TaxConnex

MARCH 9, 2021

Sales and use tax nexus is defined as a connection between a person or entity and a taxing jurisdiction , and is the basis for all your sales tax decisions. In this blog, we’ll cover how to check where you have established economic nexus. Sales tax is more complicated than ever, especially in a post-Wayfair world.

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Missouri Tax Sales Florida 236

ThomsonReuters

JUNE 29, 2022

Summer is starting, so if you are planning to take the Certified Payroll Professional (CPP) exam during the Summer/Fall 2022 testing period, it would be a good idea to start working on those flashcards and find information for the seven main topics of the CPP test. Previous quiz question. The IRS and U.S. This edition’s question.

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payroll Tax tax return income tax 97

Summit CPA

FEBRUARY 29, 2024

To stay relevant, that meant blogging almost daily for years and, eventually, adding in other channels including video, social media and e-books. And we’re all wondering about the direction of SEO today, especially now that ChatGPT is on the scene and Google is shifting its algorithm on, what seems like, a daily basis.

cpas 59

cpas Transportation Education Gaming 59

Xero

JANUARY 24, 2024

These due dates will depend on when you first registered your business for GST, and the accounting basis and ‘filing frequency’ you chose at the time. It can be tricky to keep tabs on the taxes and deductions you owe throughout the year as a small business. Find out how you can file GST and the information you need to do it.

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bookkeeping Sales accounting software Legal 92

CTP

AUGUST 17, 2021

In a previous blog, we discussed how a shareholder in an S corporation or a partner in a partnership needs sufficient tax basis to claim a business loss. Tax basis refers to the amount that a taxpayer has invested in business assets, calculated by taking the purchase price and subtracting any accumulated depreciation.

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Tax 81

ThomsonReuters

JULY 21, 2022

While HSAs generally cannot reimburse health insurance premiums or coverage contributions on a tax-free basis, there are a few exceptions: (1) qualified long-term care insurance, (2) any federally required continuation coverage (e.g., Unlike health FSAs, HSAs can reimburse qualified long-term care services on a tax-free basis.

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ThomsonReuters

APRIL 25, 2024

While employee contributions to a 401(k) are typically made on a pre-tax basis, employer contributions may differ. When it comes to navigating the tax landscape of 401(k) contributions and withdrawals, it’s important for accountants to stay informed and help clients make tax-efficient decisions during their retirement years.

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Tax income tax tax preparation Account 52

Basis 365

SEPTEMBER 5, 2023

This blog will cover the top five reasons companies outsource bookkeeping and how they can benefit from the change. For instance, Basis 365 offers support using XERO, QuickBooks, and other technology solutions, essential tools for efficient bookkeeping. This allows you to concentrate on your core business.

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ThomsonReuters

AUGUST 25, 2023

Jump to: Can you deduct vehicle depreciation on taxes? Are vehicles a five year depreciation? How do you calculate vehicle depreciation for taxes? What is the standard mileage rate? How does Section 179 deduction work for vehicles? Managing vehicle tax depreciation with software Running a successful small business is hard work and expensive.

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ThomsonReuters

APRIL 1, 2021

Can she pay her COBRA premiums on a pre-tax basis through our cafeteria plan? ANSWER: Assuming she is still eligible to participate in the cafeteria plan as a part-time employee, your employee can pay COBRA premiums on a pre-tax basis. The post Can an Employee Pay for COBRA Coverage on a Pre-Tax Basis Through Our Cafeteria Plan?

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Tax Account accountant accounted 95

ThomsonReuters

FEBRUARY 2, 2023

QUESTION: Our company has a qualified transportation fringe benefit plan under Code § 132(f) that allows participants to pay for parking, transit passes, and vanpooling on a tax-free basis. appeared first on Tax & Accounting Blog Posts by Thomson Reuters. Are we required to file a Form 5500 for this plan? ANSWER: No.

Transportation 97

Transportation Tax Account accountant 97

ThomsonReuters

JULY 1, 2022

Listening sessions for overtime salary basis. In our last edition of the Certified Payroll Professional (CPP) Corner, we talked about taxable and nontaxble fringe benefits. Payroll conference guidance on fringe benefits. IRS publication on benefits. Last edition’s CPP quiz answer. Supreme overtime ruling. Also, the U.S.

