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Payroll Taxes Demystified: A Breakdown for Accountants and CPAs Serving Business Owners

CPA Practice

As accountants and CPAs, dealing with payroll taxes is essential to managing finances for your business clients. Understanding the details of payroll taxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. Social Security Tax : Employers and employees each contribute 6.2%

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Sales tax and accounting services

TaxConnex

It’s that time of year again when everyone suddenly thinks about preparing their income taxes. But does tax preparation incur sales taxes – and if it does, where and how? For some 90 years, states have levied sales tax on goods (West Virginia was the first to do so , in 1921). Sourcing is huge.

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Accounting Thought Leaders Discuss the Real Impact of AI on Accounting Firms

CPA Practice

Summarizing the survey data he’s seen regarding the current and pending state of generative AI adoption, Oliver noted that 50% of executives stated they are currently using AI in their finance and tax departments already, and 29% say they have plans to do so in the next year. So it was a very manual process to keep tax databases up to date.