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S Corporations: TaxPreparation, Tax Planning, and the Benefits of Professional Tax Help S Corporations , often referred to as S Corps, are a popular business structure in the United States, particularly among small to medium-sized businesses. However, navigating the tax landscape for S Corps can be complex.
27)—A taxpreparer who admitted to filing more than $3 million in fraudulent tax returns on behalf of her clients is facing up to 30 years in prison for her crime. Crawford is not representative of most taxpreparers who provide honest services to their clients. (TNS) ATHENS, GA (Nov.
To enable accounting partners to experience these powerful benefits firsthand, Xero is offering 12 months of complimentary access to Tallyfors tax workflow tool.
TurboTax, the most widely-used do-it-yourself taxpreparation in the U.S., is out with a new advertisement in which it is telling Americans that maybe they should save money and have a “tax break up” with their professional preparer by using one of TurboTax’s live experts.
Jump to ↓ Why tax season resources matter How to make the most of these resources Tax season success starts here Tax season is here, and with it comes the familiar rush of deadlines, complex returns, and endless questions from clients. These resources are intended to help you with: Staying informed with the latest tax updates.
EDT 1 Min Read Facebook Twitter LinkedIn Email Andrew Harrer/Bloomberg Tax year 2026 and filing season 2027 are the target date for retiring the Filing Information Returns Electronic, or FIRE, system. The IRS is encouraging taxpreparers to complete their IRIS applications to begin transitioning for the 2027 season.
Tax season is a time of opportunity—and vulnerability. Scammers exploit the complexity of tax laws to target unsuspecting individuals and businesses, promising quick refunds or miraculous IRS resolutions that often lead to financial loss or serious legal trouble. Red Flags of Tax Scams Knowledge is your best defense.
3 to file various federal individual and business returns and make tax payments. 3 to file various federal individual and business returns and make tax payments. The current list of eligible localities is on the IRS Tax Relief in Disaster Situations page.) All rights reserved. 15, 2025. 31, 2025.
OBannon A new study from Thomson Reuters comes with a stark warning to the tax and accounting industry: firms without artificial intelligence strategies could fall irrevocably behind in the next 12 months as competing firms leverage the technology to transform faster, serve better, and hire smarter.
Jump to The power of AI in taxpreparation How AI contributes to long-term sustainability in accounting Getting started with AI Are you ready to get AI in action for your tax and accounting firm? Enhanced tax research capabilities Beyond workflow, AI is revolutionizing the way firms approach tax research.
EDT 6 Min Read Facebook Twitter LinkedIn Email By any other name; poor Service; a saga continues; and other highlights of recent tax cases. Rockford, Illinois: Taxpreparer Gretchen Alvarez, 49, has pleaded guilty to preparing and filing false income tax returns. The tax loss totaled $356,881.
Enrolled Agent: Comprehensive Tax Services for Individuals and Businesses When it comes to managing your taxes, finding a qualified and reliable tax professional is crucial. An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and is empowered by the U.S.
By Chris Gaetano 1m ago Tax-related court cases Tax Fraud Blotter: Boundless energy Another Naughty list; a couple of sharks; Miami vice; and other highlights of recent tax cases. All rights reserved.
Jump to Streamlining tax engagement through effective communication Introducing SafeSend One: Your communication and client experience solution Changing the tax client experience with effective communication The taxpreparation process is often full of problems, from finding documents to managing many systems.
We must confront a critical question: If we continue to train accountants solely to file tax reports, are we truly equipping them for the challenges of todays world? All rights reserved. Yet, in many areas, accounting education stubbornly clings to outdated, overly technical models that fail to connect with the actual demands of the market.
The firm will be fully integrating agentic AI into RSMs assurance, tax and consulting services; empowering RSM talent with agentic AI tools to heighten productivity and professional growth; and expanding agentic AI-driven solutions to elevate the overall client experience. All rights reserved.
There will soon be a new professional taxpreparation system available, with options for e-filing returns for forms 1040, 1041, 1120, 1120S and 1065s. These are the most common annual tax returns, representing individuals, estates, corporations, and partnerships.
Ignition has released its 2024 US Accounting and Tax Pricing Benchmark report and it reveals that the 325 Ignition customers surveyed are going all-in on fee increases in 2025. The greatest variance in pricing was for tax planning and advisory services in particular. We know Big 4 and mid-tiers have this pricing thing down.
Working too many hours just to make a profit preparingtaxes? The post TaxPreparation Pricing Guide for Better Profits appeared first on Future Firm. This guide will help you fix that.
Across the industry, tax firms are grappling with a critical challenge — proving the value of their AI investments beyond the initial excitement of automation. The promise of AI: More than just automation AI is revolutionizing tax workflows in ways that extend far beyond simple automation. ” Sound familiar?
The shift signifies growing apprehension across Main Street accounting firms serving as advisors on tax, payroll and compliance decisions amid a backdrop of historic tariff actions, continued inflation and unpredictable tax and trade policies. All rights reserved.
Accounting and Tax Pricing Benchmark report from Ignition, which surveyed 345 owners and decision-makers in accounting firms, adds that most firms are planning to increase fees across services by 5% or 10% in 2025. 90% plan to increase fees for individual tax returns. 87% plan to increase fees for business tax returns.