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payroll Transportation payroll tax Tax 93

Xero

DECEMBER 1, 2023

Following the Autumn Statement, you might be curious about the specific measures that impact Making Tax Digital (MTD). Especially since digital transformation is already underway, with Making Tax Digital for Income Tax on the horizon. Here’s a guide outlining what the announcement means for your practice and clients.

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Tax income tax bookkeeping accounting software 90

ThomsonReuters

APRIL 25, 2024

When filing tax returns, it’s important to report all income sources accurately. Let’s look at what this form is all about and how to advise clients who may need to file it. • How to stay up to date on retirement tax changes What is Form 5329? Some common scenarios that may require the filing of Form 5329 include: Early withdrawals.

tax return 52

tax return income tax Tax Education 52

ThomsonReuters

FEBRUARY 6, 2024

Additionally, you may be close to meeting the different thresholds maintained on a country by country basis. Additionally, you may be close to meeting the different thresholds maintained on a country by country basis. Automation guarantees the correct indirect tax calculated in every jurisdiction where you do business.

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Sales Tax audit Account 98

TaxConnex

MARCH 25, 2021

A contractor is generally defined as someone who provides improvements to real property on a lump sum contract basis. From a sales and use tax perspective, there isn’t much of a difference between a subcontractor and a prime or general contractor. At first glance, the sales and use tax requirements for a contractor seem quite simple.

Construction 169

Construction Tax Sales 169

CPA Practice

JANUARY 5, 2024

Follow the reaction in real time here on Bloomberg’s TOPLive blog The advance in payrolls was led by health care, government, construction and leisure and hospitality. Follow the reaction in real time here on Bloomberg’s TOPLive blog The advance in payrolls was led by health care, government, construction and leisure and hospitality.

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payroll Hospitality Construction Government 52

CTP

AUGUST 24, 2021

In a previous blog, we discussed tax basis—the amount that a taxpayer has invested in business assets, which determines the gain or loss when the asset is sold. Remember that a taxpayer must have sufficient basis to deduct a business loss on their tax return. Another set of tax rules that can be overlooked is […].

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Tax tax return corporation tax 52

DuctTapeMarketing

SEPTEMBER 24, 2020

They can help you with high-level strategy, things like defining your ideal client, crafting core messages that set you apart, sharpening your brand identity, optimizing your website, or building your blog. . So many small business owners are afraid to hire marketing people internally. Where do you even start? Here’s why.

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Start-ups Gaming Sales 314

Menzies

DECEMBER 7, 2022

In this context an investment firm is defined as: ‘Any person whose regular occupation or business is the provision of one or more investment services (listed below) to third parties and/or the performance of one or more investment activities on a professional basis.’. Placing of financial instruments without a firm commitment basis.

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audit chartered accountant financial statements accounting and finance 52

xendoo

AUGUST 30, 2021

In this blog post, we will explore these key differences so that you can make the best choice for your business! Xendoo and Pilot use different accounting methods, with one exception: cash basis accounting. Xendoo and Pilot use different accounting methods, with one exception: cash basis accounting. Accounting software .

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bookkeeping services bookkeeping quickbooks accounting software 91

Xero

MAY 23, 2023

In particular, the Short Term Cash Flow Forecast and the Business Snapshot reports provide extra reassurance for clients to monitor their own financials on a regular basis. The post Adams O’Rourke scoops Sole Practitioner of the Year at the 2023 Xero Awards UK & Ireland appeared first on Xero Blog.

bookkeeping 66

bookkeeping Account accountant accounted 66

ThomsonReuters

AUGUST 25, 2023

Depreciation stops either when the client has fully recovered their cost or other basis, or when the property is no longer being used to generate income — whichever happens first. What are the depreciation systems? How is depreciation taxed on the sale of rental property? How do you avoid depreciation recapture tax on rental property?

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Tax Account accountant accounted 52

ThomsonReuters

OCTOBER 31, 2023

In accounting, the depletion deduction enables an owner or operator to account for the reduction of the mineral property’s value or basis as a result of the extraction of those natural resources. Who can claim depletion expenses? What is depletion expense? It expects to extract 600,000 tons of coal. The depletion expense would be $120,000.

Tax 59

Tax tax preparation Legal Account 59

ThomsonReuters

SEPTEMBER 9, 2021

For example, if a plan typically collects COBRA premiums on a biweekly basis, including for the period beginning September 26 and ending October 9, that plan’s AEIs will continue to receive the subsidy through October 9. appeared first on Tax & Accounting Blog Posts by Thomson Reuters. Contributing Editors: EBIA Staff.

