Withum

OCTOBER 3, 2024

Does disaster relief apply to a taxpayer that is not in a disaster area, but the tax preparer is? Per the IRS website , disaster relief applies to the clients of tax preparers who are unable to file returns or make payments on behalf of the client because of a federally declared disaster.

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CPA Practice

APRIL 17, 2023

And now, the results are in: IN-FIRM TECHNOLOGIES Federal/State Income Tax Preparation Insight : As was true in every year of voting, the tax prep system category is always the most voted-on, with nearly all respondents selecting a preferred system. LinkedIn 33.9% YouTube 17,1% Instagram 16.3% Twitter 12.5%

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CPA Practice

APRIL 11, 2024

“Taxpayers must look out for unscrupulous preparers, who often will promise refunds that are too good to be true,” said Deputy Assistant Attorney General David A. Hubbert of the Justice Department’s Tax Division. “If Over the last year, the Tax Division has worked with U.S.

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Going Concern

NOVEMBER 8, 2024

Law & Order Clark Hill Wins for Accounting Firm in Tax Dispute With Rock Band Member [ Clark Hill ] The Clark Hill trio convinced the court that the accounting firm was not liable for an employee’s business management and tax preparation services she provided on the side for a member of a rock band.

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CPA Practice

JANUARY 8, 2024

Building off the success of the 2023 tax season that saw significant improvements following passage of the Inflation Reduction Act, the 2024 filing season will continue reflecting the focus on improving services to taxpayers. Most tax return preparers provide outstanding and professional tax service.

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CPA Practice

JANUARY 29, 2024

The Internal Revenue Service opened the 2024 tax season on January 29, 2024, accepting and processing federal individual tax returns, and announcing that it expects more than 146 million individual tax returns for 2023 to be filed this filing season. Another option is the Direct File pilot program.

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CPA Practice

OCTOBER 1, 2024

Taxpayers in these areas now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments. Any individual, business, or tax-exempt organization that has a valid extension to file their 2023 federal return. 2024 quarterly estimated income tax payments normally due on Jan.

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Withum

DECEMBER 22, 2023

On December 21, 2023, the IRS released details about its second settlement initiative relating to the employee retention credit (ERC). See IR-2023-247 , Announcement 2024-3 , general information , and FAQs. The IRS placed the ERC on top of its Dirty Dozen list of tax schemes and issued a processing moratorium in September 2023.

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Going Concern

FEBRUARY 10, 2025

You’d think it paid a lot in taxes, right? Well it paid precisely $0 in federal income taxes last year. Sendil Palani replies : Professor, Respectfully, Tesla’s income taxes are not an example of fraud. Tesla complies with all tax regulations in all of the regions of the world in which we operate.

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CPA Practice

JANUARY 29, 2024

Regardless of how you do your taxes, you won’t have an automatic extension of the deadline for filing your 2023 return — at least not yet. There have been no federal disaster declarations in California thus far, so the deadline for filing your federal and state returns for 2023 remains April 15.

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CPA Practice

JULY 8, 2024

1, 2024, to file returns and pay any taxes that were originally due during this period. 1, 2024, deadline will now apply to: Individual income tax returns and payments normally due on April 15, 2024. 2023 contributions to IRAs and health savings accounts for eligible taxpayers. This means, for example, that the Nov.

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CPA Practice

SEPTEMBER 13, 2024

3, 2025, deadline will now apply to: Any individual, business or tax-exempt organization that has a valid extension to file their 2023 federal return. Quarterly estimated income tax payments normally due on Sept. Quarterly payroll and excise tax returns normally due on Oct. This means, for example, that the Feb.

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CPA Practice

FEBRUARY 3, 2023

(TNS) A Columbus, GA-based tax preparer has pleaded guilty in federal court to charges that she submitted false claims for tax credits for her clients and also failed to pay her own personal taxes. As tax season is currently underway, citizens should be reminded that committing tax fraud will lead to criminal prosecution.”

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CPA Practice

OCTOBER 17, 2023

According to the IRS, Arizona, California, Massachusetts, and New York have decided to work with the agency to integrate their state taxes into the Direct File pilot program for the 2024 filing season. In addition, the state of Washington agreed to join the integration effort for its application of the Working Families Tax Credit.

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Cherry Bekaert

NOVEMBER 28, 2023

There are several key tax considerations and tactical approaches for businesses to address while closing out 2023 and moving into 2024. From leveraging tax incentives to optimizing deductions, this guide offers insights into tax planning to help businesses make informed decisions and set a solid foundation for the upcoming year.

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Withum

NOVEMBER 28, 2023

With the year coming to an end, it’s essential to kickstart your 2023 tax preparations and start thinking about tax-saving techniques, potential opportunities, and the recent legal modifications that might impact your tax obligations. Mucenski-Keck Principal New York, NY Kimberlee S.

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CPA Practice

SEPTEMBER 8, 2023

In an initial decision announced on Sept 8, 2023 , the Federal Trade Commission’s chief administrative law judge, D. Michael Chappell, ruled that Intuit Inc., taxpayers,” this also must be disclosed in a clear and conspicuous manner.

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CPA Practice

MARCH 14, 2023

Allegations include stealing identities of accountants, tax preparers, and taxpayers. The indictment was unsealed on March 13, 2023. Yusuff and others then allegedly registered with the IRS, posing as authorized agents of multiple taxpayers using stolen information relating to the taxpayers and their real tax preparers.

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Nancy McClelland, LLC

APRIL 5, 2024

This week, I discovered a gift that Gusto created for tax preparers with clients that use the Gusto+Guideline combo — a reporting tool that will literally prepare the Form 8881 “Credit for Small Employer Pension Plan Startup Costs” for you. On the left side bar, click on “Tax credits” 3.