While advanced tax technology and automation are nothing new for most accounting firms, the introduction of agentic AI is redefining what classifies as a mundane task. 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.
My firms compensation data, collected in 2024 and 2025, shows that accounting firms paid 7% more to bring in outside senior analysts in tax and audit than they paid internal staff in the same positions. Back when I was initially analyzing the data around the "loyalty tax," I posted a chart breaking down this trend on a Reddit thread.
Accounting Technology Fraud prevention Fraud MORE FROM ACCOUNTING TODAY Practice management BDO names Matt Becker next CEO Matthew Becker, BDO USAs national managing principal of tax, has been ratified by a principal-wide vote to succeed Wayne Berson as the firms next CEO, effective July 1, 2026. All rights reserved.
For example, 1040 tax prep will likely soon be worth more than ever. The Future Of Individual Tax Prep Is Brighter Than Ever While AI has been everywhere in the last few years, practical AI built into traditional platforms is being augmented by platforms to help with productivity. Automation and AI are reducing the labor needed!
TaxDome said Thursday it has launched its new intake and delivery functionality, now fully integrated with Juno, creating a unified platform that offers end-to-end tax prep workflow—from proposal to payment—with automation at every step.
EDT 1 Min Read Facebook Twitter LinkedIn Email Tax management platform Instead launched artificial intelligence-driven tax reports, harnessing AI to analyze full tax returns to glean tax strategies and missed opportunities. All rights reserved.
Your Complete Guide to Tax Help in Cleveland, Ohio: Frequently Asked Questions Expert Tax Resolution Services by Mike Habib, EA – Serving the Greater Cleveland Metropolitan Area About Our Cleveland Area Tax Services Q: Which areas does Mike Habib, EA serve in the Cleveland metropolitan region? How serious is this problem?
Accounting Accounting education CAS Technology Accounting students MORE FROM ACCOUNTING TODAY Tax-related court cases Tax Fraud Blotter: Prep perps Bank job; the magic is gone; not a beautiful day in the Neighborhood; and other highlights of recent tax cases. All rights reserved. By Editorial Staff June 5 Like what you see?
Education Credits: Timing Is Everything
The American Opportunity Tax Credit offers up to $2,500 per student for the first four years of undergraduate education, with 40% being refundable. Parents in higher tax brackets typically benefit more from claiming this credit than their newly graduated children.
Simplifying taxpreparation and compliance. Examples include rent, property tax, and insurance. Predicting surpluses, allowing you time to plan investments in advance. Generating financial statements, balance sheets, and income statements to share with investors and lenders. Improving expense management and cost control.
EDT 5 Min Read Facebook Twitter LinkedIn Email Seeking shelter; please be Gentle; where the heart is; and other highlights of recent tax cases. Nixa, Missouri: Taxpreparer Tina Louise Yager has pleaded guilty to making false and fictitious claims against the U.S. million in taxes on income he earned from his business.
Filing business tax returns is no doubt an intricate process, but with the right workflow, accounting firms can streamline the process, reduce errors, and ensure compliance. Prepare and review the tax return 4. Documents correspond to how the LLC is taxed (as a sole proprietorship, partnership, or corporation).
By Chris Gaetano 2h ago Tax-related court cases Tax Fraud Blotter: Sick excuses By any other name; poor Service; a saga continues; and other highlights of recent tax cases. All rights reserved. By Michael Cohn June 12 Like what you see?
PwC accused of interfering in Australian tax leaks probe [ Financial Times ] PwC has been accused of interfering in Australia’s political and regulatory affairs after documents revealed the Big Four accounting group warned its local firm against co-operating with investigations into a damaging tax leaks scandal without permission.
Filed automates the complete lifecycle of a tax returnfrom structuring diverse client documents to validating returns and proactively flagging anomalies based on firm-defined rules.
One of the many roles we play as tax planners is as the taxpayers audit support system. We will especially want to have this conversation if our clients tax return features one of the IRS red flags of the season. The taxpayer claimed a tax credit that has resulted in a lot of fraud. billion of potentially fraudulent ERC claims.
From automating routine tasks to enhancing tax research, AI-powered tax technology can provide significant strategic advantages, particularly for small accounting firms. This minimizes manual effort, reduces errors, and accelerates taxpreparation. Evaluate current workflows. Choose the right AI-powered tools.
Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.
EDT 4 Min Read Facebook Twitter LinkedIn Email Business owners who employ their children in a reasonable but limited capacity at their firms can rake in tax savings and start their kids first retirement accounts in the process. All rights reserved.
EDT 3 Min Read Facebook Twitter LinkedIn Email Private equity in the profession; green cards and exit taxes; governance for preparers; and other highlights from our favorite tax bloggers. Tax Foundation ( [link] ): Illinois policymakers should think twice before taxing GILTI. Tax Review Board.
Accountants manage a high volume of sensitive information daily, covering everything from client tax details and payroll reports to audit documentation and financial disclosures. Without the right systems in place, even routine tasks like expense approvals or tax submissions can become time-consuming and error-prone.
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