Importance of Meeting Tax Return and Payment Deadlines


The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Individual Tax Briefs Failure to File Penalty Failure to Pay Penalty

Should I File My 2020 Tax Return Early?


The IRS opened the 2020 individual income tax return filing season on February 12. You can potentially protect yourself from tax identity theft — and there may be other benefits, too. How is a person’s tax identity stolen? The post Should I File My 2020 Tax Return Early?


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How New Business Start-up Expenses are Handled on your Tax Return


You should be aware that the way you handle some of your initial expenses can make a large difference in your federal tax bill. The post How New Business Start-up Expenses are Handled on your Tax Return appeared first on Roger Rossmeisl, CPA.

Analyzing Business Tax Returns in Divorce Cases


Tax returns can be one of the most important pieces of information a forensic accountant evaluates in a divorce case. If a party claims that personal or business tax returns are unavailable for any reason, consider requesting the records directly from the Internal Revenue Service.

Be an Odd Duck: Work on, Not in Your Public Accounting Practice

Speaker: Tom Bowman, CPA of Bowman & Company

It is possible to run an Accounting Firm and never do tax returns or financial statements! Tom Bowman, Owner of Bowman & Company, CPA, PC shares his journey and 10 step process for going from Technician to Business Owner.

Correctly File Your Sales Tax Returns in Four Steps


When looking at all that goes in to maintaining your business’s compliance in sales tax, the filing of your returns is often seen as one of the easiest tasks. To be sure you have that, you must understand the difference between sales tax, seller's use tax, and vendor's use tax.

Tax Returns To Stolen ID Victims Show Massive Unemployment Fraud


Tax forms states are sending people listed as having received unemployment benefits are likely to reveal to many addressees that their identities were used in pandemic-related fraud schemes, the Associated Press (AP) reported. Security & Fraud fraud News taxes unemployment What's Hot

4 Next Steps for Business Tax Return Review


This week marks the end of another tumultuous tax filing season. With the last minute legislative changes, software update delays, and IRS service issues — this very well might have been the most disrupted and difficult tax season in decades. But despite an exhausting tax season, we’re never done, and we’re always here for YOU – including for a business tax return review. 4 Next Steps for Business Tax Return Review.

When to file a gift tax return


Infographic: When are you required to file a gift tax return? Contact us for help. 2021 Infographic: The Bottom Line Featured Post Estate Planning Infographics Featured Content

IRS Finds Discrepancies In Crypto Holders’ Tax Returns


The Internal Revenue Service has issued another warning to cryptocurrency investors with federal returns that don’t match the information received from virtual currency exchanges. Last month it was revealed that the IRS was sending letters to about 10,000 cryptocurrency holders warning them about the penalties they will face if they don’t report their income or pay taxes on the transactions.

Learn How CPA Firms Will Increase Their Net Income on 1040 Tax Returns Without Raising Fees or Reducing Expenses.


One of the constant problems for CPA firms with individual clients is getting all of their information in time to prepare, review and file their return before the October 15 th deadline no matter how many times they are asked for their information. I once worked at a firm that had an individual client that was the last tax return the firm filed by the October 15 th deadline three years in a row.

Still Have Questions After Filing Your 1040?


Even after your 2020 tax return has been successfully transmitted to the IRS, you may still have questions after filing your return. Which tax records can you throw away now? Individual Tax Briefs 2020 Tax Return

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Stripe Launches Tool To Help Founders File Tax Returns In Minutes


Stripe has announced an addition to its Stripe Atlas toolkit that will help founders file their corporate tax returns in minutes. This new tool can be especially important for resource-strapped startups, which often have difficulty with the tax process even with the help of an adviser. In fact, 54 percent of Atlas founders reported making a mistake when filing last year’s returns, including paying the incorrect amount, filing late or missing required filings entirely.

Amended Tax Return: How to File Form 1040X Step-by-Step


Want to Know How to File an Amended Tax Return? As an accounting firm, we’ve filed our fair share of amended tax returns. In today’s post, we’ll be going over when to amend your taxes and the 5 steps to actually amend your taxes.

