Nancy McClelland, LLC

JANUARY 16, 2024

For example, if you’re trying to prepare a tax return for a prior-year and need a list of all the informational documents filed with the IRS that are associated with your SSN, you’d want a Wage & Income Transcript. The best news where downloading any transcript is concerned?

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Nancy McClelland, LLC

FEBRUARY 6, 2022

If a taxpayer did not receive the full amount, then they are entitled to recoup the difference on their annual tax return. We’ve come to the conclusion that the best solution to these concerns is to continue to ask clients to download their annual Account Transcript and provide it to us via secure upload.

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Account accountant accounted tax return 52

ThomsonReuters

JULY 10, 2024

While routine manual tasks, audit documentation, and back-office functions like procurement and accounts payable are often the initial focus of these automation efforts, larger firms have extended this approach to handle the vast volumes of data generated by complex corporate tax returns.

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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. And now we’re superstars to them.

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CPA Practice

JUNE 28, 2023

By now, most tax preparers are aware they need to comply with the FTC Safeguards Rule and IRS Publication 4557. And what if you don’t provide tax? By Chris Farrell, CPA. Failure to do so could result in stiff penalties, yet many firms have not been able to make this a priority.

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ThomsonReuters

OCTOBER 3, 2024

← Blog home For most accounting firms, tax preparation is a cornerstone of their business. According to a recent survey of 180 tax professionals at accounting firms, 88% of respondents indicate that their firm currently offers tax advisory services.

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CPA Practice

JULY 5, 2024

The Internal Revenue Service is providing a tax relief extension for individuals and businesses in Oklahoma that were affected by severe storms, straight-line winds, tornadoes, and flooding that began on May 19, 2024. 1, 2024, to file various federal individual and business tax returns and make tax payments.

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Withum

APRIL 25, 2024

Anything of an ongoing or permanent nature can be transferred to a more permanent file after your tax return is completed and filed. Having all your new documents together when you have your return prepared can jog your memory and could lead to a tax benefit. As information is received or arises, put it there.

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CPA Practice

NOVEMBER 9, 2023

Featured Improvements to Intuit Accountant’s product suite for 2023 include: Updates to ProConnect Tax IRS transcripts direct access – Pull client’s data, straight from the IRS into ProConnect Tax, with the IRS transcripts feature to complete fast, accurate returns with less client back and forth.

Real Estate 52

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ThomsonReuters

SEPTEMBER 19, 2023

When it comes to the tax and accounting space, AI can essentially do the work of a human professional in preparing an individual’s tax returns or auditing a business of virtually any size. Download our “Future of professionals” report to learn more. Scary, right? Improved accuracy.

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ThomsonReuters

JANUARY 18, 2024

Accountant vs. CPA vs. tax preparer: What are the differences? Preparing tax returns. Accountant vs. CPA vs. tax preparer: What are the differences? Accounting professionals may find that some outside of the profession do not fully understand the differences between an accountant and a tax preparer.

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Ronika Khanna CPA,CA

FEBRUARY 23, 2023

Probably the most popular question posed to accountants and tax preparers (especially around this time of year) is “what types of expenses are deductible?”. Digital download (ebook) Available at Amazon Tax Deductions: What types of expenses are deductible? Corporations are required to file a separate corporate tax return.

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xendoo

DECEMBER 14, 2020

Tax Return or Notice. 1040, 1040A, 1040EZ, health care Form 1040, retirement plan 5329 or tax-favored account 5329. Estimated Tax 1040ES. This can be part of the e-filing process using tax preparation software or a tax professional; it is not available otherwise. Extension 486. 1040, 1040A, 1040EZ.

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ThomsonReuters

JUNE 6, 2024

The 2024 Generative AI in Professional Services Report from the Thomson Reuters Institute offers insight on GenAI perceptions and usage based on responses from nearly 1,200 professionals from across various industries, including the tax and accounting profession. The post What impact will GenAI have on the tax and accounting profession?

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Ronika Khanna CPA,CA

FEBRUARY 10, 2023

This in turn reduces stress as tax deadlines approach and can result in significant potential tax savings as you keep track of all your tax deductions and avoid interest and penalties. See also 2023 tax deadlines pertaining to the 2022 taxation year Digital Download Available at Amazon What is a t2125?

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inDinero Tax Tips

NOVEMBER 16, 2021

At the federal level, there are three benefits of tax equity in solar: The solar investment tax credit (ITC) – Currently standing at 26%, the solar investment tax credit provides a draw against your federal income tax liabilities equal to a portion of the solar panel’s purchase price. The post What is Solar Tax Equity?

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inDinero Tax Tips

NOVEMBER 16, 2021

At the federal level, there are three benefits of tax equity in solar: The solar investment tax credit (ITC) – Currently standing at 26%, the solar investment tax credit provides a draw against your federal income tax liabilities equal to a portion of the solar panel’s purchase price. The post What is Solar Tax Equity?

Tax 52

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CPA Practice

JULY 27, 2023

Here are some of them: Tax Preparation and Filing : This is often the most time-consuming task in an accounting firm, especially during the tax season. It involves collecting and organizing client data, analyzing it to ensure compliance with tax laws, preparing tax returns, and filing them on behalf of clients.

Technology 98

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Ryan Lazanis

AUGUST 22, 2022

Tasks with deadlines, like tax preparation, need to be logged and then assigned to team members so that you can all collaborate together. Tasks (where all your tasks and deadlines, like tax preparation, are for that project). Milestones (ie. Messages (for you to chat about project items). Add dependencies. Forecast time.

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Ryan Lazanis

MAY 4, 2023

These functionalities can help manage complex tasks that require input and coordination from multiple team members, such as tax preparations or financial statements. If your team is working on preparing a tax return for a client, you can set up email notifications to ensure they won’t miss anything easily.

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xendoo

JULY 6, 2022

Instead of using a scanner, you download the app on your phone and use your camera to take a photo of the receipt. The IRS recommends that you keep certain financial records for at least three years after filing a tax return. You can scan receipts when you download the QuickBooks app. Why do businesses need receipt apps?

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Accounting Insight

FEBRUARY 1, 2024

Such a business tax enquiry is not to be confused a regular compliance check into personal tax returns or simpler corporation tax returns, which typically focus on a single tax year or accounting period, and sometimes just a handful of aspects. What is a business tax enquiry / hmrc corporate enquiry ?

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Ryan Lazanis

APRIL 4, 2022

4) If you provide tax preparation services, they’re a great way to avoid a crazy tax season. A hectic tax filing season exists because many accounting firms don’t have enough money coming in throughout the year, so they have to jam as many tax returns as possible into a short tax season just to bring in additional revenues.

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Nancy McClelland, LLC

JANUARY 11, 2025

Once you have submitted your return, you can use the agencys Wheres My Refund tool to check the status. If you do not file a tax return for three years after the due date, the IRS will no longer issue a refund. For one, they will not be able to represent you in front of the IRS if your return is selected for examination.

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Going Concern

JUNE 21, 2024

Others have faced pushback from potential new auditors leery about starting financial checks from scratch, ex-Borgers clients told Bloomberg Tax. Global Audit Quality Report: a commitment to continuous improvement [ EY Global ] The full report can be downloaded at that link.

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