TaxConnex

SEPTEMBER 12, 2023

As an outsourced sales tax department for businesses with a sales tax obligation, TaxConnex removes the burden of sales and use tax returns filing by completely managing it for their clients.

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Ronika Khanna CPA,CA

MAY 3, 2024

Despite your (and/or your accountants’)best efforts , occasional errors or omissions relating to your personal tax return are unavoidable. It is possible that you forgot to include a tax slip, overstated your expenses or was unaware of a specific tax credit. the new home buyer’s credit or the hybrid car tax credit.

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MyIRSRelief

MAY 2, 2022

Amending and or correcting a US corporate 1120 or 1120S business tax return (1120X), there are many reasons to do so: Corporate business returns often require amendments to correct errors or to claim overlooked income, deductions or tax credits after the filing of the returns, if located in Los Angeles, CA or other city.

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FraudFiles

DECEMBER 11, 2023

Income tax returns are an important piece of financial information in a divorce or child support case. There is so much information that can be obtained from the tax returns, and if we have several years of data, we can make comparisons from year-to-year. In the video below, Tracy talks …

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FraudFiles

AUGUST 28, 2024

While consumers generally hate income tax returns because of their complexity, they can be invaluable sources of information in divorce proceedings. They may be used to unearth financial information that a spouse omitted from the [.]

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Ronika Khanna CPA,CA

APRIL 19, 2024

Residents of Canada are required to reflect all sources of worldwide income on their personal tax returns. If you do make a withdrawal during the year, you will receive a T4RSP slip which is to be reported on your tax return. Tax Slip: Boxes 10, 11 and 12 of the T5 Slip.

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Withum

APRIL 12, 2022

The tax due date for most individual tax returns this year is April 18. If you are unable to complete your return to file by April 18, you can file for an extension to submit your return by October 17. However, the extension does not cover the payment of the tax due.

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ThomsonReuters

AUGUST 1, 2022

The public perception of accountants is typically described as compliance processors or number crunchers—people who balance books and prepare tax returns. Unfortunately, this limited view clouds the true value of accounting professionals and can lead to some people choosing do-it-yourself tax software. What are their challenges?

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ThomsonReuters

NOVEMBER 8, 2022

Today’s accountants must not only be up to date on the latest tax regulations, but also understand accounting technology and how it can be leveraged to boost efficiency, accuracy, and productivity. How is information technology used in accounting? What are the benefits of accounting information technology? .

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CPA Practice

OCTOBER 17, 2023

This will help us gather important information about the future direction of the Direct File program.” According to the IRS, Arizona, California, Massachusetts, and New York have decided to work with the agency to integrate their state taxes into the Direct File pilot program for the 2024 filing season.

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Anders CPA

FEBRUARY 27, 2024

With the right information on hand, filing taxes for the deceased can be done with minimal stress and effort. Preparation and the right answers to questions like who gets the tax refund, who is responsible for paying taxes and how to file a tax extension can help simplify the process.

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RogerRossmeisl

OCTOBER 13, 2024

As appearing at the IRS web page entitled “IRS Audits” An IRS audit is a review/examination of an organization’s or individual’s books, accounts and financial records to ensure information reported on their tax return is reported correctly according to the tax laws and to verify the reported amount of tax is correct.

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TaxConnex

OCTOBER 20, 2020

Consumer’s Use tax is imposed on the storage, use or consumption of a taxable item or service on which no sales or seller’s use tax has been paid. These forms and the corresponding tax you are required to remit are determined and set up by the state based on the company’s initial registration as a taxpayer in that state.

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Withum

MAY 20, 2024

Have you been too busy to file your tax return for multiple years and just couldn’t get around to it? Have you recently received a letter inviting you to file back tax returns? With its vast database of taxpayer information and sophisticated technology, the IRS is well-equipped for this task.

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FraudFiles

MAY 30, 2023

Everyone knows about the typical sources of financial information in divorces. Income tax returns, bank statements and related documents, brokerage statements, credit card statements, and business financial statements are some of the most common. …

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DMCL

MARCH 11, 2022

Our 2021 Personal Tax Return Checklist is designed to help you make this process as easy and efficient as possible. It also assists us in ensuring we have information that is as complete and accurate as possible to assure your taxes are minimized and correctly reported.

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Withum

FEBRUARY 1, 2024

Last year is a closed book for most transactions that will be reported on your 2023 tax return. However, there are some things you could do now that would simplify your tax return for 2024 and later years and also reduce the fees you pay a professional preparer. Here are some actions to consider.

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Cherry Bekaert

JUNE 9, 2023

taxpayers that own or control certain foreign corporations, foreign partnerships or foreign trusts are required to disclose the activities, usually with forms attached to a tax return. A recent Tax Court Ruling for Farhy v. Commissioner and International Information Reporting Penalties appeared first on Cherry Bekaert.