YES BANK Taps Tax Return Data For SMB Loan Underwriting


India’s YES BANK is tapping into tax data to expand small business (SMB) lending. Reports in MENAFN on Friday (April 13) said the company plans to offer loans to micro, small and medium-sized businesses based on their Goods and Services Tax (GST) returns. Dubbed YES GST, the product is an overdraft facility that provides small business owners with funding based on their annual turnover and data from tax returns.

IRS Postpones Deadline for Federal Income Tax Returns, 2020 HSA Contributions, and Certain Retirement-Related Filings


In response to the continuing COVID-19 emergency, the IRS has offered deadline relief for 2020 federal income tax returns that also extends the deadline for 2020 contributions to HSAs, IRAs, and certain other accounts. Tax Refunds and Credits. Tax Return Preparers.

End of Tax Year Process for a Self-Assessment Tax Return


Completing a self assessment tax return can look complicated, especially if you're unprepared or unorganized for the task. As a self-employed business owner, you'll be required to complete this return.

High-Income Taxpayers Who Owe Delinquent Back Taxes Could Be More Effectively Prioritized


A separate IRS analysis of 64,317 delinquent tax cases showed that the IRS collected less than 50 percent of tax debt owed by these high-income taxpayers within 52 weeks of assignment to Field Collection. The intentional failure to pay Federal income tax is a crime.

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Many Bitcoin Investors Don’t Plan To Deduct Losses On Tax Returns


Bitcoin investors took a massive hit in 2018 – and, according to personal finance company Credit Karma, most of them don’t realize they can write off the losses on their tax returns. According to a report in MarketWatch , citing Jagjit Chawla, general manager of tax at Credit Karma, U.S. Credit Karma surveyed bitcoin investors to get a sense of how they plan to treat the losses and gains on their taxes.

Representing High-Income Taxpayers Who Owe Delinquent Back Taxes


A separate IRS analysis of 64,317 delinquent tax cases showed that the IRS collected less than 50 percent of tax debt owed by these high-income taxpayers within 52 weeks of assignment to Field Collection. The intentional failure to pay Federal income tax is a crime.

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Bookkeeping Fundamentals for Small Business Owners


Prepare the books for tax season. Setting up your chart of accounts to be tax-ready from the start will help you with tax saving opportunities and help you prepare for your tax liabilities, with no surprises. They’ll partner you with a dedicated accounting team and provide three simple monthly rates that include your bookkeeping, sales tax, planning support, corporate tax return, and unlimited access to your dedicated CPA team.

How Do Customers — And Retailers — React To Tax Returns?


For all the johnny-come-latelies who spend the hours before midnight on April 17 scrambling to submit their tax forms, there are millions more Americans who are sitting pretty with their tax refunds already in hand. It’s a peculiar part of tax season. But when it actually comes time to turn tax refunds into real purchases, do customers really stick to this found-money mentality ? percent of the country expected to receive a tax refund, almost half (49.2

A Guide to Tax Savings for Consultants


The IRS watches consultants closely, and every tax dollar that is owed has to be accounted for. The good news is that the money you spend on your business can often become “yours” again through tax savings. But is it a source of tax savings?

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TurboTax Rolls Out Free Tool For Faster Stimulus Payments


Online tax preparation service TurboTax has announced that it is rolling out a free, stimulus registration solution to assist people who are not required to file a tax return. who are not required to file taxes, and some 80 percent are eligible for a stimulus check.

Learn Why New Accounting Staff Eat Time & How to Fix The Problem


One example is in the area of the billable hours (the time each person charges to the job for preparing and reviewing the tax return or audit) that a staff should put on his timesheet. All Blog Posts Tax Preparer Advice Tax Return Issues Uncategorized accounting staff cpa firm eating time Accountants by the nature of our profession want to follow rules.

