CPA Practice

APRIL 5, 2024

TNS) A Kennewick tax preparer cost the United States $42 million in lost tax revenue between 2017 and 2020 after filing tax returns that were riddled with errors, fabrications and fraudulent entries, alleges the Department of Justice. The Department of Justice filed a civil complaint in Eastern Washington District U.S.

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CPA Practice

JANUARY 29, 2024

It’s back to regular IRS deadlines this year, but with a new tool for many low- and moderate-income households: a service that will prepare and file their tax returns online for free. That sort of virtual hand-holding is similar to what you’d get by using commercial tax preparation software.

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CPA Practice

FEBRUARY 27, 2024

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The Federal Trade Commission (FTC) has filed a complaint against tax preparation company H&R Block, accusing the tax services provider of unfair and deceptive business practices. All contents copyright 2024 The Kiplinger Washington Editors Inc.

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CPA Practice

MARCH 12, 2024

The 12 states participating in the Direct File pilot program this filing season are: Arizona California Florida Massachusetts Nevada New Hampshire New York South Dakota Tennessee Texas Washington Wyoming Users can log in to Direct File to start their return and complete it any time before the April filing deadline. million in Washington.

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CPA Practice

OCTOBER 13, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The IRS has announced tax relief for taxpayers impacted by the Oct. 16 tax deadline for those who requested a federal filing extension for last year’s taxes. All contents copyright 2023 The Kiplinger Washington Editors Inc.

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MyIRSRelief

MAY 15, 2024

This FAQ dives into the common tax pitfalls nonprofits face, explores the power of enrolled agents (EAs) as your tax superheroes, and equips you with the knowledge to keep your organization financially healthy, tax preparation & planning and compliance. Q: My nonprofit is tax-exempt. A : Not quite!

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CPA Practice

APRIL 14, 2023

By David Lightman, McClatchy Washington Bureau (TNS) It’s been easier this year to get in touch with someone at the Internal Revenue Service. In Washington, the finding was the same—thanks to improved staffing and training, IRS service is getting better and there’s new optimism it can get stronger in the years ahead.

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CPA Practice

OCTOBER 17, 2023

Taxpayers in nine other states without an income tax—Alaska, Florida, New Hampshire, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming—are also eligible to participate in the pilot program. In addition, the state of Washington agreed to join the integration effort for its application of the Working Families Tax Credit.

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CPA Practice

APRIL 11, 2024

This year, the IRS has launched a pilot program dubbed “Direct File” through which Americans can opt to have the IRS prepare their taxes for free (well, except for the billions of taxpayer dollars used to create the program). The IRS wants to eliminate Americans’ reliance on private-sector tax-preparation services.

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CPA Practice

AUGUST 11, 2023

The Department of Justice recently arrested a New Jersey tax preparer for allegedly seeking more than $124 million from the IRS. The multi-millions came from filings of over 1,000 false tax forms claiming the pandemic-related employee retention credit, also referred to as the ERTC or ERC. Treasury Department.

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CPA Practice

MARCH 26, 2024

In addition to recapturing funds, the IRS is pursuing criminal charges against promoters and preparers engaging in fraudulent ERC practices. Department of Justice arrested a New Jersey tax preparer for allegedly seeking more than $124 million from the IRS. All contents copyright 2024 The Kiplinger Washington Editors Inc.

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ThomsonReuters

APRIL 25, 2024

Eight states do not impose a personal income tax, meaning retirement income from any source remains untaxed. These states include Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming. States with no tax on Social Security. States with no tax on TSPs.

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CPA Practice

MARCH 1, 2023

If you are using tax preparation software, the software will do this automatically for you once you mark that the spouse is deceased and enter the date of your spouse’s death. If you’re using tax preparation software, the software will do this automatically for you once you mark that the filer is deceased and enter the date of death.

