CPA Practice

APRIL 9, 2024

As accountants and CPAs, dealing with payroll taxes is essential to managing finances for your business clients. Understanding the details of payroll taxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. for paying state unemployment tax. By Nellie Akalp.

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Going Concern

AUGUST 29, 2024

Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? With our Always-On Recruiting service, access a pool of top remote accounting candidates without any upfront costs. Accountingfly can help!

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TaxConnex

MARCH 31, 2022

Good for California,” the Golden State says that those with a California seller’s permit must pay the use tax due on business related purchases with their sales and use tax return. California state income tax return.”. Easy or not, in many states, use tax is often harder to enforce.

Alabama 246

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CPA Practice

JUNE 1, 2023

None of this common knowledge applies to actually getting your money out of your retirement accounts. In the next few paragraphs, I’m going to outline a standard withdrawal order for which of your accounts to withdraw from and when. These include individual, joint and revocable trust accounts. Don’t get into credit card debt.”

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Accounting Today

NOVEMBER 3, 2023

The service's development of its newly introduced business tax accounts and recent improvements in its tax pro accounts could be jeopardized if funding is cut.

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Shay CPA

DECEMBER 7, 2022

Close your accounts. You’ve probably already thought about closing your bank accounts, but that’s not the only area where you need to get things sorted. Specifically, you should look at: Payroll accounts, including withholding, Department of Labor, and state unemployment insurance accounts. Sales tax accounts.

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MyIRSRelief

OCTOBER 11, 2024

This includes understanding their income, expenses, assets, and liabilities. Identifying Tax-Saving Opportunities: Enrolled Agents can help identify tax-saving opportunities. This might include contributing to retirement accounts, making charitable contributions, and taking advantage of tax credits.

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ThomsonReuters

SEPTEMBER 2, 2021

Simply put, a tax provision is the estimated amount of income tax that a company is legally expected to pay to the IRS for the current year. A tax provision is just one type of provision that corporate finance departments set aside to cover a probable future expense. Current income tax expense.

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MyIRSRelief

MARCH 15, 2021

TIGTA identified 3,185 high-income taxpayers whose accounts were not sent to a private collection agency at any point since the program started in Fiscal Year 2017 and who owed $110 million on modules that were shelved in an inactive inventory as of May 14, 2019. The intentional failure to pay Federal income tax is a crime.

Tax 130

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Cherry Bekaert

JUNE 18, 2024

Contributor: Nick Cousino, Senior Manager A new South Carolina tax credit that encourages private parties to expand the state’s ever-growing trail system went into effect May 13. A taxpayer allowing for a six-foot wide trail for two miles may be eligible to claim an income tax credit of $6,336.

South Carolina 111

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CPA Practice

JANUARY 8, 2024

An enhanced IRS Individual Online Account that includes chat, the option to schedule and cancel future payments, revise payment plans and validate and save bank accounts. IRS.gov, IRS Online Account provide free help Visit IRS.gov to find online tools to help get information needed to file a complete and accurate return.

Tax 133

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Withum

DECEMBER 4, 2024

Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2024 that are phased out over varying levels of adjusted gross income (AGI). Consider relocating your residency and domicile for the purpose of reducing or eliminating your state income tax.

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MyIRSRelief

MARCH 15, 2021

TIGTA identified 3,185 high-income taxpayers whose accounts were not sent to a private collection agency at any point since the program started in Fiscal Year 2017 and who owed $110 million on modules that were shelved in an inactive inventory as of May 14, 2019. The intentional failure to pay Federal income tax is a crime.

Tax 130

Tax income tax tax return audit 130

ThomsonReuters

JANUARY 28, 2022

Tax season is a critically busy time of the year for accountants, and we all know the stress that can come with such a high demand for services during that part of the year. But for some tax and accounting firms, the high volume of clients from January to April represents the majority of their business for the year.

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MyIRSRelief

NOVEMBER 29, 2019

According to the IRS and the US Tax Code, there are three separate taxes that constitute what a business is responsible for as far as a payroll tax to the Federal Government (IRS). The same is true of the Unemployment tax that the business must pay for each employee. Tax debt relief.

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CPA Practice

OCTOBER 5, 2023

When you retire, your taxable income, and thus your tax rates, fall. When you turn on Social Security and start taking distributions from retirement accounts, it pops back up. During this time, you can move money from pre-tax retirement accounts into Roth IRA accounts and pay taxes at your current rate.

Tax 111

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Going Concern

FEBRUARY 6, 2023

Accountancy Today ] Head over to Forbes to read about 28-year-old Nick Hobson , “the accountant who became an unlikely cricket hero in Australia’s Big Bash League.” Someone is going to launch an AI that does better work than 99% of tax/accounting firms and Intuit is going to buy it for a trillion.

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CPA Practice

JANUARY 17, 2023

In most cases, sellers using a marketplace facilitator, such as Amazon, can rely on the facilitator to collect and remit the sales tax on their behalf. Clients planning to have employees working and/or residing in another state must register to comply with the state’s payroll tax regulations. Registered Agents.

South Dakota 111

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xendoo

FEBRUARY 23, 2022

As tax season looms, you may be wondering whether you should have an accountant prepare your taxes. In addition to considering how much an accountant costs , you’ll also want to consider how long an accountant will take to do taxes compared to trying to do it yourself. Tax Accounting Software.

