TaxConnex

FEBRUARY 27, 2024

Your sales tax obligations depend on knowledge and that knowledge often resides in a professional tax specialist (usually an accountant) who helps your company meet its sales tax obligations. This is a complicated time for sales tax obligations – and a terrible time to try to hire an accountant.

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Sales Tax Account accounted 264

Xero

NOVEMBER 18, 2024

We’re excited to announce that partnership tax has arrived in Xero Tax. You can now manage most of your clients’ tax needs – corporate, personal, and ordinary partnerships – in one simple, secure platform. Your practice can now gain all the benefits of Xero Tax across your ordinary partnership clients.

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TaxConnex

JULY 9, 2024

Sales tax compliance has many moving parts, not just in the filing but in everything that goes into making sure you stay on the legal side of the jurisdictions where you have sales tax nexus. Billing systems You charge the customers sales tax for online purchases, they pay and you remit the money to the tax jurisdictions.

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Sales Tax Colorado tax return 264

TaxConnex

DECEMBER 12, 2023

But not for sales tax liability, where most states still maintain strong responsible party laws. And they can come as a real shock: CEOs, CFOs, directors and other execs can be held personally responsible for sales tax shortfalls. That’s true for many of the fiscal messes that can befall a company. How do they know who’s responsible?

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CPA Practice

OCTOBER 23, 2024

With the 2025 income tax filing season coming soon, the IRS is encouraging all taxpayers to take an important step to safeguard their identity by signing up for an identity protection personal identification number (IP PIN). How to request an IP PIN The best way to sign up for an IP PIN is through IRS Online Account.

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MyIRSRelief

OCTOBER 4, 2024

Filing taxes can be a daunting task, whether you are an individual or a business owner. This article will guide you through the process of correcting errors on your tax return, provide instructions on filing amended returns , highlight common mistakes to avoid, and explain how our tax firm can professionally assist you.

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TaxConnex

APRIL 25, 2024

There’s nothing like just walking down the hall of your office or clicking into a virtual team meeting to get an answer on something as complex and important as your company’s sales tax obligations. Almost as many (43%) relied on internal resources for the all-important task of calculating the correct sales tax.

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TaxConnex

NOVEMBER 9, 2021

You might think that collecting the tax and filing a tax form is all you need to be sales tax compliant. Ideally, all your sales tax calculations are managed in one system to produce a single report each month with details of all your sales and use tax liabilities. Knowing When and How to Remit Payments.

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inDinero Tax Tips

OCTOBER 22, 2024

You may have heard that Nevada LLC taxes are favorable to business owners. This is true if you plan to do business there, but keep in mind it’s rarely advantageous for out-of-state businesses to incorporate somewhere other than their home state; taxes accrue where you do business, not where you incorporate.

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CPA Practice

NOVEMBER 11, 2024

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. We live and breathe sales tax and license compliance. Plus, earn free CPE credit!

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CPA Practice

DECEMBER 3, 2024

27)—A tax preparer who admitted to filing more than $3 million in fraudulent tax returns on behalf of her clients is facing up to 30 years in prison for her crime. Crawford is not representative of most tax preparers who provide honest services to their clients. (TNS) ATHENS, GA (Nov.

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RogerRossmeisl

NOVEMBER 29, 2021

Do you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses? An account for health expenses A pre-tax contribution of $2,750 to a health FSA is permitted in 2021. For example, they wouldn’t be deductible if you don’t itemize deductions on your tax return.

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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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TaxConnex

MARCH 31, 2022

One such phrase is “sales and use tax.”. We sure know what “sales” tax is. What about Use Tax? Use tax is defined ?as as a tax on the storage, use or consumption of a taxable item or service on which no sales tax has been paid. Use tax or sales tax is due on a sale, but not both. Your ‘choice’.

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ThomsonReuters

MARCH 3, 2025

In a profession known for its measured approach to change, agentic AI is emerging as a transformative force for accountants, redefining the nature of daily work and opening the door to more meaningful (and profitable) relationships with clients. But what is agentic AI, and how is it transforming the accounting profession?

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CPA Practice

NOVEMBER 26, 2024

Brian Tankersley, CPA, and Randy Johnston review HubSync , an all-in-one, modern client platform which automates the tax return and other key processes and provides a single gateway to drive “Best-in-Class” collaboration between professionals and their clients. Randy Johnston 00:04 Welcome to the accounting Technology Lab.

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TaxConnex

SEPTEMBER 17, 2024

Getting the right sales tax on your invoice is a pivotal step in managing your sales and use tax obligation. Sales and use tax is a tax imposed on the use or consumption of a product or service and meant to be paid by the end consumer. Do you have a sales tax obligation?

Sales 264

Sales Tax Technology tax return 264

TaxConnex

NOVEMBER 5, 2020

If your business has an obligation to collect and remit sales tax, then you know how complex the process can be. Automating part or all of the sales tax process is sometimes necessary to maintain compliance. However, in my experience, sales tax automation can be counterproductive in certain situations. What is the correct rate?

Technology 246

Technology Sales Tax tax return 246

ThomsonReuters

DECEMBER 10, 2024

Blog home As artificial intelligence continues to rapidly evolve , a new concept is emerging that tax and accounting professionals need to be aware of: agentic AI. For tax and accounting firms, agentic AI has the potential to dramatically transform workflows, client services, and the nature of professional work itself.

