article thumbnail

Financial vs Tax Accounting

SMBAccountant

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.

article thumbnail

Changes in 2024 CPA Exam Put Technology Front and Center

CPA Practice

Today’s CPAs need deeper skill sets, more competencies and greater knowledge of emerging technologies and their impact on tax, accounting and audit,” explains the AICPA in unveiling blueprints for the 2024 CPA Exam.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Number of CPA Exam Takers Continues to Dwindle

CPA Practice

Starting in 2024, the redesigned CPA exam places a greater emphasis on technology and analytical skills, as well as on tax, accounting, and audit.

CPA 116
article thumbnail

Nonprofit 990 Tax Compliance: Navigating Challenges with an Enrolled Agent

MyIRSRelief

Resolution through an Enrolled Agent: EAs can ensure that nonprofits comply with international tax obligations, including the reporting of overseas financial accounts and activities. They can also advise on structuring foreign operations to minimize tax liabilities and ensure compliance with U.S. and foreign tax laws.

Tax 130
article thumbnail

Are you ready? The Corporate Transparency Act becomes effective Jan 1, 2024

ThomsonReuters

This presents a unique opportunity for accounting firms and tax accounting professionals to enhance their revenue streams by diversifying their service offerings. This offers an opportunity for accounting professionals to expand the scope of advisory services offered. Who does the Corporate Transparency Act affect?

article thumbnail

How Much Is a Tax Consultant?

xendoo

If your situation requires specialized knowledge about tax codes, fees are usually commensurate with qualifications. What Does a Tax Consultant Do? A tax consultant is trained in tax law and financial accounting. They also should know recent tax law changes on both a federal and state level. .

article thumbnail

Consider This Before Selling Your C-Corp Stock

inDinero Tax Tips

Sometimes, just for fun, we tax accountants love to quiz each other—and today you get a peek into our legendary sense of humor! The answer—both of these tax code sections might save you some serious cash if you’re planning to sell your C-corp stock. Final thoughts from a tax accountant. The gist of section 1202.

Tax 55