CPA Practice

APRIL 11, 2024

The Justice Department is advising taxpayers to choose their return preparers wisely as the April 15 federal tax filing deadline approaches. Unscrupulous preparers who include errors or false information on a tax return could leave a taxpayer open to liability for unpaid taxes, penalties and interest.

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tax return Tax tax preparation Florida 116

Accounting Today

AUGUST 20, 2024

In 2023, 125 violation cases of unauthorized access of tax return data were reported, the highest since 2018, but instances of disclosure violations remains low.

tax return 126

tax return Tax 126

CPA Practice

MARCH 1, 2023

But what about when death and taxes coincide, such as when someone dies during the year and has a tax filing obligation? Unfortunately, when someone is deceased, the decedent’s personal representative is generally required to file any final tax returns for the deceased person. The online tool, (i.e., “How

income tax 122

income tax tax return Tax tax preparation 122

Going Concern

NOVEMBER 7, 2024

90% plan to increase fees for individual tax returns, 87% plan to increase fees for business tax returns, 85% plan to increase fees for bookkeeping and accounting, and 76% plan to increase fees for CFO and controller services. Or at least half-in. 57% of accounting firms plan to increase fees across all services in 2025.

cost accounting 115

cost accounting accounting firms Account accountant 115

RogerRossmeisl

FEBRUARY 26, 2023

As reported in IR-2023-33 on 2/24/2023 Disaster-area taxpayers in most of California now have until October 16, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced last Friday.

California 246

California Tax tax return CPA 246

Insightful Accountant

APRIL 8, 2024

The deadline for most taxpayers to file and pay their 2023 federal tax is April 15, 2024 The IRS has some important reminders for taxpayers who haven’t filed yet.

tax return 105

tax return Tax 105

RogerRossmeisl

JANUARY 12, 2023

On January 10, 2023, IRS news release IR-2023-03 announced that California storm victims now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA).

California 246

California Tax tax return CPA 246

RogerRossmeisl

APRIL 28, 2024

You may have filed your tax return by the due date (4/15/2024), or you may have filed an extension until 10/15/2024. In either case, once your 2023 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations. Waiting for your refund?

tax return 110

tax return Tax CPA 110

RogerRossmeisl

NOVEMBER 6, 2023

The exclusion amount for 2023 is $17,000. Therefore, a taxpayer with three children can transfer $51,000 to the children this year free of federal gift taxes. If the only gifts made during a year are excluded in this fashion, there’s no need to file a federal gift tax return.

Tax 279

Tax tax return CPA 279

CPA Practice

JANUARY 12, 2023

The 2023 tax-filing season will open on Jan. 23—the day in which the IRS will begin accepting and processing 2022 tax year returns, the agency said on Thursday. Taxpayers have three extra days to file in 2023 due to the calendar. Taxpayers have three extra days to file in 2023 due to the calendar.

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tax return income tax Tax Washington 133

RogerRossmeisl

APRIL 17, 2024

April 15 If you’re a calendar-year corporation, file a 2023 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. For corporations, pay the first installment of 2024 estimated income taxes. Complete and retain Form 1120-W (worksheet) for your records.

income tax 196

income tax Tax tax return CPA 196

Going Concern

NOVEMBER 8, 2024

Anyway, the AICPA numbers: Of the more than 1,100 firms that participated in the AICPA’s 2023 National Management of an Accounting Practice (MAP) survey, about 30% said they outsourced domestically and 25% said they outsourced to offshore workers. Meanwhile, the average for a tax associate in Atlanta is $61,866 a year.

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tax return CPA cpa firm Tax 110

Accounting Today

AUGUST 26, 2024

Millionaires only accounted for 0.22% of total returns filed this year for the 2023 tax season.

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tax return Tax Account accountant 135

RogerRossmeisl

APRIL 25, 2023

When preparing your tax return, we’ll check one of the following statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Filing a return as a head of household is more favorable than filing as a single taxpayer.