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MyIRSRelief

FEBRUARY 23, 2024

Facing the IRS can be a daunting experience, especially when dealing with unpaid back taxes, unfiled returns, and the looming threat of bank levies. For many, the stress and confusion surrounding tax debt can feel overwhelming. Furthermore, failure to file tax returns can result in hefty fines and legal repercussions.

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ThomsonReuters

DECEMBER 10, 2024

Blog home As artificial intelligence continues to rapidly evolve , a new concept is emerging that tax and accounting professionals need to be aware of: agentic AI. For tax and accounting firms, agentic AI has the potential to dramatically transform workflows, client services, and the nature of professional work itself.

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CPA Practice

OCTOBER 28, 2024

Whether due to a failure to file reports, pay taxes, or meet regulatory obligations, there may be a time when a company falls into bad standing. Most importantly, it saves on the costs associated with continuing to operate after the new year, such as fees as taxes. By Nellie Akalp. When this occurs, dissolution may be a solution.

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AdviceForTaxpreparers

SEPTEMBER 8, 2020

Advice for Tax Preparers Making tax preparers lives easier one blog at a time HOME. Earn $20 per Book Promoting My Tax Preparer Book from Home in Your Spare Time. My name is Bill Meador and I am writing a book to help tax staff succeed in a public accounting firm tax department. by Bill Meador, CPA, JD.

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TaxConnex

APRIL 20, 2021

This time of year, everybody’s mind is on income tax preparation. And for many accountants and CPA firms, this time of year means extra-long hours and more time spent managing clients’ finances. The fact is, when it comes to many companies’ federal and state income tax returns, they don’t rely on an automated income tax return.

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CPA Practice

AUGUST 30, 2024

29—FARMINGTON — An accountant pleaded guilty in Bridgeport Thursday to filing fraudulent tax returns for multiple years after failing to report $1.4 Legowski prepared tax returns for between 400 and 500 individual clients, 50-60 businesses, the U.S. By Hana Ikramuddin New Haven Register, Conn. Attorney’s Office.

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TaxConnex

SEPTEMBER 26, 2023

Usually all retail sales of tangible personal property (TPP) are taxable, but many states have started to tax services. Who the customer is and what they’ll use the TPP for can create a sales tax exclusion, too, such as when selling to a church or government agency. They also take the burden of sales tax obligation off the seller.

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CTP

OCTOBER 28, 2024

In recent years, tax planners have increasingly been recruited to work alongside family offices. Adding a knowledgeable tax planner to their team can greatly increase the value the firm provides its clients. Tax planners should be aware that the smaller the family office is, the more problematic it becomes from a tax perspective.

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Tax Government Real Estate payroll tax 105

Mark Lee

NOVEMBER 18, 2024

What do you really need to promote as an accountant? It’s less common today than it was, but still there are plenty of people, including some accountants, who think accountants are selling their time. You can help them realise this is not the best way to compare accountants. This may be what some clients want.

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Going Concern

AUGUST 14, 2024

We have no way of knowing if Heier Weisbrot & Bernstein, LLC has a tax return backlog. Yet another accounting firm has reported a data breach, this time Heier Weisbrot & Bernstein of Gibbsboro, New Jersey and the details are a bit scarier than just bad actors caught digging around in the firm’s files.

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tax return Tax Vermont New Jersey 112

TaxConnex

OCTOBER 19, 2021

You may think your business is in full compliance with your sales tax obligations nationwide – and you may well be – but America’s 10,000-plus sales tax jurisdictions love to send notices. These days, notices may arrive in snail mail, show up in your email inbox, or simply be posted to your account on the jurisdiction’s website.

Sales 246

Sales Tax tax return Account 246

CPA Practice

NOVEMBER 15, 2024

No one said running a successful accounting practice was easy. The emergence of the latest crop of AI tools – including not just gen AI, but next gen search and knowledge graphs – has enabled transformative new ways of working within accountancies. By Alex Smith. The result? Value pricing is a good fit here.

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RogerRossmeisl

JANUARY 5, 2022

But can you deduct them on your tax return? Here are some items to take into account in determining a possible deduction: Insurance premiums. The post Are You Eligible for a Medical Expense Tax Deduction? You may pay out a bundle in out-of-pocket medical costs each year. It’s possible but not easy.

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Accounting Insight

NOVEMBER 26, 2024

This explains why despite having up to 10 months’ notice to file your Self Assessment tax return, nearly half (46%) of owners are holding off filing until 2-3 months before the 31 st January deadline. 5. In need of more support from the tech and accounting community. 2. On par with the most stressful life events.

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Going Concern

NOVEMBER 8, 2024

This Journal of Accountancy article was mentioned in last Friday’s Footnotes (*ahem* Footnotes a wrap-up of the week’s accounting news from other sources without the sassy GC commentary and is published every Friday at 5 pm Eastern) but honestly it deserves its own article in case anyone missed it.

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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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TaxConnex

SEPTEMBER 15, 2022

If you are a business that must collect and remit sales tax, an audit is probably one of your biggest fears. Rightly so: Sales tax audits can find fault with a variety of your operations and can cost you big– if the determination goes against you. Determining where you have nexus is key to determining your sales tax liability.

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TaxConnex

MARCH 30, 2021

When you think about tax compliance, of any kind, the first thing that comes to mind is filing, or even the tax return itself. Compliance with sales tax goes way beyond that. Here are some other aspects of sales tax that you shouldn’t overlook when trying to ensure your company remains compliant.

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tax return Sales Tax audit 246