ThomsonReuters

FEBRUARY 4, 2025

Jump to Key areas where AI enhances tax services in large firms Barriers to AI adoption in large firms and overcoming them Embrace AI in your large firm for a competitive edge The tax and accounting industry is on the brink of a significant transformation, driven by the integration of artificial intelligence (AI) and generative AI (GenAI).

accounting firms 98

accounting firms Tax accountant accounted 98

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.

tax return 116

tax return Tax tax preparation Florida 116

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.

Connecticut 95

Connecticut tax return Tax income tax 95

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.

accountant 86

accountant accounted Account tax return 86

TaxConnex

JULY 18, 2024

Sales Tax Accruals Ensure that sales tax is stated in your general ledger as a separate GL account number. This separation helps in clearly identifying and tracking sales tax amounts. Returns/Credits Returns and credits should be clearly identified in your accounting system.

audit 264

audit Sales Tax tax return 264

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.

Sales 264

Sales Tax accountant accounted 264

PANALITIX

DECEMBER 3, 2020

Finding Your Niche: Lessons from Accountants on the Specialization Journey. Accounting businesses are thinking ahead to 2021… and Panalitix is fortunate to be working closely with many of them in North America, Europe, Australia and New Zealand. Most accountants fear this step. RESOURCES / ARTICLES. Take Responsibility.

accountant 231

accountant accounted Account North Carolina 231

CPA Practice

OCTOBER 28, 2024

File a Final Tax Return When dissolving a business, one of the key steps is filing the last federal, state and local tax returns. Any outstanding tax obligations must be paid. If applicable, final payroll tax returns must also be filed and payroll accounts closed, as well as any sales tax.

tax return 116

tax return payroll tax payroll Legal 116

MyIRSRelief

OCTOBER 11, 2024

Get help today by calling us at 1-877-78-TAXES [1-877-788-2937]. Personal Tax Preparation Personal tax preparation is one of the most common services provided by Enrolled Agents. This service involves preparing and filing individual tax returns, ensuring that all income, deductions, and credits are accurately reported.

tax services 130

tax services payroll tax Tax tax preparation 130

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.

tax return 112

tax return Tax Vermont New Jersey 112

CPA Practice

OCTOBER 23, 2024

This simple yet crucial step can provide an added layer of security, helping protect against tax-related identity theft. The IRS encourages taxpayers to sign up for IRS Online Account , which provides a quick and easy way to obtain an IP PIN. Once an IPPIN is issued, it must be on both electronic and paper returns.

tax return 105

tax return Tax online accounting tax preparation 105

MyIRSRelief

FEBRUARY 23, 2024

When a taxpayer fails to pay their taxes despite repeated notices and warnings, the IRS can issue a levy, allowing them to seize funds directly from the individual’s bank accounts. This can be a sudden and jarring experience, as individuals may find their accounts drained without prior warning.

tax return 130

tax return Tax CPA accounting and finance 130

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.

tax return 110

tax return CPA cpa firm Tax 110

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.

tax return 115

tax return audit accounting firms Tax 115

Xero

NOVEMBER 18, 2024

Simple and efficient: Xero streamlines partnership tax management by bringing everything into one platform, making it easy for the whole team to use and collaborate on tax returns together. Use Xero Tax for more of your clients: Xero Tax is designed to make it easy to prepare accounts and tax where your clients are using Xero.

Tax 86

Tax tax return bookkeeping accountant 86

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?

Tax 64

Tax accountant accounted Account 64

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. District Judge Tilman E.

tax preparation 97

tax preparation Georgia tax return Tax 97

RogerRossmeisl

DECEMBER 10, 2022

Donating to charity In 2022, in order to receive a charitable donation write-off, you must itemize deductions on your tax return. First, don’t give away investments in taxable brokerage accounts that are currently worth less than what you paid for them. What if you want to give gifts of investments to your favorite charities?

tax return 241

tax return CPA Tax accounted 241

TaxConnex

DECEMBER 12, 2023

Most states’ sales tax registration forms ask for Social Security or driver’s license numbers (or both) of at least one corporate officer or executive. And in a case similar to one that might have involved sales tax, the president of a corporation was properly held liable for the corporation’s unpaid Ohio personal withholding taxes.