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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

JUNE 10, 2023

While the FTC Safeguards rule designed to protect financial and PII (personally identifiable information) has been around for decades, as of June 9, 2023, compliance of various components including a Written Information Security Plan, or WISP, became mandatory!

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Dent Moses

MAY 30, 2023

In most cases, the IRS can audit, propose adjustments, and assess additional tax up to 3 years after the later of (a) the date a return was filed, or (b) the original due date. For example, assume your 2022 individual tax return was filed on April 11, 2023, a week before the due date of April 18, 2023.

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CPA Practice

NOVEMBER 11, 2024

The injunctions also prohibit Dombek from preparing anyfederal tax returns for anyone other than himself and Optimal from preparing certain federal tax returns reflecting such tax plans. Hubbert of the Justice Department’s Tax Division made the announcement.

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MyIRSRelief

OCTOBER 11, 2024

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.

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Snyder

JUNE 9, 2022

Read about what income tax filing method to choose, where to get the latest tax information, how to keep up with deadlines, and more. What is income tax? How does income tax work? Who has to file income tax? Types of income taxes. State income taxes. Business income taxes. Contents: 1.

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Accounting Today

SEPTEMBER 15, 2023

The hedge fund billionaire has subpoenaed the investigative news site and five of its journalists for documents related to the publication of reports that detailed his tax information.

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Ronika Khanna CPA,CA

MAY 26, 2023

While submitting your tax return is accompanied by a significant sense of relief, one cannot completely relax until you receive the notice of assessment from Revenue Canada (and Revenue Quebec for those of you lucky enough to file two tax returns). It also provides information pertaining to future years.

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Ronika Khanna CPA,CA

JANUARY 21, 2022

She hadn’t filed her tax return in a few years mostly because she had one T4, figured that she didn’t owe any tax and was simply procrastinating on an unenjoyable task. Benefits of Filing a Tax Returns Receive a refund—or avoid penalties and interest! You will only receive this if you file a tax return.

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Cherry Bekaert

JUNE 13, 2023

Making Informed Entity Selection Decisions The life cycle of your real estate venture or property management company should be planned with the end in mind. The income earned from the real estate is reported on the taxpayer’s individual tax return. A single member LLC has the same tax impact as a sole proprietorship.

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CPA Practice

OCTOBER 23, 2024

An IP PIN is a six-digit number that prevents someone else from filing a federal tax return using a taxpayer’s Social Security number or Individual Taxpayer Identification Number. It’s a vital tool for ensuring the safety of taxpayers’ personal and financial information.

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Menzies

APRIL 4, 2023

To allow HMRC to check that the correct amounts of tax have been paid by taxpayers, they have been afforded formal legal powers to request information and documents from taxpayers. Taxpayer safeguards Paragraph 21 lists only four scenarios where HMRC are able to make an information request under Schedule 36.

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TaxConnex

NOVEMBER 12, 2024

Auditors routinely request sales tax returns, federal income tax returns, G/L details, fixed asset schedules, sales journals and purchase journals. See if you’ve got a thorough audit trail for all sales tax charged, reported on a return and paid to a jurisdiction. Audits typically examine a set time span.

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MyIRSRelief

JUNE 14, 2024

An IRS audit is an examination of your tax return to verify that your income and deductions are accurate. The IRS conducts audits to ensure compliance with tax laws and to maintain the integrity of the tax system. The IRS will request additional documentation to support specific items on your tax return.

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CPA Practice

JUNE 14, 2023

While the FTC Safeguards rule designed to protect financial and PII (personally identifiable information) has been around for decades, as of June 9, 2023, compliance of various components including a Written Information Security Plan, or WISP, became mandatory!

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MyIRSRelief

JUNE 28, 2024

Tax audits can be a daunting experience for any taxpayer. The California Franchise Tax Board (FTB) conducts audits to ensure compliance with state tax laws and to verify the accuracy of tax returns. One of the most effective ways to navigate a tax audit is by enlisting the help of an enrolled agent (EA).

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CPA Practice

JULY 17, 2024

A federal court in the Eastern District of New York issued a permanent injunction yesterday against a Brooklyn, New York, tax return preparer. 5, Jacob pleaded guilty to aiding and assisting in the preparation of a false tax return. Hubbert of the Justice Department’s Tax Division made the announcement.

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MyIRSRelief

NOVEMBER 1, 2024

The main advantage of an S Corporation is that it allows income, losses, deductions, and credits to pass through to shareholders for federal tax purposes. This means that the business itself is not taxed at the corporate level. This means that the corporation’s income is not subject to corporate tax rates.

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LyfeAccounting

JUNE 2, 2021

Want to Know How to File an Amended Tax Return? As an accounting firm, we’ve filed our fair share of amended tax returns. In today’s post, we’ll be going over when to amend your taxes and the 5 steps to actually amend your taxes. Steps to Take When Filing Amended Tax Return.

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