Are You Ready for the 2021 Gift Tax Return Deadline?


If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. The annual gift tax exclusion has increased in 2022 to $16,000 but was $15,000 for 2021.

What to Do When Your Identity is Used to File a Fraudulent Tax Return


In Fact Sheet 2022-25, the IRS has provided information about how taxpayers should handle non-tax and tax-related identity theft. Only victims of tax-related identity theft should submit the Form 14039, and only if they haven’t received certain letters from the IRS.


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Tips to Speed Tax Return Processing


The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles. Tip 1 Contact us soon for an appointment to prepare your tax return.

How To File Your 2021 Tax Return While Waiting For 2020 To Be Processed

Nancy McClelland, LLC

To validate and successfully submit an electronically filed tax return to the IRS , taxpayers need their adjusted gross income, or AGI, from their most recent tax return. All others should enter the prior year’s AGI from last year’s return.

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.

Why Would Married Couples File Separate Tax Returns?


If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing status results in the lowest tax. Individual Tax Briefs Married Filing Separately MFS

How Entrepreneurs Expenses are Claimed on Tax Returns


Whatever the reason, if you’ve recently started a new business, or you’re contemplating starting one, be aware of the tax implications. The post How Entrepreneurs Expenses are Claimed on Tax Returns appeared first on Roger Rossmeisl, CPA.

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?

Help Safeguard your Personal Information by Filing your 2021 Tax Return Early


The IRS announced it is opening the 2021 individual income tax return filing season on January 24. Business returns are already being accepted.) You can potentially protect yourself from tax identity theft — and there may be other benefits, too.

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.

2021 Personal Income Tax Return Checklist


Our 2021 Personal Tax Return Checklist is designed to help you make this process as easy and efficient as possible. It also assists us in ensuring we have information that is as complete and accurate as possible to assure your taxes are minimized and correctly reported.

Keep Your Tax Return Safe from “Ghosts”


The post Keep Your Tax Return Safe from “Ghosts” appeared first on Roger Rossmeisl, CPA. Infographics Ghost Tax Preparers(This is Blog Post #1159).

3 Tips to Realize a Better Net After-Tax Return

Accounting Web

Clients 3 Tips to Realize a Better Net After-Tax Return

IRS Says Paper Income Tax Returns are Major Cause of Logjam

CPA Practice

The IRS doesn't have the ability to scan paper-based tax returns directly into their systems. The data must be manually typed, a tedious process that causes logjams in processing tax returns.

IRS blasted for destroying millions of information returns

Accounting Today

Tax returns IRS Tax AICPA Charles Rettig

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.

IRS destroyed 30M paper information returns due to backlog

Accounting Today

E-filing Tax returns TIGTA IRS Tax

Obtaining an Extension to File Your Tax Return


The tax due date for most individual tax returns this year is April 18. If you are unable to complete your return to file by April 18, you can file for an extension to submit your return by October 17. You ran out of time to get the return done.

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.

IRS to Start Accepting Tax Returns on Jan. 24, 2022

CPA Practice

The filing deadline to submit 2021 tax returns or an extension to file and pay tax owed is Monday, April 18, 2022, for most taxpayers. holidays impact tax deadlines for everyone in the same way federal holidays do. By law, Washington, D.C.,

Why Every Canadian Should File a Personal Tax Return

Ronika Khanna CPA,CA

She hadn’t filed her tax return in a few years mostly because she had one T4, figured that she didn’t owe any tax and was simply procrastinating on an unenjoyable task. Benefits of Filing a Tax Returns Receive a refund—or avoid penalties and interest!

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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.

Do I need to submit a Tax Return if I work via an umbrella company?


With just over a month to go until the self-assessment tax deadline, it is worth double-checking whether or not you have to submit a self-assessment tax return. In many cases, umbrella company employees won’t need to submit a tax return because they are taxed similarly to those in permanent employment (PAYE). However, any additional income may need to be disclosed to HMRC by submitting a tax return. What is a Self-Assessment Tax Return?

Why should you file your Self-Assessment Tax Return before Christmas?


If you are required to submit a self-assessment tax return for the 2020/21 tax year, it’s recommended you file it before Christmas – to ensure you’re well within the deadline of the 31st January 2022. This blog explains more about the importance of beating the deadline, and we explain who needs to complete a tax return. There are also a few eye-opening facts about the submission of tax returns during the Christmas period. Company Tax Return.

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.

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.

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.

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.

Mandatory E-Filing of Nonprofit Tax Returns: What’s New?



7 steps for an accurate and successful corporate tax return filing


As a corporate tax professional, you know the complexities of complying with business taxation requirements. Your company may have to file corporate tax returns in multiple states and local jurisdictions, as well as with federal — and perhaps international — tax authorities.

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.

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.

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

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.

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.

IRS Service Issues – What Is Being Done? How Can You Help?

Nancy McClelland, LLC

On last week’s AICPA Town Hall they discussed the IRS service issues I posted about recently, as well as the advocacy efforts by the newly-formed Tax Professionals United for Taxpayer Relief Coalition — including the AICPA, NATP, and many other organizations.

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 Long Does It Take an Accountant to Do Taxes?


As tax season looms, you may be wondering whether you should have an accountant prepare your taxes. In addition to considering how much an accountant costs , you’ll also want to consider how long an accountant will take to do taxes compared to trying to do it yourself.

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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Your Naughty IRS Employee of the Week

Going Concern

That dubious award goes to longtime IRS employee Wayne Garvin, who might be hanging out in Club Fed for as long as five years after pleading guilty to tax evasion on March 22. IRS Bogus tax returns guilty pleas IRS employees behaving badly Tax Evasion

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