RogerRossmeisl

NOVEMBER 6, 2023

When preparing a business valuation, quantitative data — from tax returns, financial statements, contracts and other sources — is important. But there’s more to a company than numbers. Qualitative factors also contribute to a company’s overall value. Websites and marketing materials can provide only limited insight.

tax return 180

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CPA Practice

AUGUST 16, 2024

Launched in 2005, CAP helps large corporations improve federal tax compliance. Resolve issues before filing tax returns and comply with federal tax laws. Ensure accurate tax returns, shortening the IRS audit process. The application period lasts until Oct.

Tax 105

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MyIRSRelief

MARCH 29, 2024

In the bustling city of Whittier, California, businesses face a myriad of tax-related challenges that can significantly impact their operations and financial health. From business tax preparation to dealing with unpaid back taxes and navigating complex audits, the tax landscape can be daunting.

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CPA Practice

APRIL 9, 2024

By Oren Koren Tax season is underway, which means cyber criminals are hard at work. With the plethora of highly sensitive personal and financial data being shared between firms and clients, it’s the perfect time for bad actors to strike, especially as the April 15th deadline inches closer and CPAs push to get more done with less time.

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MyIRSRelief

JULY 12, 2024

This letter is part of the IRS’s efforts to ensure compliance with tax laws, address back taxes and to resolve outstanding tax issues. This letter is typically issued when there are significant tax issues that require in-depth investigation and resolution. What is IRS Letter 725-B?

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MyIRSRelief

OCTOBER 2, 2023

You don’t have a lot of money to spend on accounting and tax services. The truth is, accounting, taxes and bookkeeping are essential for all businesses, regardless of size or age. To comply with tax laws. These programs can help you track your income and expenses, generate financial reports, and file your taxes.

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CPA Practice

SEPTEMBER 12, 2024

The Internal Revenue Service has issued proposed regulations to provide guidance on the Corporate Alternative Minimum Tax (CAMT). The Inflation Reduction Act created the CAMT, which imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of large corporations for taxable years beginning after Dec.

Tax 106

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ThomsonReuters

DECEMBER 4, 2024

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. Corporation.

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xendoo

FEBRUARY 15, 2022

If you own a business or earn a significant income, you may be wondering how to manage your tax situation and how much a tax consultant costs. There is a lot to consider when weighing the costs and benefits of hiring a tax consultant. A tax consultant can help with any of these issues. What Does a Tax Consultant Do?

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FraudFiles

OCTOBER 19, 2021

Tax returns can be one of the most important pieces of information a forensic accountant evaluates in a divorce case. Of course, there are other very important financial documents, but income tax returns provide summary information about of lot of financial issues, including income, expenses, and assets.

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CPA Practice

APRIL 28, 2024

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.

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Basis 365

FEBRUARY 15, 2023

Bookkeepers' duties vs. Tax Accountants Bookkeeping duties A bookkeeper's responsibility is to keep track of your company's daily transactions, preferably in an accounting program like Xero or QBO. This will allow you and your accountant to make better financial decisions. Why not hire bookkeepers and tax accountants for the year?

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TaxConnex

OCTOBER 12, 2023

And one thing that can pound a stake through the heart of a promising M&A is unearthing past tax liability during due diligence. Enter past-due sales tax, a sometimes-overlooked and haunting liability that might not get the attention of, say, overdue income or property tax, until it’s too late. Requirements can vary widely.

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CPA Practice

SEPTEMBER 15, 2023

The IRS is asking taxpayers for their thoughts on how the agency can improve and expand its tax certainty and issue resolution options for businesses of all sizes. The IRS is also evaluating the value of new or alternative programs to advance tax certainty and issue resolution for businesses. Under Initiative 2.4 Under Initiative 2.4

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MyIRSRelief

AUGUST 23, 2024

The IRS offers several programs to help taxpayers manage their tax debt, including payment plans, offers in compromise, and other relief options. In this article, we will explore these options in detail and discuss how our representation tax firm can assist you in navigating these complex processes.

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Snyder

OCTOBER 30, 2022

Taxes add a big chunk to this plate. Tax filing deadlines and taxes themselves become a really big deal for e-commerce business owners, adding even more stress to their busy lives. But is there a way to escape tax filing season disturbance? How much do small businesses pay in taxes? How to file income tax?

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FraudFiles

JULY 5, 2023

When one or both spouses have an ownership interest in a business, it is critical to get both income tax returns and financial statements for the entity. It is impossible to fairly evaluate the business and the income from it without both of these. Many times we meet resistance from …

tax return 52

tax return business tax Tax income tax 52

MyIRSRelief

MARCH 15, 2023

As a trucker, filing taxes can be a daunting task. The paperwork, deadlines, and complex tax laws can leave you feeling overwhelmed and uncertain about your tax obligations. However, failing to file your taxes can have severe consequences, including back taxes, penalties, and even legal action.

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MyIRSRelief

OCTOBER 1, 2019

If you are facing payroll tax problems, then you have a serious issue on your hands. This is especially true for small business owners and entrepreneurs who may not have the knowledge, experience, or skill set to understand how tax issues with their 940/941payroll and employment got out of hand. 941/940 Payroll Tax Employment Issues.

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Snyder

DECEMBER 28, 2022

Many small business owners often feel like they might be a heartbeat away from the IRS tax audit. percent of small businesses are getting tax audited. What’s interesting is that the less income you have, the higher the chance of a tax audit. What is a tax audit? Meeting a tax auditor is as frightening as meeting a ghost.

