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Its a safe bet that few of them hit the target, which leads to returns, which leads to refunds from sellers, to which leads to the nagging question: Does sales tax get refunded along with the purchase price? The more accurate answer, particularly when something as complex as sales tax gets involved, is: Probably, but watch the details.
April’s federal Form 1040 probably comes first to mind when anyone thinks about taxreturns. As your business starts to sell into more states, though, you’re going to need to file another type of form: states’ sales taxreturns. Since there is no federal sale tax , sales tax is left up to states.)
And we all know what more domestic sales mean: more sales tax obligations. Yet probably few manufacturers understand all the ways sales tax can affect their business. Past sales tax liabilities are also popping up more in due diligence as a deal-breaker in M&As. What do manufacturers have to watch for?
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 Information Returns Intake System, or IRIS, will be the only intake system for information returns now received through FIRE.
But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession.
This webinar will be held on Tuesday, December 3, 2024 at 1:00pm ET Sponsor: Avalara Duration: 1 Hour Register Now We’ll demonstrate how automation integrates with popular accounting platforms to save time, reduce risk, and enhance efficiency. Plus, earn free CPE credit! Gail is a member of the AICPA’s PFS Credential Committee.
Many companies don’t think about how to handle sales tax obligations until it’s too late. Previously we looked at how such back-office functions as the general ledger , tax calendar and billing system can cause problems with your sales tax compliance. It’s just sales tax.
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.
The link between value and pricing: Tax firms need to recognize that pricing should reflect the value of services and the outcomes they deliver, not just the time spent. Pricing a firm’s strategies for growth: Subscription-based pricing models can lead to consistent revenue growth and better cash flow management.
It is possible to run an Accounting Firm and never do taxreturns or financial statements! In this webinar you will learn: To be that Odd Duck and rehab your practice so that it runs largely without you. Use Accountant Advocate's webinars to earn continuing education credits from the CBA!
EDT 1 Min Read Facebook Twitter LinkedIn Email Tax management platform Instead launched artificial intelligence-driven tax reports, harnessing AI to analyze full taxreturns to glean tax strategies and missed opportunities. All rights reserved.
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: Tax preparer Gretchen Alvarez, 49, has pleaded guilty to preparing and filing false income taxreturns. The tax loss totaled $356,881. All rights reserved.
2 to file various federal individual and business returns and make tax payments. 2 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, and Jan. 15, 2025, and Jan.
TaxPlanIQ adds new features Pavel Bolotov/pashabo - stock.adobe.com Tax planning solutions provider TaxPlanIQ rolled out several new features. A Multi-1040 Uploader and Opportunity Analyzer allows bulk upload of up to 100 client returns at once. All rights reserved. Another feature will auto-redact client information on upload.
EDT 6 Min Read Facebook Twitter LinkedIn Email The not-so-great outdoors; spear itself; pain and gain; and other highlights of recent tax cases. Sole owner of Zion Outfitter, an outdoor retailer in Springdale, Utah, he handled the company finances and provided CPAs with information and records to prepare tax forms to submit to the IRS.
The state and local tax (SALT) deduction has been a fixture of the U.S. tax code for many years, providing significant financial benefits to a large number of taxpayers. The current SALT cap, which applies to tax years 2018-2025, is set at $10,000 ($5,000 if married filing separately). Jump to ↓ What is the current SALT cap?
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: Tax preparer 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.
In parallel with his public service, he is in the early stages of co-founding an estate planning and estate tax firm alongside his wife, who is also a licensed CPA. Property and Fiscal Office on accounting programs, financial systems, and operational business processes.
The rise of continuous transaction controls (CTCs)—and the increasing number of other digital real-time controls being implemented every year—makes managing indirect tax more complex and riskier than ever. Webinar Digital transformation for end-to-end indirect tax compliance Watch on-demand That’s where digital transformation comes in.
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. All rights reserved.
EDT 6 Min Read Facebook Twitter LinkedIn Email Bank job; the magic is gone; not a beautiful day in the Neighborhood; and other highlights of recent tax cases. CPA Timothy Trifilo has been sentenced to 20 months in prison for making a false statement on a mortgage loan application and for not filing an income taxreturn. .:
Taxfyle rolls out TXF Intelligence for smaller practitioners Tax solutions provider Taxfyle announced the release of its new TXF Intelligence product, a generative AI tool built to automate and streamline taxreturn preparation for small tax and accounting firms in the U.S. All rights reserved.
EDT 3 Min Read Facebook Twitter LinkedIn Email By now, anyone reading this column has heard enough about the historic set of challenges confronting tax and accounting firms. According to our recent 2025 State of Tax Professionals Report , which surveyed 639 respondents from tax, audit and accounting firms of all sizes, the No.
If your sales tax obligations have gotten ahead of you – and you owe back taxes – you have a few tools to mitigate your problem. You can refund collected sales tax to your customers, or you can proactivity register with a jurisdiction and pay what you owe. A VDA can make the sometimes-hefty penalties disappear.