Tax 246

Tax tax return CPA 246

CPA Practice

APRIL 8, 2023

Updated: April 8, 2023: 7:41 pm ET. It’s almost March, and the 2023 tax filing season is well underway. If you haven’t filed your tax return yet and are wondering how long it may take to get your refund when you do file, you’re not the only one looking for the answer. T he Tax Deadline is April 18, 2023?

income tax 115

income tax Tax tax return Massachusetts 115

RogerRossmeisl

AUGUST 6, 2023

It allows contributions to be made for a spouse who is out of work or who stays home to care for children, elderly parents or for other reasons, as long as the couple files a joint tax return. Benefits of an IRA As you may.

tax return 245

tax return CPA Tax 245

CPA Practice

OCTOBER 29, 2024

A new pass-through field operations unit announced in fall 2023 has officially started work in the IRS’s Large Business and International (LB&I) division to more efficiently conduct audits of pass-through entities, the tax agency said on Oct. LB&I will be responsible for starting pass-through exams, regardless of entity size.

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income tax audit tax return Real Estate 115

CPA Practice

JANUARY 26, 2023

Filing these documents timely prevents late-filing penalties for employers, helps employees file their income tax returns and prevents tax fraud. Employers must also provide copies B, C and 2 of Form W-2 to their employees by January 31, 2023. and their payroll tax returns (Forms 941, 943, 944, etc.)

payroll tax 128

payroll tax tax return income tax payroll 128

RogerRossmeisl

FEBRUARY 18, 2024

But if you don’t receive such a letter, can you still claim a deduction for the gift on your 2023 income tax return? What the law requires To prove a charitable donation for which you claim a tax deduction, you must comply with IRS substantiation requirements. It depends.

income tax 139

income tax tax return CPA Tax 139

RogerRossmeisl

FEBRUARY 18, 2024

The IRS announced it opened the 2024 income tax return filing season on January 29. That’s when the tax agency began accepting and processing 2023 tax year returns. Here are answers to seven tax season questions we receive at this time of year. (1) 1) What are this year’s deadlines?

Tax 202

Tax Massachusetts income tax tax return 202

CPA Practice

DECEMBER 19, 2023

Some of the standouts for December 2023 are described below. Erie County, New York, exempts energy sources and services New York state sales tax doesn’t apply to retail sales of residential energy sources and services, but local sales tax does apply in many jurisdictions, including Erie County. to $250 effective July 1, 2023.

South Carolina 111

South Carolina Tax Florida tax return 111

Xero

APRIL 2, 2023

Xero Payroll (AU): The Single Touch Payroll Phase 2 reporting deferral ended on 31 March 2023. With the categorised transactions, they will have the information needed to help file their tax return. The post Latest product news — April 2023 appeared first on Xero Blog.

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general ledger tax return payroll accounting apps 111

CPA Practice

DECEMBER 9, 2024

For property placed in service beginning in 2023, a taxpayer may take a credit equal to 30% of the total amount paid for certain energy efficient products or for a home energy audit. The credit is limited to certain amounts, per taxpayer and per tax year.

Manufacturing 97

Manufacturing tax return audit Tax 97

CPA Practice

OCTOBER 17, 2023

In a Direct File report the IRS submitted to Congress on May 16, as required by the Inflation Reduction Act, 72% of American taxpayers surveyed said they were “very interested” in or “somewhat interested” in using a government tool to electronically file their tax returns.

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tax return Tax South Dakota tax preparation 116

CPA Practice

APRIL 12, 2023

million people across the nation (state-by-state list below) have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return. billion in refunds remain unclaimed because people haven’t filed their 2019 tax returns yet. The IRS issued Notice 2023-21 on Feb.

Rhode Island 122

Rhode Island tax return Tax West Virginia 122

CPA Practice

OCTOBER 16, 2023

This is often necessary for taxpayers who are still waiting on some documents before they can file their returns. However, taxes expected to be owed were required to be owed by the original April 18, 2023, deadline. 31, 2023, to file. 15, 2023, to file. 24, 2024, to file various individual and business tax returns.