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CPA Practice

AUGUST 11, 2023

The Department of Justice recently arrested a New Jersey tax preparer for allegedly seeking more than $124 million from the IRS. The multi-millions came from filings of over 1,000 false tax forms claiming the pandemic-related employee retention credit, also referred to as the ERTC or ERC. Treasury Department.

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CPA Practice

JANUARY 13, 2023

She and her co-conspirators are all scheduled to be sentenced on March 15, 2023. Acting Deputy Assistant Attorney General Stuart Goldberg of the Justice Department’s Tax Division made the announcement. Loyd faces a maximum penalty of five years in prison for the conspiracy charge and twenty years in prison for wire fraud.

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CPA Practice

MAY 15, 2024

The awards also let professionals see the technologies and best workflow practices their peers are using, which can help them stay competitive in the constantly-evolving tax and accounting space. Thank you to the more than 5,500 readers who participated in voting this year. Now, on to the results!

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CPA Practice

JULY 27, 2023

SmartWiz has used artificial intelligence (AI) and modern integrations to create the first-ever all-in-one tax software for tax professionals serving underserved communities. recipients of the 2023 Google for Startups Black Founders Fund and Latino Founders Fund awards. SmartWiz is one of 46 U.S.

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CPA Practice

AUGUST 15, 2023

Date: Tuesday, September 12, 2023 Time: 3 PM EDT / 2 PM CDT / 12 PM PDT / 7 PM GMT Sponsor: Drake Software Duration: 1 Hour Receive 1 hour of free CPE credit for participating in this live webinar. Ann Campbell , CPA CIA, joined Drake Software in 2021 as a Tax Software Trainer. Already registered for this webinar?

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Nancy McClelland, LLC

FEBRUARY 24, 2024

The past four years have been challenging in so many ways, to so many people — but as a tax preparer, I can confidently say that the inability for the IRS to provide its usual level of customer service has been among the most impactful. It’s available for all military members, and some veterans, with no income limit.

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CPA Practice

AUGUST 16, 2023

And that is the FTC safeguards rule, which went into effect July 9 of 2023. Now, as it turns out, we’re going to use a lot of code numbers here with you, but most of you who have done tax are used to hearing it that way. So what do you think our tax preparer friends need to know?

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CPA Practice

MARCH 29, 2023

On January 26, 2023, in the Eastern District of California, Deena Vang Lee was found guilty of three counts of wire fraud, two counts of aggravated identity theft, five counts of aiding and assisting in the preparation and presentation of a false and fraudulent return, and three counts of making and subscribing a false and fraudulent tax return.

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CPA Practice

JULY 5, 2024

1 filing deadline applies to: Individuals who had a valid extension to file their 2023 return due to run out on Oct. The IRS noted, however, that because tax payments related to these 2023 returns were due on April 15, 2024, those payments are not eligible for this relief. Covered disaster area.

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Cherry Bekaert

JUNE 20, 2023

Changes to 45L In the IRA, the 45L tax credit was extended through 2032, with changes to qualifying standards beginning in 2023 when the credit transitions to the Energy Star criteria. Key 45L Updates: Beginning in 2023, new homes certified under the Energy Star programs are eligible for a $2,500 tax credit.

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Nancy McClelland, LLC

JANUARY 30, 2024

Tax preparers everywhere spent the past two months gearing up for yesterday’s “opening day” of tax season, January 29th. (Many thanks to the AICPA Town Hall for allowing members to leverage their resources, such as the slides included in this article.

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Steve Feinberg

MARCH 28, 2022

What is the New Hampshire Personal Net Income Tax Rate? There is currently no Personal Net Income Tax Rate. However, businesses must pay a 5% tax on all interest and dividend income. Check with your accountant if this tax will impact your business. . Is There a Sales Tax in New Hampshire?

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Withum

MARCH 20, 2024

For the latest news and updates on Montana state and local tax March 20, 2024 Montana Releases Pass-Through Entity Tax Common Issues to Avoid Authored by: Jessie Racioppi and Penny Sweeting , CPA The Montana Department of Revenue released “Common Errors to Avoid when Filing Form PTE – Tax News You Can Use.” 03/18/2021.)

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Nancy McClelland, LLC

APRIL 16, 2023

To that end, when you do share something with your tax preparer, I beg you to phrase it in respectful language that recognizes they are experts in their field. Although many of these benefits were modified and expanded upon with SECURE 2.0 , the new rules didn’t take effect until 2023.

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CPA Practice

JANUARY 24, 2023

Outsourcing also helps ease worries and provide operators with comfort in knowing year-end tax preparation will go smoothly, and all accounting records will comply with Sec. 280E for income tax reporting. Working with a third-party accounting firm allows business leaders to focus on these important business functions.

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xendoo

APRIL 8, 2022

A tax deduction and tax credit can both save you money on taxes, but they are different terms. . Tax deductions can lower the amount of taxable income. For example, tax brackets–a range of annual income–are used for income tax. This will end in 2023.

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CPA Practice

JANUARY 15, 2024

The Tax Blotter is a round-up of brief news items relating to tax preparation, policy and legislation. Now that we have started another new year, there are several important tax dates to circle on your calendar or bookmark on your phone. Tax season kicks off. For example, the filing deadline in 2023 was April 18.

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inDinero Tax Tips

FEBRUARY 14, 2023

If you are a founder of a new business, an 83b election is a vital tax form that can save you serious money when it comes time to file taxes. An 83b filing could work out great for you, but the ins and outs of this form can be confusing, leaving founders and tax preparers alike unsure of what to do.

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