Interviews to Help Tax Preparers


As part of my blog Advice for Tax Preparers , I will be adding interviews other tax professionals on their advice, tips, and tricks to make your life as a tax preparer easier and more successful. All Blog Posts Career Advice Interviews Office Skills Advice Tax Preparer Advice Tax Return Issues Technology Advice Uncategorized cpa interview tax preparer tax professional

Bitcoin Daily: IRS Eyes Hiring Contractors To Help With Crypto Taxes; Phemex Exchange To Launch Subscriptions Instead Of Charging Per Trade


The IRS is seeking to have contractors assist in auditing digital currency tax returns, according to a post on CryptoTrader.Tax ‘s website. CryptoTrader.Tax is a tax software platform and is used by bitcoin as well as digital currency investors to manage their reporting.

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Some 2020 Unemployment Compensation is Tax-Free


In recent months, there have been a number of tax changes that may affect your individual tax bill. Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. Your 2021 return will be due in April of 2022.

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IRS Enables Millions to Qualify for the $100,000 Grab & Repay


A coronavirus-related distribution from your qualified retirement plan, Section 403(b) plan, or IRA gets two tax benefits: If you withdraw and keep the money, you pay no 10 percent early withdrawal penalty and you can spread the income equally over tax years 2020, 2021, and 2022. Taxe

Seniors May Be Able to Write Off Medicare Premiums


But there may be a bright side: You may qualify for a tax break for paying the premiums. Individual Tax Briefs Deducting MedicareAre you age 65 and older and have basic Medicare insurance? You may need to pay additional premiums to get the level of coverage you want.

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Planning for Year-End Gifts with the Gift Tax Annual Exclusion


By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or gift tax. Individual Tax Briefs Gift Tax Annual Exclusion

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Traveling for Business Again? What can you Deduct?


Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. Note that under the Tax Cuts and Jobs Act (TCJA) , employees can’t deduct their unreimbursed travel expenses through 2025 on their own tax returns.

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IRS Audits May Be Increasing, So Be Prepared


The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that will be little consolation if yours is one of them.

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Tax & Accounting Service – Preparation, Planning, Representation


Tax Help? 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 Audits. – Tax Appeal.

What Tax Records Can You Throw Away?


October 15 was the deadline for individual taxpayers who extended their 2019 tax returns. Now that you’re finally done filing last year’s return, you might wonder: Which tax records can you toss once you’re done? Now is a good time to go through old tax records and see what you can discard. This means you potentially can get rid of most records related to tax. The post What Tax Records Can You Throw Away? Individual Tax Briefs Record Retention

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Determining the “Basis” in your Residence


How it works You can claim an itemized deduction on your tax return for real estate taxes and home mortgage interest. However, these costs may increase your home’s “basis” (your cost for tax purposes). And a higher basis can save taxes when you sell.

Overlooked Aspects of Your Compliance Process


When you think about tax compliance, of any kind, the first thing that comes to mind is filing, or even the tax return itself. Compliance with sales tax goes way beyond that. The tax calendar, like most things sales tax related, is not a static item.

Obtaining Substantiation for 2020 Donations


But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2020 income tax return? Contemporaneous” means the earlier of: The date you file your tax return, or The extended due date of your return.

Key Q4 2021 Tax Deadlines for Businesses


Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have a business in federally declared disaster areas.

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Who Qualifies for “Head of Household” Tax Filing Status


When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Individual Tax Briefs Head of Household HOH

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Here’s How Your Tax Day Stacks Up


Tax season, that is. Curious to know how your taxes stacked up? million tax returns last year, some 88 percent of which were filed electronically. trillion in adjusted gross income — meaning a total tax liability of $1.52 percent federal tax rate. While that looks to mean the average taxpayer forked over $9,655, Motley Fool pointed out that this data is skewed by the Earned Income Tax Credit (EITC). states don’t charge residents income tax.

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There is Still Time to Make a 2020 IRA Contributions


If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it. For 2020, if you’re a joint tax. Individual Tax Briefs IRA Contribution

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Tax Considerations When Launching a Sole Proprietorship


Here are some tax rules and considerations involved in operating with that entity. For tax years through 2025, the deduction can be up to 20% of a pass-through entity owner’s QBI. The post Tax Considerations When Launching a Sole Proprietorship appeared first on Roger Rossmeisl, CPA.

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