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S Corporations: TaxPreparation, Tax Planning, and the Benefits of Professional Tax Help S Corporations , often referred to as S Corps, are a popular business structure in the United States, particularly among small to medium-sized businesses. However, navigating the tax landscape for S Corps can be complex.
27)—A taxpreparer who admitted to filing more than $3 million in fraudulent taxreturns on behalf of her clients is facing up to 30 years in prison for her crime. Crawford is not representative of most taxpreparers who provide honest services to their clients. (TNS) ATHENS, GA (Nov.
Filing business taxreturns is no doubt an intricate process, but with the right workflow, accounting firms can streamline the process, reduce errors, and ensure compliance. Prepare and review the taxreturn 4. File electronically and track the return 5. Review deduction and credit opportunities 3.
Ignition has released its 2024 US Accounting and Tax Pricing Benchmark report and it reveals that the 325 Ignition customers surveyed are going all-in on fee increases in 2025. Or at least half-in. 57% of accounting firms plan to increase fees across all services in 2025.
Accounting and Tax Pricing Benchmark report from Ignition, which surveyed 345 owners and decision-makers in accounting firms, adds that most firms are planning to increase fees across services by 5% or 10% in 2025. 90% plan to increase fees for individual taxreturns. 87% plan to increase fees for business taxreturns.
Filing individual income taxreturns can be a complex process, but with the right workflow, professional taxpreparers and accounting firms can streamline the experience for both clients and staff. Harnessing technology for individual income taxreturn filing can transform the efficiency of accounting firms.
This article will delve into the various tax services offered by Enrolled Agents, including personal taxpreparation, business taxpreparation, personal tax planning, business tax planning, IRS and state tax audit representation, back tax help and resolution, and 941 payroll tax problem resolution.
The Information Returns Intake System, or IRIS, will be the only intake system for information returns now received through FIRE. The IRS is encouraging taxpreparers to complete their IRIS applications to begin transitioning for the 2027 season. All rights reserved.
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 taxpreparation process is often full of problems, from finding documents to managing many systems.
The current list of eligible localities is on the IRS Tax Relief in Disaster Situations page.) 3 deadline for both states applies to individual income taxreturns and payments normally due on April 15, 2025. Calendar-year corporation and fiduciary returns and payments normally due on April 15, 2025. All rights reserved.
There will soon be a new professional taxpreparation system available, with options for e-filing returns for forms 1040, 1041, 1120, 1120S and 1065s. These are the most common annual taxreturns, representing individuals, estates, corporations, and partnerships.
TaxConnex ( [link] ): Your e-commerce clients can create problems with sales tax obligations in several ways. The latest potential pitfall in this series: filing of taxreturns. The Tax Times ( [link] ): The Tax Courts decision in Smith v. All rights reserved.
TAX CANDIDATES FTE Tax Senior | Candidate ID #22391832 Certifications: CPA Education: BBA Accounting Experience (years): 20+ years accounting Work experience (detail): All in public accounting Led tax practice Trusts, Estates, Partnerships, S-Corps Review of team’s workpapers and preparation Client niches: Real Estate, Manufacturing Tech Stack: UltraTax, (..)
If the thought of lodging your taxreturn makes your palms sweaty and you find yourself procrastinating to avoid the inevitable, youre not alone. Xeros latest research has found nearly three quarters of Australians are worried or anxious about tax time this year. For Australias 2.6 The survey was carried out online.
EDT 1 Min Read Facebook Twitter LinkedIn Email Tax management platform Instead launched artificial intelligence-driven tax reports, harnessing AI to analyze full taxreturns to glean tax strategies and missed opportunities. All rights reserved.
Instead launches tax reports feature Valery Kachaev Tax management platform Instead launched an AI-driven tax reports feature. This feature is now available to eligible merchants in the United States using Shopify Tax. … All rights reserved.
We will especially want to have this conversation if our clients taxreturn features one of the IRS red flags of the season. Below are key talking points we will want to review with clients to reassure them that we are prepared to walk them through an audit and to remind them of why working with a tax planner pays off in the end.
An IP PIN is a six-digit number that prevents someone else from filing a federal taxreturn using a taxpayer’s Social Security number or Individual Taxpayer Identification Number. IP PIN users must use this number when filing their federal taxreturns for the current calendar year and any previous years filed during that same period.
Law & Order Clark Hill Wins for Accounting Firm in Tax Dispute With Rock Band Member [ Clark Hill ] The Clark Hill trio convinced the court that the accounting firm was not liable for an employee’s business management and taxpreparation services she provided on the side for a member of a rock band.
At Mike Habib EA, our mission is to protect taxpayers while delivering expert taxpreparation, planning, and IRS representation. Here’s how to spot tax scams, why our firm is your trusted partner, and practical steps to safeguard your finances. IRS Representation: Audits, appeals, liens, levies, and back tax resolution.
If there is one thing accountants and taxpreparers know for sure, it’s that an efficient tax workflow is key to remaining competitive in an increasingly digital tax and accounting landscape. To achieve this, many forward-looking accountants and taxpreparers are shifting toward a fully digital tax workflow.