Gary Boomer June 9, 2025 10:00 AM Facebook Twitter LinkedIn Email As CPA firms grow into the $10 million to $100 million revenue range, operational complexity increases, especially during peak periods like tax season. Identify opportunities Assess pain points in tax, audit, scheduling, and advisory workflows. All rights reserved.
By Daniel Hood 35m ago Technology Instead adds AI-driven tax reports The reports harness artificial intelligence to analyze full taxreturns to glean tax strategies and missed opportunities. All rights reserved.
You know, Im just doing a taxreturn or Im just doing this. Its really coming around to our internal employees and saying, "Its not just [a taxreturn], you are worth this." All rights reserved. Im not worth it.
If CRA sees that the relationship is actually one of employment, they can reclassify the income as salary, requiring the payer to remit unpaid payroll deductions (including CPP and income tax) plus penalties and interest. You report the payment as self-employment income on your personal taxreturn.
Mary Girsch-Bock Professionals on the Move is a round-up of recent hiring, promotion and staffing announcements from around the accounting and tax profession. The firm also announces the addition of one new partner to its affiliate, Schneider Downs Wealth Management Advisors, LP.
In this blog, we answer all your FAQs related to MTD for Income Tax , as there remains uncertainty about HMRCs scheme. Weve taken key questions from webinars, events, and conversations with our customers, and put them all in one place, so we can clarify any confusion you may have. What is MTD for Income Tax? What is MTD for VAT?
Tax seasonthat special time of year when caffeine consumption triples, restful sleep becomes a scavenger hunt, and your spouse and friends begin to question your sanity. If youre deep in the trenches of tax filings, bookkeeping clean-ups, and client questions that couldve-been-Google-searches, you know the struggle is real.
EDT 5 Min Read Facebook Twitter LinkedIn Email Another Naughty list; a couple of sharks; Miami vice; and other highlights of recent tax cases. San Jose, California: Execs Lalo Valdez and Matthew Olson have pleaded guilty to not paying over employment taxes to the IRS. Olson caused a total tax loss to the IRS exceeding $2.1
The offer on display from smart money is tempting — access to liquidity much sooner, with better tax treatment, and the chance for "multiple bites at the apple," with resources to fuel future value creation. All rights reserved.
a leader in modern tax compliance automation, has announced how its customer Therabody has greater confidence in compliance processes amid the company’s global expansion by streamlining tax management, improving workflows, and driving operational efficiency. OBannon Avalara, Inc. , As a result of South Dakota v. Wayfair, Inc.
This webinar will be held on Monday, November 18, 2024 at 1:00pm ET Sponsor: Drake Software Duration: 1 Hour Register Now Upon completion of this session, you will be able to: Discuss strategies for confidently setting fair prices that reflect the value you provide. Gail is a member of the AICPA’s PFS Credential Committee.
I had worked my butt off for a year and I got an $800 raise, which if you do the math after taxes, its like $50 a week. We did taxreturns by hand. All rights reserved. And I said, this kind of environment is not for me. (02:49): 02:49): If Im going to work hard, I want to see the fruits of my labor.
The tax agency was able to make it through the spring filing season with service levels that were relatively consistent with previous years — but that may not be true in the fall, Koziel warned, as retirements and layoffs that were delayed to help the service make it through April 15 have gone into effect. All rights reserved.
When analyzing lease classifications, fund reporting or tax basis issues, students must turn to official sources: the FASB Accounting Standards Codification, the GASB Codification or the Internal Revenue Code. All rights reserved. But I stress to my students that it is not — and cannot be — a verification tool.
EDT 3 Min Read Facebook Twitter LinkedIn Email Thomson Reuters debuted two agentic AI offerings that are aimed at improving tax and advisory workflows: Ready to Advise and Ready to Review. Ready to Advise is the companys AI-powered tax planning advisory solution meant to help firms grow their strategic advisory services.
Accountants also dedicate substantial time to recording activities, including (though increasingly automated by software) ledger entries, tax liability entries, transfer pricing, intercompany transactions, taxreturn preparation and preparing for SEC filings in publicly listed organizations. All rights reserved.
OBannon For several weeks, the American Institute of CPAs (AICPA), along with various other stakeholders, have raised concerns over proposals to eliminate the pass-through entity tax (PTET) state and local tax (SALT) deduction for specified service trades or businesses (SSTBs).
This lower threshold for Form 1099-K was set to take effect for tax year 2023, but the IRS delayed its adoption. For tax year 2026, it will increase to $2,000. However, the American Rescue Plan Act of 2021 eliminated the transactions requirement and reduced the threshold to $600.
As youve probably heard, theres a lot going on on the tax front in Washington, D.C., Its got a host of tax provisions and some other provisions that could affect their profession in it as well. But were just going to really talk about the tax provisions right now that affect that. All rights reserved. as we record this.
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