CPA Practice

JUNE 26, 2023

First reported by Going Concern on June 19 and confirmed by Bloomberg Tax on June 21, the move gives BDO USA certain advantages that “position our firm for ongoing success as we continue to grow and transform,” it said in a statement to Bloomberg Tax. But Koltin said that’s not the case.

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xendoo

JANUARY 6, 2022

By keeping your books up-to-date, you can be confident that you are reporting your income and expenses correctly, paying the proper amount in taxes, and paying your estimated taxes in a timely manner, which produces a stress-free tax season. Pay Self-Employment Tax. April 18, 2022. June 15, 2022.

Tax 59

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CPA Practice

OCTOBER 12, 2023

Tuition inflation at public four-year colleges averaged 12% from 2010 to 2022, according to the Education Data Initiative. It’s also important to note that some states classify using 529 funds for student loan repayments as non-qualified, potentially incurring state income tax. 529 distribution.

Education 98

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Nancy McClelland, LLC

FEBRUARY 6, 2022

We’ve come to the conclusion that the best solution to these concerns is to continue to ask clients to download their annual Account Transcript and provide it to us via secure upload. account “as soon as possible” and you won’t be able to log in with your existing IRS username and password starting in summer 2022.

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Xero

JULY 20, 2022

Along with helping sole traders streamline the manual, time-consuming elements of online accounting while being self-employed, Xero Go will empower them with the tools they need to meet digital record keeping requirements as part of the upcoming overhaul of the UK tax system: Making Tax Digital for Income Tax Self Assessment (MTD for ITSA). .

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Nancy McClelland, LLC

AUGUST 2, 2022

In fact, due to the number and complexity of governmental aid such as stimulus checks and the advance child tax credit, our CPA firm requires clients to obtain a transcript before we will finalize their return preparation (I’ve written up instructions here ). the tax form to which the payment applies (Form 1040, etc.)

Tax 98

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CPA Practice

JANUARY 10, 2024

The report says the IRS virtually eliminated its backlog of unprocessed original individual income tax returns (Forms 1040) and substantially improved telephone service. Delays in processing amended tax returns and taxpayer correspondence. million users accessed individual online accounts. That’s just over 10%. “To

tax return 64

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xendoo

OCTOBER 25, 2021

Income is recorded only when you receive payment, which means that you’ll pay taxes on the cash your business receives. . In other words, with cash basis accounting, your company will only pay tax on the cash you receive, rather than on future transactions. Getting Behind? We’re Here to Help!

accrual accounting 59

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Nancy McClelland, LLC

JANUARY 23, 2023

January 23, 2023 — Per IRS 2023-11 , following a successful opening of its systems today, the IRS is now accepting and processing 2022 tax returns; taxpayers have until April 18 to file their taxes this year. Earned Income Tax Credit or Additional Child Tax Credit refunds: Taxpayers may file their returns beginning Jan.

tax return 52

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CPA Practice

NOVEMBER 21, 2024

It will also help protect taxpayers against identity theft and reduce the time for the agency to receive the tax return and expedite the issuance of refunds for those with duplicate dependent returns. Before now, the second tax return had to be filed by paper.

tax return 124

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CPA Practice

JUNE 21, 2023

When I released my midyear report to Congress in June 2022, I wrote, ‘It’s Groundhog Day.’ “In Overall, the difference between the 2022 filing season and the 2023 filing season was like night and day.” Despite these improvements, the report says the IRS is still behind in processing amended tax returns and taxpayer correspondence.

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