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Tax Account accountant accounted 110

Inform Accounting

JULY 18, 2023

From 29 August 2023, HMRC have advised that an online form will be available for sole trader and partnership businesses and their agents to request details of overlap relief available for offset during the transition to the new tax year basis period rules. Read more of Inform's tax blogs : Struggling to pay tax – What should you do?

tax return 52

tax return Tax Government Account 52

ThomsonReuters

JUNE 16, 2023

This blog will explore the talent and hiring trends within the accounting profession post-pandemic, and what the future may hold for accounting firms’ remote or hybrid work models. Are firms heeding the call? Now with the public health emergency officially over , the shift to more remote work has become the new normal.

accounting firms 111

accounting firms Account accountant accounted 111

Xero

SEPTEMBER 5, 2023

If you’re an organisation that operates on a not-for-profit basis, you might be wondering whether you’re eligible to apply. If you’d like a bit more of a breakdown of the process, take a look at our tips and tricks blog here. There’s more often than not a social or environmental benefit instead.

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Non-Profits Sports Finance Sales 78

Basis 365

MAY 25, 2023

This blog post will discuss some of the most critical KPIs for service-based businesses and explain why outsourcing accounting services is the best option to manage these metrics. Essential KPIs for Service-Based Businesses Client Retention: Client retention is the percentage of clients that continue doing business with a company over time.

Management Consulting 104

Management Consulting accounting firms Account accountant 104

Xero

APRIL 9, 2024

From what we can tell, this XSBI data is the first time that small business labour productivity has been measured using anonymised and aggregated data (not surveys) for small businesses only, on a monthly basis, and using the same methodology across each country. To put it more simply: sales/hour or sales/employee.

Technology 87

Technology bookkeeping Sales Government 87

ThomsonReuters

JUNE 30, 2022

Furthermore, employers will have to consider whether to provide such benefits on a tax-favored basis (which limits the type and amount of expenses that may be covered) and whether to use an existing plan or establish a separate arrangement. Available at [link]. Wade , 410 U.S. 113 (1973) and Planned Parenthood of Southeastern Penn.

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Expense Reimbursements Mississippi Transportation Tax 98

ThomsonReuters

APRIL 23, 2021

While prior to the pandemic, Paul did have staff members working remotely on a sporadic basis, it was never full-time. While prior to the pandemic, Paul did have staff members working remotely on a sporadic basis, it was never full-time. As we move forward through the COVID-19 pandemic, will the virtual CPA be here to stay?

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CPA cpa firm Tax tax return 105

ThomsonReuters

MAY 19, 2022

You also may count part-time employees on an aggregate basis (rather than on an individual basis) by totaling the hours worked by part-time employees and dividing that sum by the number of hours required for one worker to be considered full-time. Count Only Common-Law Employees. Count Part-Time Employees.

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payroll Tax Account accountant 98

ThomsonReuters

JULY 25, 2023

Every company’s tax technology journey is different, and it’s not always clear when and how tax automation should be incorporated or what the benefits will be. Thomson Reuters asked Malloy and Wing for further guidance on the topic. Wing: Outside factors beyond a company’s control tend to influence decision-making inside.

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Technology Tax audit Sales 93

ThomsonReuters

JANUARY 4, 2024

Stress management for tax professionals is critical for avoiding burnout. Make a personal stress inventory Managing stress as an accountant begins with understanding what’s triggering it and how stress levels ebb and flow on a daily, weekly, monthly, or yearly basis. Make a personal stress inventory 2. Automate what you can 3.

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Tax Technology payroll tax accounting careers 71

Inform Accounting

MAY 31, 2022

For example, a sole trader preparing accounts to 30 June, would usually use the taxable profits from his/her year to 30 June 2021 as the basis of their 2021/22 income tax self-assessment. From tax year 2024/25 onwards, a new ‘tax year basis of assessment’ will apply. Get in touch with us today.

Non-Profits 52

Non-Profits income tax tax return Tax 52

ThomsonReuters

AUGUST 25, 2023

Internal use vs. external use software Solutions for managing software depreciation for taxes In today’s tech-driven environment, companies need software to efficiently run their business, whether it is software they purchase from an outside source or develop internally. What is software depreciation? It must have a determinable useful life.

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Tax Technology Manufacturing payroll 97