your daily books. Before we get into the reasons, let's first look at how the duties of accountants and bookkeepers differ. This will allow you and your accountant to make better financial decisions. Why not hire bookkeepers and tax accountants for the year?
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Tax & Accounting Service – Preparation, Planning, Representation
MyIRSRelief
SEPTEMBER 20, 2021
IRS – FTB – CDTFA – EDD tax help. . We provide specialized tax & accounting service for individuals and or businesses facing IRS or State tax problems such as: – Back Taxes . – Tax Levy – we release wage and bank levies. – Tax Audits. – Tax Appeal.
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Bloomberg Tax & Accounting Launches Innovation Studio
CPA Practice
OCTOBER 9, 2024
Bloomberg Tax & Accounting this week announced the launch of its Innovation Studio, which the research and technology solutions provider called “an ideation environment” that offers access to new tools, including generative AI-powered capabilities, that are currently under development for the Bloomberg Tax platform.
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Sales Tax Accounting Basics [+ Journal Entry for Sales Tax Examples]
Patriot Software
SEPTEMBER 20, 2022
When you sell goods to customers, you likely collect and remit sales tax to the government. And when you purchase products, you typically pay sales tax. But, how do you record these tax collections and payments in your accounting books? Sales tax accounting.
IRS introduces business tax accounts as it targets big corporations for audits
Accounting Today
OCTOBER 20, 2023
The Internal Revenue Service is making improvements to its online tax professional accounts and hiring more accountants as it ramps up enforcement.
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Trucking Tax & Accounting by Mike Habib, EA Los Angeles, CA
MyIRSRelief
MARCH 15, 2023
As a trucker, filing taxes can be a daunting task. The paperwork, deadlines, and complex tax laws can leave you feeling overwhelmed and uncertain about your tax obligations. However, failing to file your taxes can have severe consequences, including back taxes, penalties, and even legal action.
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The Difference Between A Construction Accountant And A Tax Accountant
Randal DeHart
FEBRUARY 17, 2023
The dirty secret is that Tax Accountants operate like Rough Carpenters because they work fast and furious, and they are paid piece work. It is not a pretty sight. Have you pictured a crew with muddy work gear and boots stepping onto your client's pristine floors?
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Anders Named a Most Recommended Tax & Accounting Firm by USA Today
Anders CPA
FEBRUARY 15, 2024
Anders has been recognized by USA Today as a Most Recommended Tax & Accounting Firm for 2024. When tax season arrives, finding a tax or accounting firm that fills your business’s needs is vital to ensure necessary documents are filed correctly and on time.
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Sales tax and accounting services
TaxConnex
MARCH 1, 2022
In recent years, Connecticut, Maryland, and California toyed with levying state sales tax on accounting services but found it a tough fight in the face of intense lobbying from accountants’ groups. Lobbying is a major reason that professional services generally don’t incur sales tax nationwide).
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Nomination Period Opens for CPA Practice Advisor’s 2024 Tax & Accounting Technology Innovation Awards
CPA Practice
JUNE 12, 2024
The nomination period has opened for CPA Practice Advisor’ s Tax & Accounting Technology Innovation Awards. The awards honor new technologies that help accounting firms and their small business clients operate more efficiently and profitably through improved workflow, increased accessibility, or enhanced collaboration.
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IASB proposes leeway for deferred tax accounting under OECD rules
Accounting Today
JANUARY 10, 2023
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Cash or Accrual Accounting: What’s Best for Tax Purposes?
RogerRossmeisl
SEPTEMBER 9, 2024
The cash method often provides significant tax benefits for those that qualify. Therefore, you need to evaluate the tax accounting method for your business to ensure that it’s the most beneficial approach. However, some businesses may be better off using the accrual method.
Startup Tax Preparation Resources for 2021
BurklandAssociates
FEBRUARY 1, 2021
A new tax season is underway, and Burkland’s startup tax accountants are working with our clients to prepare. In this article, we share a roundup of helpful 2021 tax preparation Read More. The post Startup Tax Preparation Resources for 2021 appeared first on Burkland.
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IRS adds payments, Spanish to Business Tax Account
Accounting Today
AUGUST 26, 2024
The Internal Revenue Service continues to expand the things business taxpayers can do with BTA.
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How to Correct Previous Non-Compliance with Sales & Use Tax
TaxConnex
DECEMBER 21, 2023
In some states the taxpayer will receive a formal agreement to be executed and returned along with a registration form for a sales and use tax account, the disclosure calculation representing the tax due (or the returns depending on the state), and a check for the total tax due, plus interest.
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In ongoing accounting crunch, where to go for sales tax help?
TaxConnex
FEBRUARY 27, 2024
“Accountants cite low salaries, mundane tasks, burnout and the threat of new technology like generative AI as reasons for considering other industries.” You have two initial ways to address your need for sales tax expertise: Your outside tax accountant or bringing tax expertise in-house. How to fill the need?
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Seven Business and Technology Predictions for the Tax & Accountancy Industry for 2023
Accounting Insight
FEBRUARY 7, 2023
Whether you’re a practice or a technology vendor in the tax and accounting industry, investments in people and technology are going to feature prominently in 2023. Here are eight predictions that we’re likely to see unfolding in the tax and accounting business and technology landscape for 2023.