South Carolina 111

South Carolina Georgia income tax Vermont 111

CPA Practice

OCTOBER 2, 2023

This is often necessary for taxpayers who are still waiting on some documents before they can file their returns. However, taxes expected to be owed were required to be owed by the original April 18, 2023, deadline. 31, 2023, to file. 15, 2023, to file. 24, 2024, to file various individual and business tax returns.

South Carolina 124

South Carolina Georgia Tax income tax 124

Accounting Today

AUGUST 8, 2024

Claims for the Residential Clean Energy Credit averaged $5,084 per tax return.

tax return 126

tax return Tax 126

RogerRossmeisl

NOVEMBER 26, 2023

As reported via IRS Tax Tip 2023-51 4/17/2023 After someone with a filing requirement passes away, their surviving spouse or representative should file the deceased person’s final tax return. On the final tax return, the surviving spouse or representative should note that the person has died.

tax return 130

tax return income tax CPA Tax 130

CPA Practice

APRIL 19, 2023

According to Caseware’s 2023 State of Accounting Firms Trend Report , more than 90% of accountants and 95% of auditors find hiring skilled talent challenging. Everything was handled by a CPA, from collecting client documents to doing the work and delivering the tax return, financial statements or other work products.

Technology 123

Technology CPA tax return auditor 123

CPA Practice

OCTOBER 14, 2024

Of the more than 1,600 professionals who participated in the 2024 EY Tax and Finance Operations Survey, 87% say they believe integrating GenAI will drive increased efficiency and effectiveness within the tax function, up significantly from 15% in 2023.

corporation tax 117

corporation tax Tax Finance Technology 117

CPA Practice

JULY 30, 2024

While the Treasury Inspector General for Tax Administration (TIGTA) report noted that more than 95 percent of the IRS’ workers were in full compliance with their personal taxes, 1,068 were disciplined for their noncompliance issues. In total, the IRS has more than 85,000 employees and more than 25,000 contractor workers.

income tax 116

income tax Tax tax return 116

RogerRossmeisl

MARCH 5, 2024

If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to lower it. For 2023, The post If You Didn’t Contribute to an IRA Last Year, There’s Still Time appeared first on Roger Rossmeisl, CPA.

tax return 162

tax return CPA Tax 162

Summit CPA

OCTOBER 10, 2024

IRS criminal investigations during the 2023 tax filing year identified potentially $37.1 billion in tax fraud and the conviction rate was 88.4%. The majority of returns with incorrect information are due to mistakes rather that fraud. Below are some of the most common areas that the IRS will be on the lookout for fraud.

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auditor audit tax return Tax 93

TaxConnex

APRIL 30, 2024

As with many taxes, this was created as one way to generate revenue. A: For fiscal year 2023-2024, 28 cents per package. In most cases, this will be a separate return from your sales tax return with the same due but possibly a different filing frequency. Q: How much is Colorado’s RDF?

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Minnesota Retail Colorado Tax 264

Cherry Bekaert

OCTOBER 10, 2023

Iowa On September 29, 2023, the Iowa Department of Revenue announced that the 2022 Pass-Through Entity (PTE) Tax election and 2022 PTE Tax Form are available through GovConnectIowa. North Carolina On October 3, 2023, House Bill 259 (Session Law 2023-134) , North Carolina’s 2023 budget bill, was enacted.

Iowa 104

Iowa North Carolina Virginia Tax 104

CPA Practice

NOVEMBER 9, 2023

While the actual percentages of the tax brackets will remain the same until 2025 because of the Tax Cuts and Jobs Act of 2017, the income levels of each bracket change annually to adjust to inflation. These tax rates are for the 2024 tax year covering tax returns that will be filed in 2025. Visit nj.com.

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Tax tax return income tax 130