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

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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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

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

DECEMBER 10, 2024

Blog home As artificial intelligence continues to rapidly evolve , a new concept is emerging that tax and accounting professionals need to be aware of: agentic AI. For tax and accounting firms, agentic AI has the potential to dramatically transform workflows, client services, and the nature of professional work itself. Jump to 1.

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audit Tax Technology tax return 59

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

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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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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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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Tax Manufacturing income tax tax return 101

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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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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ThomsonReuters

DECEMBER 10, 2024

Jump to Overview of the recent halting Implications for tax and accounting professionals What’s next? By requiring businesses to disclose beneficial ownership information, the CTA seeks to combat financial crimes such as money laundering and tax evasion. White paper What to know about the Corporate Transparency Act?

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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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accounting firms Account accountant accounted 98

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

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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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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Technology Tax audit Sales 93

ThomsonReuters

FEBRUARY 26, 2024

Upon graduation, Heath worked for one of Nebraska’s largest sole CPA tax practitioners, who not only taught her the accounting business but became a true mentor to her. It was working there that she realized there was a great need and lots of opportunity for tax services professionals in her existing community.

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ThomsonReuters

JULY 30, 2024

Historically, accounting firms have operated under a transactional billing model, providing once-a-year services primarily focused on tax compliance and reporting. To learn more about the impact of value-based pricing, download our recent white paper, The case for transitioning your firm to value-based pricing.

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accounting firms Account accountant accounted 105

ThomsonReuters

APRIL 2, 2024

While the exact details of the investigation remain undisclosed, the IRS’s involvement suggests potential tax evasion and money laundering charges. In the case of the investigation into Shohei Ohtani’s former interpreter, the IRS’s involvement suggests that there may be evidence of tax evasion or money laundering.

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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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Technology CPA Tax tax preparation 52

CPA Practice

JULY 6, 2023

Because someone that I’ve known for quite a few years, Mark Edmondson who is the CEO in flow, produced a white paper called The audit technology ecosystem, the audit technology ecosystem. But marks white paper. There’s lots of things to think about. But they list out all the categories.

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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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tax return income tax accounting firms Tax 52

ThomsonReuters

FEBRUARY 13, 2024

Here are some basic ways to keep your tax preparation invoice process moving smoothly through the most demanding time of year: Establish file-naming conventions. Using an online portal to upload PDFs of the tax return and e-file authorization. Is every member of your team saving files in the correct folders?

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CPA Practice

OCTOBER 16, 2023

Tax season poses immense challenges for accounting firms. In this white paper, we explore how firms achieve faster turnarounds, improved workflows, and better client service through domestic outsourcing providers. Discover how the right domestic outsourcing partner can help optimize your tax season operations.

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cpas Education accounting firms Tax 69

ThomsonReuters

OCTOBER 19, 2023

This presents a unique opportunity for accounting firms and tax accounting professionals to enhance their revenue streams by diversifying their service offerings. Keeping on top of updates like these and other local, state, and federal changes is made easy through accounting and tax research tools such as Thomson Reuters Checkpoint Edge®.

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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

NOVEMBER 7, 2024

finance, tax, e-commerce, sales, marketing, human resources—are integrated and run. Tax’s contribution to the planning conversation is important because tax is one of the heaviest users of data in a large organization.

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ThomsonReuters

JUNE 14, 2021

As a result, organizations’ tax compliance specialists must pore over, extract, and process disparate information in an arduous, manual process that is time-consuming and error-prone. Tax & Tech Talks: How AI and Machine Learning Can Help With K-1s. Geralyn Hurd, Tax Strategy & Transformation Leader at Crowe.

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ThomsonReuters

FEBRUARY 9, 2023

As accountants, there’s no way to avoid the hectic nature of tax season. How can I make my tax season easier? From carving out dedicated personal time to implementing time-saving tools and technology, let’s take a look at three ways you can shift out of survival mode and thrive not only during tax season but all year long.

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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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cpas Education Technology CPA 52

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

JANUARY 16, 2024

The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. Tax Planning and Advisory Guide—Health Care Reform—premium tax credit expansion) The SECURE 2.0

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ThomsonReuters

JUNE 16, 2023

At the first peak of the pandemic, 43 percent of tax professionals were working remotely most, or all, of the time, according to the Thomson Reuters Insights for Tax Professionals 2021 Report, which was conducted in October 2020. appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

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accounting firms Account accountant accounted 111

Anders CPA

MAY 31, 2022

Then, once or twice a year, you’re in a mad rush to reconcile all of this and figure out what you did wrong – or what you must do to pass an audit or do your taxes. #2: Download our Next-Generation FP&A White Paper. Each department has its own spreadsheet and software. 2: Expectations Don’t Meet Reality.

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accounting and finance cpas Finance accounting software 96

ThomsonReuters

JUNE 16, 2023

Is their current technology a drain on efficiency and profitability? As outlined in the Thomson Reuters white paper “ Mind the gap: Identifying gaps in your software this tax season ,” there are several indicators to help firms determine if their accounting technology is outdated and in need of a refresh.

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Technology Account accountant accounted 98

ThomsonReuters

AUGUST 10, 2023

Charting a smooth course, either on the open seas or at your audit firm, is an exciting opportunity for explorers and tax professionals alike. In the tax and accounting space, there are some great tech solutions that can help ensure a smooth transition between existing tools and new software.

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ThomsonReuters

AUGUST 3, 2023

In the rapidly evolving landscape of the tax and accounting industry, specialization has emerged as a solid differentiator, providing firms with a distinct competitive edge. As a result, projects are completed more efficiently, and clients experience faster turnaround times for their accounting and tax needs.

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accounting firms Account accountant accounted 98