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Streamlined compliance: AI agents could monitor regulatory changes, flag potential compliance issues, and even assist in preparing and filing taxreturns. Strategic planning: AI agents could analyze market trends, financial data, and tax implications to assist in long-term business and tax planning.
Streamlined compliance: AI agents could monitor regulatory changes, flag potential compliance issues, and even assist in preparing and filing taxreturns. Strategic planning: AI agents could analyze market trends, financial data, and tax implications to assist in long-term business and tax planning.
Filing individual income taxreturns can be a complex process, but with the right workflow, professional tax preparers 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.
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.
Examples include filing urgent taxreturns or addressing critical financial discrepancies. For instance, if you are working on a taxreturn for a client with a complex financial situation, build in extra time for thorough review and to allow for any unforeseen issues.
This whitepaper provides actionable steps and real-world examples to help you implement new strategies and grow your firm. Discover how to transition to a more profitable, value-based pricing model that increases revenue and client satisfaction.
How to embrace the future of technology in tax and accounting Whitepaper AI and taxation: What professionals need to know Read whitepaper Defining agentic AI and RPA As the profession sifts through the impacts and potential applications of traditional AI and generative AI , a new iteration has appeared on the radar — agentic AI.
According to the Thomson Reuters Institute 2024 Generative AI in Tax Firms report , nearly half ( 47% ) of tax firm respondents are excited or hopeful about GenAI, driven by the potential for increased efficiency and productivity. Regularly review and update these policies to stay current with changes in the law.
From compiling taxreturns, to compliance reporting, to providing visibility over the impact of liabilities on business operations, having up-to-date, complete and accurate data at your fingertips is vital.
Like most accounting firms, they were heavily transactions-focused with clients utilizing them mostly as bookkeepers and for doing their taxreturns. Dennis Lanphier, an attorney in addition to being an accountant, can handle complex tax situations.)
Because someone that I’ve known for quite a few years, Mark Edmondson who is the CEO in flow, produced a whitepaper called The audit technology ecosystem, the audit technology ecosystem. But marks whitepaper. There’s lots of things to think about. But they list out all the categories.
The right software allows your firm to: Update taxreturns as soon as regulatory changes are implemented. The software acts like a spell-checker for taxreturns, alerting your staff to conflicts such as missing data and incorrect numbers. The software automatically updates behind the scenes.
The tax credit provides a varying, four-tier incentive depending on the carbon intensity of the hydrogen production pathway. The Department of Energy (DOE) released a whitepaper describing how to assess lifecycle greenhouse gas emissions associated with the use of electricity in hydrogen production.
This means source documents are bookmarked and organized into a standardized work paper index that follows the order of the taxreturn. Preparers don’t have to painstakingly assemble tax work papers thanks to automated scan-and-organize functionality. Interested in learning more about tax workflow automation?
Review your taxreturn delivery and invoicing process Right now, you might be handling delivery in one of two ways: Mailing out a copy of the taxreturn and e-file authorization to your client’s home address. Using an online portal to upload PDFs of the taxreturn and e-file authorization. Simplify delivery.
However, the rise of AI-powered tax technology and increasing client demands have prompted accountants to move beyond compliance into value-added services that address clients’ broader financial needs year-round.
By supporting more than just taxreturns, you can build more sustainable client relationships and find deeper meaning in your work, helping you find purpose in those long hours that tax season can bring.
By supporting more than just taxreturns, value-based pricing can increase revenue while building deeper, more sustainable client relationships. However, even with this level of technology at their fingertips, nearly half of all accounting firms say they spend too much time gathering client inputs and preparing taxreturns.
Consider the following examples of tasks made easier with APIs: Automate tax workflow processes related to e-filing, printing, and importing/exporting taxreturn data.
When filing their personal taxreturn to the IRS, a partner or shareholder must also file their K-1. There are three different types of K-1 tax forms , which var y depending on the type of business. appeared first on Tax & Accounting Blog Posts by Thomson Reuters. The post What is Schedule K-1?
More accurate returns in less time As most accountants know, tax technology can automate manual activities, save time, and improve accuracy. This reduces both the margin of error and the time needed to review your returns for accuracy. Errors are caught automatically — before it’s too late to fix them.
By comparing a taxreturn with last year’s documents, automation can flag and catch errors ahead of time. For additional support in change management in your firm, check out our latest whitepaper: Guiding your firm through change. No more manually detecting blank fields or numbers that don’t add up.
Data is king in today’s fast-paced world of finance and tax. Yet, for many companies, the journey of data from disparate sources to financial close, taxreturns, and reporting can be torturous. To learn more about automation of data in tax, read our whitepaper “Automating tax provision: The power of technology.”
However, Thomson Reuters has an enterprise product called clear that appears to be their entrance in this and if you want to learn more about that on their whitepaper, you can go to CPA te.ch/tr I haven’t seen any services they offer in this area. That’s my URL shortener that I have set up CPA te.ch CPA tech, CP CPA t.ch/tr
However, for those taxpayers with legitimate claims, the ERC may be claimed for the 2020 tax periods by April 15, 2024, and for the 2021 tax periods by April 15, 2025, using Form 941-X, Adjusted Employer’s Quarterly Federal TaxReturn or Claim for Refund. Interested in learning more on year-end tax planning?
For a more in-depth look at Forrester’s independent research on the costs and benefits of ONESOURCE Indirect Tax’stax automation platform , download the full study. Keep reading for more resources on how to calculate ROI in your tax technology business case: Webinar: Building a business case for indirect tax automation.
I’ve read hundreds of websites, whitepapers and books, watched many dozens of videos and attended goodness knows how many training courses and conference sessions. In my experience the only real commonalities across all accountants in practice are the outputs of your service ie: the accounts and the taxreturns.
And so, you know, I start watching the dollars on a trial balance for a business taxreturn. How many taxreturns? WhitePaper, is it had an amazing appendix called audit architecture map. And it’s like, oh, really the odd I’m thinking quite a few firms aren’t going to swallow Brian F. How many reviews?
The purpose of this act is to improve the efficiency and accuracy of taxreturn processing by requiring certain measures related to scannable codes and optical character recognition technology. Also, the act addresses the use of optical character recognition (OCR) software. What does this mean for my firm?
Limited access to tax forms and returns can further complicate the process, especially during peak tax season when timely responses are critical. Struggling to obtain the most up-to-date tax forms or retrieve prior year taxreturns can also result in unnecessary delays.
GenAI is being leveraged to automate routine and time-consuming tasks such as tax research, taxreturn preparation, and document summarization. Embracing GenAI can help tax and accounting professionals stay ahead in a competitive market, providing better service to their clients and unlocking new opportunities for growth.
ONESOURCE Indirect Compliance : Streamlines taxreturn preparation and submission, ensuring accuracy and compliance with regulatory requirements. These component-specific solutions can be integrated into existing systems and workflows, providing a seamless and efficient indirect tax compliance process.
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