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SMBAccountant

DECEMBER 21, 2022

Auditors provide opinions on the accuracy and reasonableness of financial statements. Forensic accountants research financial transactions to uncover fraud. Tax accountants specialize in IRS law and completion of tax returns. Tax accountants specialize in IRS law and completion of tax returns.

bookkeeping 130

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xendoo

FEBRUARY 25, 2022

Be Ready for Tax Season. No one enjoys tax season (not even accountants), but paying taxes is a required part of keeping your business tax compliant. If you don’t have accurate records, you may miss out on deductions or income on your tax returns. Inconsistencies in Financial Statements.

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CTP

OCTOBER 28, 2024

In recent years, tax planners have increasingly been recruited to work alongside family offices. Many large CPA firms offer financial advisory services including family office services for high-net-worth families. Adding a knowledgeable tax planner to their team can greatly increase the value the firm provides its clients.

Tax 105

Tax Government Real Estate payroll tax 105

SMBAccountant

MAY 17, 2024

It will also have tax implications and different regulatory compliances the business will have to follow. In a lot of cases, you will need to complete tax registration to obtain an Employer Identification Number (EIN) from the IRS. Establish a system for collecting and remitting sales tax if required.

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ThomsonReuters

JULY 25, 2023

A recent article from Thomson Reuters, “ Baker Tilly’s Michele Donohue Makes the case for Automation in Tax Practice ,” discusses the benefits of automation in tax practice, as well as the role of artificial intelligence. Let’s take a look.

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ThomsonReuters

AUGUST 25, 2023

Jump to: How does depreciation affect corporation taxes? What is the depreciation guidance for corporate alternative minimum tax? With tax obligations on the rise, your role as a trusted advisor is bound to grow in importance. Furthermore, 73% said they expected their total tax liability to increase over the next 12 months.

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Withum

DECEMBER 4, 2024

The corporate tax rate is currently a flat 21% rate. There is also a 15% corporate alternative minimum tax (CAMT) based on book income for companies with average annual adjusted financial statement income exceeding $1 billion. Please work with your tax advisor for future planning.

Tax 105

Tax income tax Construction Non-Profits 105

CPA Practice

JUNE 8, 2023

The IRS and the Treasury Department said on June 7 that it will provide penalty relief for corporations that failed to pay their estimated tax liability under the new corporate alternative minimum tax (CAMT), which was created last year by the Inflation Reduction Act. 31, 2022, and before Jan. 1, 2024, according to Notice 2023-42.

income tax 105

income tax financial statements tax return Tax 105

CPA Practice

NOVEMBER 15, 2024

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.

tax return 115

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CPA Practice

AUGUST 28, 2024

CPA Practice Advisor has announced the 2024 Tax and Technology Innovation Award winners and finalists. After voting by the awards committee panel each year, the top five products are presented as winners of the Tax and Accounting Technology Innovation Awards. In 2004, under the editorial leadership of Gregory L.

Technology 124

Technology accounting firms Account accounted 124

ThomsonReuters

APRIL 23, 2021

Whether you’re looking to branch out and start your own firm, or you’re a current small firm owner, the idea of continuing to evolve and design your tax and accounting firm is a constant in your mind. Paul Miller’s path into tax and accounting started different than most because it didn’t start in the industry. “I

accounting firms 98

accounting firms Tax Account accounted 98

CPA Practice

JUNE 24, 2024

Tax Preparation Checklist: A comprehensive list of documents and information needed from clients for tax preparation, such as income statements, expense receipts, and previous tax returns. Year-End Tax Planning Checklist: A tool for clients to prepare for year-end tax considerations and planning strategies.

accounting firms 124

accounting firms cpa firm Account accounted 124

ThomsonReuters

AUGUST 2, 2022

With many tax and accounting professionals choosing to take a break or pursue other passions, smaller firms are finding that remaining team members are wearing multiple hats and are at risk of burnout. Increasing productivity with tax technology. So, how can tax technology boost the agility of your firm? Detect inaccuracies.

Technology 98

Technology Tax Non-Profits tax preparation 98

CPA Practice

JUNE 12, 2023

The IRS and the Treasury Department said on June 7 that penalty relief will be provided for corporations that failed to pay their estimated tax liability under the new corporate alternative minimum tax (CAMT), which was created last year by the Inflation Reduction Act. 31, 2022, and before Jan. 1, 2024, according to Notice 2023-42.

income tax 98

income tax financial statements tax return Tax 98

PANALITIX

MAY 4, 2022

Effective production in an accounting business requires these skills: Technical skills, meaning the knowledge and experience of Accountants or bookkeepers to prepare tax returns and financial statements. Some are highly skilled and experienced while others have more basic skills. Principle 4: Put people in their roles.

tax return 130

tax return bookkeeping accounting and finance financial statements 130

xendoo

DECEMBER 3, 2021

Between catching their breath after tax season and managing holiday traffic and sales, year-end bookkeeping and accounting tasks understandably fall to the bottom of the to-do list. . Reviewing bank and credit card statements to confirm that they match. . Accurate records ensure reliable financial statements. Form W-9 .

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Basis 365

JUNE 26, 2022

The IRS wants you to comply by having good books and records to substantiate the amounts you put on your business tax return. You need to dive into the financial statements and understand the relationship between the different statements: Profit & Loss, Balance Sheet, and Cash Flow.

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