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CPA Practice

JANUARY 15, 2024

The Tax Blotter is a round-up of brief news items relating to tax preparation, policy and legislation. Now that we have started another new year, there are several important tax dates to circle on your calendar or bookmark on your phone. Tax season kicks off. For example, the filing deadline in 2023 was April 18.

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Withum

JANUARY 17, 2022

Financial affairs include organizing your investments, determining doable goals, simplifying your investments, working to reduce your tax preparation fees and claiming unclaimed funds. There is also a third category for people that own businesses.

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CPA Practice

MAY 11, 2023

On average, the annual salary for a controller is $104,972, outearning both tax preparers ($90,918) and senior accountants ($78,704). All contents copyright 2023 The Kiplinger Washington Editors Inc. Distributed by Tribune Content Agency LLC

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CPA Practice

FEBRUARY 6, 2024

Therefore, most brokerage accounts will have just one 1099 that you need to send along to your tax preparer, or upload, in any given year. All contents copyright 2024 The Kiplinger Washington Editors Inc. Think of this as a book and the 1099-INT, 1099-DIV, 1099-B and 1099-MISC as its chapters. Fingers crossed for a refund!

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TaxConnex

MARCH 18, 2021

Over time, as the economy changed, states started looking for ways to shift the state business tax burden from in-state taxpayers to out-of-state taxpayers. One of the easiest ways to do so was to enact economic nexus standards for state business tax purposes. Ultimately, by the time Wayfair made it to the U.S. Supreme Court.

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MyIRSRelief

MAY 1, 2024

They can advise on maximizing retirement contributions, choosing the most advantageous business entity, and implementing investment options that minimize your overall tax burden on forms like 1120, 1120S, and 1065. Time Efficiency: Tax preparation and research are notorious time-sinks.

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CPA Practice

APRIL 30, 2024

Many have now adopted intelligent process automation (IPA) — RPA enhanced with AI and machine learning — to streamline and improve the quality of more complex work like tax preparation and payroll processing. operations, based in the Washington, D.C., The company has more than 300 locations worldwide. metropolitan area.

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CPA Practice

DECEMBER 11, 2023

Agrees on Landmark Artificial Intelligence Rules ,” and The Washington Post’s “ E.U. AI-powered platforms will help individuals and businesses comply with complex tax regulations, optimize tax strategies, and minimize tax liabilities. reaches deal on landmark AI bill, racing ahead of U.S.

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Going Concern

OCTOBER 7, 2022

In an effort to resolve tens of thousands of outstanding tax bills, some dating back to 1993, the city of San Francisco has recently sent out a round of notices to people who owe some long-overdue taxes — and some of these bills may seem ridiculous. A 53-year-old resident of Graham, Washington, pleaded guilty yesterday in U.S.

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inDinero Tax Tips

MARCH 2, 2023

The following states have no state income taxes, and therefore no state capital gains taxes: Alaska Florida Nevada New Hampshire South Dakota Tennessee Texas Washington Wyoming Among the other 41 states, some are more favorable to capital gains than others.

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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. You want that money sooner so you can be taxed on it in 2021.

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CPA Practice

JANUARY 23, 2023

“Quite simply, politicians haven’t understood who the grocery tax exemption helps most,” said Jared Walczak, vice president for state projects at the Tax Foundation, a conservative-leaning think tank in Washington, D.C. States and localities sometimes struggle with which foods to exempt from tax.

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CPA Practice

JULY 13, 2023

Identity thieves use stolen data to file fraudulent tax returns that make it more difficult for the IRS and the states to detect because the fraudulent returns use real financial information. Other data thieves sell the basic tax preparer or taxpayer information on the web so other fraudsters can try filing fraudulent tax returns.

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inDinero Tax Tips

MARCH 2, 2023

The following states have no state income taxes, and therefore no state capital gains taxes: Alaska Florida Nevada New Hampshire South Dakota Tennessee Texas Washington Wyoming Among the other 41 states, some are more favorable to capital gains than others.

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