ThomsonReuters

FEBRUARY 28, 2024

Her firm is also staffed by four full-time employees and a few part-time positions that are outsourced. “I view the tax firm as my own Google experiment,” Shaul says. “I That was 2004, and now she has her own place and is no longer sub-leasing. She also hated having to deliver “bad news” when her clients owed money.

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ThomsonReuters

DECEMBER 4, 2024

Filing individual income tax returns can be a complex process, but with the right workflow, professional tax preparers and accounting firms can streamline the experience for both clients and staff. Harnessing technology for individual income tax return filing can transform the efficiency of accounting firms. Jump to: 1.

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ThomsonReuters

JANUARY 31, 2024

But these inefficiencies are fixable thanks to advancements in technology that are making it easier than ever for tax professionals to access the tools to revamp their workflows and eliminate these frustrating inefficiencies. Use this checklist to get started on the path to a seamless 1040 tax workflow and the opportunities that come with it.

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ThomsonReuters

DECEMBER 10, 2024

However, the dawn of AI-powered tax technology offers a unique opportunity to overcome these barriers. By automating routine tasks and enhancing tax research, AI empowers accountants to deliver proactive tax strategies that engage and retain clients, while also boosting revenue.

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ThomsonReuters

JANUARY 16, 2024

But the most successful tax workflows often depend upon the level of client engagement throughout the 1040 process. Their attentiveness dictates how soon you receive signed engagement letters, tax documents, and invoice payments. This can lead to : Faster responses Quicker turnaround times Fewer tax season delays.

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ThomsonReuters

FEBRUARY 6, 2025

In the fast-paced world of accounting and tax preparation, every minute counts. According to the 2024 State of Tax Professionals Report , time management, meeting deadlines, and timely filing were the second highest set of challenges for survey respondents. Blog series: Interested in more tax season tips?

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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. Are you currently giving away tax advice for free ?

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ThomsonReuters

JUNE 8, 2023

Tax season can be a hectic time for tax professionals, but the off-season is a perfect opportunity to take stock of your practice and make sure you’re ready for the upcoming year. These programs also provide self-help resources for those needing guidance with taxes.

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ThomsonReuters

DECEMBER 27, 2024

This marks a pivotal shift for tax and accounting professionals, fundamentally altering how digital asset transactions, including cryptocurrency , are tracked and reported for tax purposes. Consider offering tailored services for reconciling transaction histories, calculating adjusted bases, and preparing Form 1099-DA filings.

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JANUARY 29, 2024

This is where technology, particularly tax automation, plays a pivotal role. The role of tax automation Automation is a strategic asset in recruitment and retention. Automated tax processes standardize workflows, reduce manual errors, and significantly reduce the time spent on repetitive tasks.

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ThomsonReuters

AUGUST 24, 2021

To build a persuasive business case for sales tax software , professionals need to explain how automating certain tax functions and improving reporting and analysis will benefit the company as a whole. In other words, don’t tell your CEO why tax software is a wise investment – show them.

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ThomsonReuters

MAY 11, 2023

For accounting firms, automation is perhaps the single most effective and immediate way to achieve greater efficiency, particularly when it comes to eliminating the manual tasks associated with accounts payable/receivable , payroll, tax compliance, and financial reporting. No more manually detecting blank fields or numbers that don’t add up.

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ThomsonReuters

DECEMBER 27, 2024

Managing crypto compliance While capital gains and losses are significant for tax compliance, auditors must also consider the broader implications of crypto events and transactions for financial statement (GAAP) reporting. Here’s what to look for in cryptocurrency audit software : AICPA SOC 1 & 2 audited tax software.

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ThomsonReuters

OCTOBER 31, 2023

While 51% of accounting professionals believe that ChatGPT and generative AI should be applied to tax, accounting, and audit work, opinions are divided about the usefulness of AI tools. One of the primary concerns centers on how AI will affect accounting jobs and the career outlook for tax professionals. Can AI do accounting?

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