ThomsonReuters

DECEMBER 16, 2024

Keep your clients updated with your data protection As the integration of generative AI (GenAI) technology becomes increasingly prevalent in the tax and accounting industry, ensuring data security is paramount. Incorporate privacy considerations into the GenAI system Only 9% of surveyed firms are using proprietary tax-specific GenAI tools.

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Tax audit accounting firms Education 52

TaxConnex

MARCH 3, 2022

Understanding the taxability of your company’s products or services is one of the key steps to complying with sales and use tax laws. Services continue to pop up among states’ lawmakers as a potential new source of sales tax revenue. legislation that excludes some payment processing services from tax. Recent developments.

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ThomsonReuters

JANUARY 23, 2025

Jump to The benefits of GenAI Barriers to the integration of GenAI in tax and accounting Addressing barriers with AI-powered solutions Secure your firms future with AI integration In the rapidly evolving world of tax and accounting, generative AI (GenAI) is emerging as a powerful tool that can revolutionize the way professionals work.

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accounting firms Tax accounted accountant 64

TaxConnex

APRIL 28, 2022

Audits remain an important tool for tax jurisdictions to evaluate the level, or lack thereof, of sales tax compliance within a business. Even though many audits have shifted to remote audit, the fundamentals of the sales tax audit haven’t changed. Top 10 Tips for Managing Sales Tax Audits. Fear and loathing. support and?can

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ThomsonReuters

JANUARY 23, 2025

Jump to 5 ways AI can reduce stress this tax season Understanding the long-term value of AI Implementing AI amidst the hustle and bustle of tax season Tax season is a notoriously stressful period for tax and accounting professionals. Automate repetitive tasks. Streamline e-filing. Adapt quickly to legislative changes.

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ThomsonReuters

DECEMBER 19, 2024

Jump to Automating digital asset compliance workflows What can cryptocurrency tax software do? Strategic digital asset reporting implementation for tax professionals Act now and gain a competitive edge The tax landscape is evolving rapidly, especially with the emergence of digital assets like cryptocurrencies.

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TaxConnex

FEBRUARY 28, 2023

“Services” are generally not subject to sales tax while tangible personal property generally is subject to sales tax. Kentucky is the latest in terms of taxing specific services. The Bluegrass State looks to expand sales tax on what it calls high-growth services. Get in touch to learn more.

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Kentucky Tax Real Estate Education 147

ThomsonReuters

MARCH 20, 2025

Just as one tax season wraps up, the next is already on the horizon, bringing with it new rules, expectations, and challenges. Leveraging AI-powered tax technology to transform last tax seasons struggles into opportunities for long-term success. The secret? Jump to 1. Keep pace with regulatory changes and compliance 2.

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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

FEBRUARY 19, 2025

Blog home As a Chief Technology Officer (CTO) of a multi-national corporation, we understand the complications you face in the ever-changing world of indirect tax. This helps professionals manage indirect tax priorities more effectively and ensures data accuracy and compliance.

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ThomsonReuters

JANUARY 8, 2024

Automation of routine tasks One of the most significant ways AI has revolutionized the tax and accounting profession is through the automation of routine tasks. Automation of routine tasks One of the most significant ways AI has revolutionized the tax and accounting profession is through the automation of routine tasks.

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ThomsonReuters

APRIL 8, 2025

It offers indirect tax professionals advice on how to improve operational efficiency and risk management. The convergence of these two domains is revolutionizing the way businesses operate, making it essential for tax managers to understand the impact of CTC compliance on their business automation strategies. What are CTC mandates?

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ThomsonReuters

JANUARY 22, 2024

By accelerating the end of the COVID-era Employee Retention Tax Credit and implementing proven tax policies from the 2017 GOP tax reform, this act aims to save taxpayers over $70 billion while promoting American competitiveness and supporting working families.

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MyIRSRelief

DECEMBER 13, 2024

How CPAs and Lawyers Can Collaborate with Mike Habib, EA for Tax Representation Referrals Mike Habib, EA, is a trusted tax resolution expert with extensive experience helping individuals and businesses resolve complicated tax issues. Contact us today at 1-877-78-TAXES [1-877-788-2937].

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TaxConnex

SEPTEMBER 22, 2022

There’s always something changing in the world of tax, especially sales tax. Sales tax on digital products was the subject of a white paper draft at the Multistate Tax Commission’s annual meetings in Anchorage, Alaska. Sales tax revenues continue their robust pandemic-driven rise in many states.

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ThomsonReuters

DECEMBER 23, 2024

Jump to Understanding the shift to advisory An introduction to Practice Forward Leveraging the Practice Forward community and resources A proven roadmap to stand out in a competitive market Advisory services represent a growing area of opportunity for accounting firms, driven by changing client demands for proactive, value-added tax guidance.

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accounting firms Tax CPA Account 52

ThomsonReuters

OCTOBER 31, 2024

This law addresses the pressing need to combat illicit activities like tax fraud and money laundering, often facilitated by anonymous shell companies. It is designed to combat money laundering, tax evasion, and other illegal activities. White paper What to know about the Corporate Transparency Act?

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ThomsonReuters

DECEMBER 16, 2024

Ushering in this shift is the fact that AI-driven tax technology can automate most traditional compliance work and provide data-driven insights that enable firms to engage clients in a more profitable and impactful way. This shift, however, demands a new mindset.