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CPA Practice

JANUARY 29, 2024

Online Account. An enhanced IRS Individual Online Account that includes chat, the option to schedule and cancel future payments, revise payment plans and validate and save bank accounts. Get free help preparing and filing taxes electronically Taxpayers can visit IRS.gov 24 hours a day to get answers to tax questions.

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MyIRSRelief

SEPTEMBER 6, 2024

Understanding the Tax Landscape for Small Businesses and the Self-Employed Key Tax Obligations Small businesses and self-employed individuals have several tax obligations that they must fulfill. This involves filing annual tax returns and making estimated tax payments throughout the year.

Tax 130

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CTP

NOVEMBER 9, 2023

They will need to be aware of the difference between short-term capital gains (taxed at ordinary income tax rates) versus long-term capital gains (taxed at lower capital gains tax rates). Holding onto an investment for more than a year can pay off by reducing overall taxes.

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Anders CPA

MARCH 25, 2024

Mistake #1: Using One Bank Account for Multiple Purposes Solution: Have an operating account, a cash reserve account, a tax account, and a client trust account. Operating account and cash reserve: You’ll want to set up two accounts for your working capital: an operating account and a reserve account.

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Withum

JANUARY 14, 2022

Withum, a national top 25 accounting and advisory firm, announced today that Pat Walsh , Partner and Market Leader for Withum’s National Tax Services Practice, will succeed CEO and Managing Partner Bill Hagaman , after his term ends in 2023. Bill Hagaman, CPA, CGMA Managing Partner and CEO, Withum.

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CPA Practice

JANUARY 27, 2023

RMD Age Increased Individuals saving for retirement via individual retirement accounts (IRAs) and most employer-sponsored retirement accounts must begin taking required minimum distributions (RMDs) when they hit a certain age. reduces this tax to 25% in 2023. This age limit increases to age 73 in 2023 and age 75 in 2033.

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Reckon

JUNE 21, 2022

All you need is a few software tools…and two separate business bank accounts! (A A fundamental understanding of your tax schedule is also very helpful.). Take heed of our sound tactics to better manage your income and taxes to avoid a massive tax bill in the future. 1) Know your tax bracket and tax rates.

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MyIRSRelief

MAY 15, 2024

Understanding the Importance of Maintaining Tax-Exempt Status One of the primary concerns for any nonprofit is maintaining its tax-exempt status under IRC Section 501(c)(3). This status exempts nonprofits from federal income tax on their earnings related to their exempt purpose. and foreign tax laws. A : Not quite!

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CPA Practice

APRIL 24, 2024

A new bill recently introduced by lawmakers in both the House of Representatives and the Senate would improve the IRS’s math error procedures—a power used by the agency to quickly adjust a taxpayer’s federal income tax return if it contains a simple mistake or clerical error. Your account balance is zero.

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CPA Practice

JUNE 15, 2023

The American Rescue Plan Act of 2021, which was approved by Congress and enacted on March 11, 2021, expanded the child tax credit and authorized monthly payments, with differing amounts, to eligible individuals and families based on their adjusted gross incomes and, if they have kids, their children’s ages. This process uncovered 3.8

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ThomsonReuters

JANUARY 18, 2024

Jump to: What are the roles and responsibilities for accountants? Accountant vs. CPA vs. tax preparer: What are the differences? GAAP and AICPA What issues should accountants be aware of in the profession? How can accountants be more efficient? Accountant responsibilities extend far beyond number crunching.

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CPA Practice

AUGUST 28, 2024

Since their inception, Roth IRAs have allowed taxpayers to establish accounts either through direct contributions or by converting a traditional IRA into a Roth IRA, a process referred to as a Roth conversion. This rule applies to all Roth IRAs, including inherited accounts and conversions from traditional IRAs. SECURE Act 2.0

Tax 115

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Pooley Accounting Services

SEPTEMBER 2, 2021

At first glance, it may seem like all accounting professionals fit in the same box and offer the same skillset. The bookkeeper is responsible for making sure these entries are made into the correct accounts and that everything is accurate. . Without timely, accurate bookkeeping, the accounting process can’t even begin.

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xendoo

FEBRUARY 15, 2022

How Do Tax Advisors Set Their Prices? A tax consultant will charge a fee based on different factors. The National Society of Accountants (NSA) reports that tax consultants typically charge between $176 and $457. It may cost more if you are filing more complex and specialized tax forms. Complexity of Services .

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CTP

NOVEMBER 9, 2023

Planning for retirement also means planning for retirement income taxes. Creating a tax plan for retirement will ultimately allow you to spend less money on taxes and put more toward the lifestyle you want. Taxable non-retirement investments or brokerage accounts. Pre-tax retirement funds. Social Security.

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Going Concern

NOVEMBER 16, 2023

Gain full access to a pool of highly skilled and experienced remote freelance accountants ready to join your team with with no up-front cost. We are sharing a sneak peek of a few top freelance accounting candidates available this week with Accountingfly. Let us connect you to experienced accountants to fill the needs of your team.

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CPA Practice

FEBRUARY 15, 2025

The CPA Practice Advisor Weekly Tax News Roundup is a weekly recap of tax-related news from the past week. From IRS news and tax court cases, to state, SALT, legislation and other related areas, the roundup can help you catch-up on recent changes. Let us know if you like this new feature using the. Read more »

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Baruch Lev

JULY 11, 2021

The Wall Street Journal reported (July 1, 2021) that the International Accounting Standards Board (IASB), the accounting body that sets the financial reporting rules of public companies in more than 140 jurisdictions ? So EDGAR, with advanced search capabilities is a major go to source for investors interested in accounting data.

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