EDT 6 Min Read Facebook Twitter LinkedIn Email By any other name; poor Service; a saga continues; and other highlights of recent tax cases. Rockford, Illinois: Taxpreparer Gretchen Alvarez, 49, has pleaded guilty to preparing and filing false income taxreturns. All rights reserved.
TAX AND ACCOUNTING CANDIDATES FTE Tax and Accounting | Candidate ID #23571431 Certifications: CPA in process Education: BBA Accounting, MA Accounting Experience (years): 5+ years of accounting and tax experience Work experience: All in public accounting Performs full cycle accounting and taxpreparation Financial compilations and reporting with clients (..)
For years, automation has eliminated the need for tax professionals to spend their days steeped in manual data entry, searching for blank fields or numbers that dont add up. With agentic AI, accountants can automate complex pieces of the taxreturn process.
EDT 5 Min Read Facebook Twitter LinkedIn Email Seeking shelter; please be Gentle; where the heart is; and other highlights of recent tax cases. Nixa, Missouri: Taxpreparer Tina Louise Yager has pleaded guilty to making false and fictitious claims against the U.S. All rights reserved. and to wire fraud. Herman Estes Jr.
As technology continues to automate an increasing number of taxpreparation and compliance tasks, more and more accounting firms are looking at shifting their focus to offering clients more personalized financial insights and strategic guidance.
Enrolled Agents must pass a comprehensive examination covering all aspects of the tax code and complete continuing education requirements to maintain their credentials. Unfiled TaxReturns – Your Most Common Questions Answered Q: I haven’t filed taxreturns for several years.
By Daniel Hood 35m ago Technology Instead adds AI-driven tax reports The reports harness artificial intelligence to analyze full taxreturns to glean tax strategies and missed opportunities. All rights reserved.
CPA Timothy Trifilo has been sentenced to 20 months in prison for making a false statement on a mortgage loan application and for not filing an income taxreturn. For a decade, he did not file federal income taxreturns nor pay taxes owed despite earning more than $7.7 Philadelphia: Taxpreparer James J.
ACCOUNTING CANDIDATES FTE Accounting | Candidate ID # 22574493 Certifications: EA in process Education: BA Business Experience (years): 20+ years accounting experience Work experience (detail): Currently Accountant & Office Manager at a CPA firm Full cycle accounting, reconciliations, financial reporting AP/AR, payroll processing and quarterly (..)
Audit Audit preparation Client retention MORE FROM ACCOUNTING TODAY Accounting Koziel: There's more upside than downside for accountants The profession faces plenty of issues — but many come with strong opportunities, says the AICPA chief. All rights reserved.
Its no secret that accountants are stretched during taxreturn season. Theres hardly time to stay on top of each clients basic needs yet alone advising them on their tax affairs. What is personal tax automation? In other words, your very own personal tax assistant is working 24-7 on your client portfolio.
In the fast-paced world of accounting and taxpreparation, every minute counts. According to the 2024 State of Tax Professionals Report , time management, meeting deadlines, and timely filing were the second highest set of challenges for survey respondents.
Having professional support during tax season can significantly reduce stress and minimize your risk of costly errors or penalties. When you outsource your accounting, taxpreparation becomes an ongoing process rather than a stressful annual event.
Taxfyle rolls out TXF Intelligence for smaller practitioners Tax solutions provider Taxfyle announced the release of its new TXF Intelligence product, a generative AI tool built to automate and streamline taxreturnpreparation for small tax and accounting firms in the U.S. All rights reserved.
Avoid the last-minute filing rush Minimize client e-file rejections Receive faster refunds Maintain data security in taxreturns More time for advisory services How to convince clients to e-file early When does early e-filing start? The IRS usually starts accepting taxreturns for the new season on the 4th Monday of January.
Affected individuals and businesses now have until October 15, 2025 , to file returns and make payments. Key deadlines affected include: 2024 Individual Income TaxReturns and Payments: Normally due April 15, 2025. 2024 Quarterly Estimated Income Tax Payments: Originally due January 15, April 15, June 16, and September 15, 2025.
The upgraded income taxreturn solution now includes enhanced client onboarding workflows that allow firms to create multiple engagements in bulk to accelerate onboarding. All rights reserved. The new AI document assistant transforms lengthy documents into actionable insights by extracting key details.
ACCOUNTING CANDIDATES FTE Accounting / Bookkeeping | Candidate ID #18014117 Certifications: QBO ProAdvisor, Xero Certified Education: BA, MBA Accounting Experience (years): 9+ years accounting experience Work experience (detail): Currently a Senior Bookkeeper/Team Lead with a public firm 5+ years managing outsourced accounting for multiple clients (..)
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She explained that previously, a good documentation package (“R&D study”) would have prepared this information for an IRS exam. Now, it is required when the taxreturn is due. Additionally, any software or technology used for taxpreparation should be updated to include the latest forms before proceeding.
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