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CPA Practice

MAY 1, 2023

While containing provisions concerning a wide range of issues, financial professionals who serve tax clients need to know the tax implications of this legislation. Download the White Paper Please complete the form below or log in to access this free premium content.

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Tax 95

ThomsonReuters

FEBRUARY 9, 2024

As we step into a new year, the taxation realm is abuzz with discussions surrounding the Tax Relief for American Families and Workers Act of 2024. However, amidst this spotlight, there are other tax proposals quietly gaining momentum. Firms must prepare for potential shifts in tax liabilities and advise clients accordingly.

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TaxConnex

DECEMBER 8, 2020

Voluntary disclosure agreements (VDAs) can be an effective way to mitigate prior period sales tax exposure. If you don’t disclose back taxes and they’re unearthed through an audit, you could end up being assessed various penalties plus interest plus all tax due. Myth: It’s just a way for a state tax authority to find me.

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ThomsonReuters

FEBRUARY 1, 2024

This comprehensive legislation includes various provisions that address key areas such as the Child Tax Credit, business breaks, disaster tax relief, and affordable housing. Enhanced Child Tax Credit The bill includes provisions to enhance the Child Tax Credit , providing support to low-income families dealing with inflation.

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ThomsonReuters

FEBRUARY 1, 2024

This comprehensive legislation includes various provisions that address key areas such as the Child Tax Credit, business breaks, disaster tax relief, and affordable housing. Enhanced Child Tax Credit The bill includes provisions to enhance the Child Tax Credit , providing support to low-income families dealing with inflation.

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Tax Ohio accounting and finance Finance 98

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

DECEMBER 17, 2024

Blog home In 2024, Poland, Romania, Denmark, and Malaysia are implementing electronic invoicing (e-invoicing) mandates that demand more tax data in real-time. Although the United States does not currently require e-invoices or real-time reporting, adopting these practices elsewhere has led to increased tax revenues.

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ThomsonReuters

DECEMBER 19, 2024

In addition, brokers will be required to report gross proceeds from digital asset sales starting in 2026 for transactions occurring in 2025; and report tax basis information for certain digital asset sales made in 2026, beginning in 2027.

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tax planning Tax accounting and finance Technology 52

ThomsonReuters

JANUARY 14, 2022

The tide moves in every quarter, and there is always tax season. A recent survey revealed that 82% of tax professionals identify as feeling burned out. It’s a significant issue for tax professionals and accountants. How does burnout affect tax professionals? 3 steps to avoid burnout during tax season.

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ThomsonReuters

JULY 13, 2023

If you’re part of a small or medium-sized tax and accounting firm, you may think artificial intelligence (AI) solutions are solely designed for large organizations – but think again. Boost tax workflow efficiency through automation Empower and engage staff Wow clients with enhanced services 1.

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Technology Tax accounting firms income tax 97

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. Digital asset tax planning Clients engaging in digital asset transactions often need guidance on tax-efficient strategies.

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Real Estate tax planning accounting and finance tax preparation 52

Cherry Bekaert

JANUARY 10, 2024

Additionally, the IRS opened access to the pre-filing registration tool for taxpayers and tax-exempt entities looking to monetize IRA and Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act related eligible tax credits. The tax credit is effective for sales that take place after December 31, 2022. per kilogram.

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ThomsonReuters

FEBRUARY 2, 2022

the potential market available to tax and accounting firms is massive. How to market tax and accounting services. You can do this online through blogs, white papers, webinars, and podcasts, or offline through speaking engagements and networking opportunities. Turning tax clients into full-service clients.

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ThomsonReuters

JANUARY 9, 2024

Designed to prevent the practice of moving profits to lower tax jurisdictions, under the new “Pillar Two” rules , companies whose revenues exceed €750m will have to pay a minimum tax rate of 15% in each country where they do business. We already have Excel and tax provision software, so why can’t we use that?

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Technology Tax income tax Legal 88

ThomsonReuters

MARCH 3, 2025

Talent shortages, AI-powered tax technology , and increasing client demands are reshaping the profession. They seek efficient and tax-effective operations, making advisory services a crucial part of modern accounting practices. Leverage technology: AI-powered tax solutions are transforming the work of today’s accountants.

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accounted accountant Account CPA 40

ThomsonReuters

JULY 25, 2023

A company’s decision to introduce indirect tax (IDT) automation into its tax processes is often fraught with indecision and uncertainty. Every company’s tax technology journey is different, and it’s not always clear when and how tax automation should be incorporated or what the benefits will be.

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PANALITIX

JULY 21, 2020

If you are competing on your ‘tax and compliance’ capabilities, it will be difficult to persuade prospects that you are different. A blend of written content (email newsletters, blogs, white papers) and video content (webinars, tutorials and leadership messages) is a good starting point. Communication.

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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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Tax Technology Account accountant 52

ThomsonReuters

FEBRUARY 29, 2024

Upon completion of the joint-degree BBA and MS program, Lanphier was recruited by Deloitte to work in their international tax group. Like most accounting firms, they were heavily transactions-focused with clients utilizing them mostly as bookkeepers and for doing their tax returns.

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