Remove financial statements Remove Information Remove tax return
article thumbnail

How to efficiently file a business tax return: A workflow guide for accounting firms

ThomsonReuters

Filing business tax returns is no doubt an intricate process, but with the right workflow, accounting firms can streamline the process, reduce errors, and ensure compliance. Prepare and review the tax return 4. File electronically and track the return 5. Review deduction and credit opportunities 3. Partnership.

article thumbnail

Accounting’s Pricing Conundrum in the Age of Generative AI 

CPA Practice

Tasks that once took multiple days and/or accounting professionals to complete can be readily accomplished in a matter of hours – whether that’s creating detailed tax reports and summaries or gathering reams of financial data to help prepare tax returns.

Insiders

Sign Up for our Newsletter

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

article thumbnail

Statutory reporting: An overview

ThomsonReuters

Statutory reporting is a critical process for multinational corporations, involving the preparation and submission of financial statements to comply with legal obligations across various jurisdictions. Key components of statutory reports include financial statements and ESG disclosures, enhancing stakeholder trust and governance.

article thumbnail

Understanding IRS Letter 725-B: Notice of Appointment to a Field Revenue Officer for Investigation

MyIRSRelief

This letter is part of the IRS’s efforts to ensure compliance with tax laws, address back taxes and to resolve outstanding tax issues. The IRS Letter 725-B is sent to taxpayers to inform them that an RO – revenue officer will be handling their case. What is IRS Letter 725-B?

article thumbnail

Tax workflow for accounting firms: Best practices and automation tips

ThomsonReuters

If there is one thing accountants and tax preparers know for sure, it’s that an efficient tax workflow is key to remaining competitive in an increasingly digital tax and accounting landscape. Let’s take a look at what a digital tax workflow is all about and how it can unlock efficiencies for your accounting firm.

article thumbnail

Navigating IRS Tax Audits: Audit Representation by Mike Habib, EA

MyIRSRelief

When the IRS decides to audit your tax returns, the experience can be daunting and stressful. The process involves meticulous examination of financial documents and can result in significant financial and legal consequences if discrepancies are found.

audit 130
article thumbnail

IRS Offers Resources and Advice During National Small Business Week

CPA Practice

The Internal Revenue Service is offering tax-related information to entrepreneurs in anticipation of the upcoming kick-off of National Small Business Week. Tax topics during the week will include: Monday, April 29. Small business owners must implement data protection safeguards and always be on the lookout for tax-related scams.