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Unlocking the Language of Accounting: Understanding Common Terms
SMBAccountant
MARCH 6, 2024
In contrast, accrual accounting records transactions when they occur, offering a more accurate depiction of the company’s financial position over time by matching revenues with expenses. Book Accounting and Tax Accounting Small businesses may notice differences between book accounting and tax accounting.
Sales Tax Updates: What’s new in sales tax for April?
TaxConnex
MAY 7, 2024
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. Sales and use will be the inaugural tax to be serviced.
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Tax educator Sidney Kess dies at 97
Accounting Today
SEPTEMBER 18, 2023
Kess, a renowned tax accountant, attorney and educator, died at the age of 97 on Sunday.
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State Sales and Use Tax Update
TaxConnex
NOVEMBER 3, 2020
New York City tax revenues in March and April fell $1.15 Sales tax accounted for the largest decline, falling $918 million, or 23 percent. In New York State , the sales tax payment the county of Onondaga received recently was $10 million higher than the same period last year. billion (3.5
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Keeping SST benefits – including freebies – isn’t automatic
TaxConnex
SEPTEMBER 24, 2024
Observers have also said that registering with a state through the SST sometimes hampers accessing your sales tax account in that state as well as problems with filing frequencies and exemption documentation. As always with sales tax, there can be more to benefits and drawbacks than meets the eye.
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Understanding use tax
TaxConnex
MARCH 31, 2022
Good for California,” the Golden State says that those with a California seller’s permit must pay the use tax due on business related purchases with their sales and use tax return. California state income tax return.”.
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IRS business tax and tax pro accounts may get slashed
Accounting Today
NOVEMBER 3, 2023
The service's development of its newly introduced business tax accounts and recent improvements in its tax pro accounts could be jeopardized if funding is cut.
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Survey: Over Half of Accounting Firms Plan to Increase Fees in 2025
CPA Practice
NOVEMBER 20, 2024
The report also benchmarked current fees for tax, accounting, and advisory services, which varied based on firms’ annual revenue range. The greatest variance in pricing was for tax planning and advisory services in particular.
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Bloomberg Tax & Accounting Introduces AI Expression Generator and Enhanced Integrations for Workpapers
CPA Practice
JULY 18, 2024
Bloomberg Tax & Accounting has announced new enhancements to Bloomberg Tax Workpapers, including an innovative AI formula generator and additional integrations with Bloomberg Tax’s Fixed Assets and Tax Provision solutions.
Top Remote Accountants of the Week | September 5, 2024
Going Concern
SEPTEMBER 5, 2024
TAX AND ACCOUNTING CANDIDATES FTE Tax and Accounting | Candidate ID #22410136 Certifications: CPA Education: BS Accounting, MBA Experience (years): 15+ years accounting experience Work experience (detail): Currently a Tax Senior at a CPA firm Experience with expense planning for S-corps Filed 150+ SMB and individual tax returns last season Tax planning (..)
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Two Withum Team Members Named to The Washingtonian’s Best Financial Advisers List
Withum
JANUARY 19, 2024
As tax accountants, their specialties include business tax , private client services , and estate planning and trusts. Joel, Partner, and Billy, Senior Manager, were chosen for the directory because of their industry expertise, community involvement and trustworthy reputations in the DC business world.
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How Law Firms Can Get Started with Cash Flow Management
Anders CPA
MARCH 25, 2024
Mistake #1: Using One Bank Account for Multiple Purposes Solution: Have an operating account, a cash reserve account, a tax account, and a client trust account. Operating account and cash reserve: You’ll want to set up two accounts for your working capital: an operating account and a reserve account.
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Top Remote Accountants of the Week | August 29, 2024
Going Concern
AUGUST 29, 2024
ACCOUNTING CANDIDATES FTE Accounting | Candidate ID #22164759 Certifications: CPA in process Education: BA and MA Accounting Experience (years): 20 years business experience Work experience (detail): 6+ in public accounting Provides accounting services for multiple clients Payroll processing and tax filing Prepares Federal filings for SMBs, S-Corps (..)
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AI, Automation and Outsourced Staffing Show Their Options on AICPA Engage Tradeshow Floor
CPA Practice
JUNE 9, 2024
More than 5,000 tax, accounting and financial professionals participated in-person and virtually in AICPA Engage 2024, the largest annual educational, technology and networking event. Engage 2024 was held June 2-6, 2024, at the Aria Resort and Casino in Las Vegas.
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TIGTA: IRS Gave Out More Than $10 Billion in Excess Child Tax Credits in 2021
CPA Practice
JUNE 15, 2023
The American Rescue Plan Act of 2021, which was approved by Congress and enacted on March 11, 2021, expanded the child tax credit and authorized monthly payments, with differing amounts, to eligible individuals and families based on their adjusted gross incomes and, if they have kids, their children’s ages. This process uncovered 3.8
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Beyond tax season: creating revenue stability year-round
ThomsonReuters
JANUARY 28, 2022
If you spend a lot of time hiring temporary employees just to help with tax season, you could be missing out on a lot of potential talent—those employees who are looking for long-term positions. Tax accountants who only need office space for a few months out of the year must spend a lot of time before tax season looking for good options.
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