Sales 263

Sales Tax Ohio Georgia 263

Accounting Today

AUGUST 26, 2024

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

tax return 135

tax return Tax Account accountant 135

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.

tax return 246

tax return Sales Tax audit 246

TaxConnex

NOVEMBER 9, 2021

Bear in mind, though, that as your business grows, you may need different sales tax processes. Once a sales tax return is prepared, it must get filed and paid. These 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 general ledger Tax tax return 246

RogerRossmeisl

MAY 15, 2023

If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently asked questions addressing when certain costs are qualified medical expenses for federal income tax purposes. of your adjusted gross income. of your adjusted gross income.

income tax 245

income tax tax return CPA Tax 245

TaxConnex

JULY 9, 2024

Yet often we see differences between a client’s billing system and their tax reporting. You could be billing taxes within your billing system and yet haven’t filed a single sales tax return and haven’t tracked the tax data to be aware of a future filing obligation. Tax types and nexus pose other wrinkles.

Sales 264

Sales Tax Colorado tax return 264

CPA Practice

DECEMBER 11, 2024

Required minimum distributions (RMDs) are amounts that many retirement plan and IRA account owners must withdraw annually. Act: The new law raised the age that account owners must begin taking RMDs, while eliminating RMDs for Designated Roth accounts in 401(k) and 403(b) retirement plans.

tax return 85

tax return income tax Tax Account 85

SMBAccountant

MARCH 8, 2023

One type of accounting that is well-known is tax accounting. According to Investopedia, tax accounting is “a structure of accounting methods focused on taxes rather than the appearance of public financial statements”. Tax accounting applies to individuals, businesses, and corporations.

tax accountant 130

tax accountant Tax accountant accounted 130

AdviceForTaxpreparers

SEPTEMBER 8, 2020

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. Now I understand the first reaction of many accountants to the concept of selling anything. by Bill Meador, CPA, JD.

tax preparation 246

tax preparation Tax cpa firm tax return 246

RogerRossmeisl

APRIL 21, 2022

Items that are IRD, however, do have to be included in your income, although you may also be entitled to an IRD deduction on account of them. It is income that the decedent (the person from whom you inherit the property) would have taken into income on his or her final income tax return except that death interceded. What’s IRD?

income tax 246

income tax tax return CPA Tax 246

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!

Tax 116

Tax Indiana Technology CPA 116

RogerRossmeisl

DECEMBER 12, 2020

In a more typical year, crooks use stolen business identities to file fraudulent tax returns, apply for credit and empty bank accounts. You can thank the pandemic — and the government’s release of relief and recovery funds to qualified U.S. businesses — for this remarkable number. Is your business vulnerable?

tax return 232

tax return CPA Tax accounted 232

Withum

FEBRUARY 5, 2025

Appropriate accounting practices are crucial for real estate entities not only to manage daily operations, but also to ensure tax readiness and compliance. Selecting the Appropriate Accounting Method The choice between cash and accrual accounting methods can significantly impact financial reporting and tax filings.

Real Estate 59

Real Estate Tax accountant accounted 59

ThomsonReuters

FEBRUARY 6, 2025

In the fast-paced world of accounting and tax preparation, every minute counts. As an accountant or CPA, youre often juggling multiple clients, deadlines, and tasks, which can lead to overwhelming stress and burnout. Examples include filing urgent tax returns or addressing critical financial discrepancies.

cpas 52

cpas accountant accounted Account 52

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.

Sales 214

Sales Tax tax return income tax 214

CPA Practice

MARCH 5, 2025

15 of four counts of tax evasion and four counts of filing false tax returns in tax years 2014 through 2017. Ndubizu was sentenced to two years in prison after being convicted on Aug.

Tax 110

Tax tax return accountant accounted 110

RogerRossmeisl

NOVEMBER 13, 2022

IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation if your return is among those selected to be examined. From tax years 2010 to 2019, audit rates of individual tax returns decreased for all income levels, according to the GAO.

audit 223

audit tax return CPA Tax 223

TaxConnex

JANUARY 4, 2022

But what about the information in your actual return – do you understand how the data you input is projected onto what you file and remit? You can’t forget that someone needs to connect the dots on your sales tax return before you sign it and send it in – to do anything else invites an eventual visit from the auditor.

tax return 242

tax return Sales Tax Start-ups 242

Xero

DECEMBER 9, 2024

UK: Save time and manage all your clients’ compliance needs in one place with Xero Tax [Product Idea ] For UK accountants and bookkeepers, you can now use Xero Tax to prepare and file partnership tax returns with HMRC. This means you can manage the vast majority of compliance tasks and all in one place.

bookkeeping 93

bookkeeping tax return Tax Sales 93