income tax software for tax preparers
CPA Practice Advisor, the source for news, software reviews, and best practices advice for members of the accounting profession, has launched a new weekly newsletter specifically directed at tax preparers.
Millennial Business Owner-Accounting Firm Survey Special Report
Stephen Colbert Goes Undercover As An H for Small Firms – 1hr Free CPE
When I Grow Up, I want to be a Tax Accountant
HD Vest Partners with Drake for New Client Service Options for Tax Pros
Using HD Vest’s services in combination with Drake’s tax preparation software, Drake Tax, provides an additional source of client and recruitment leads for advisors and tax professionals, giving an opportunity for them to save time and optimize their .
AICPA Welcomes Senate Tax Reform Plan
The AICPA president acknowledged the work of Senate Finance Chairman Orrin Hatch (R-Utah) and House Ways and Means Committee Chairman Kevin Brady (R-Tex.) and their respective committees. He noted that in the last five years the AICPA has provided.
Thomson Reuters Announces Finalists of Fourth Annual Tax Technology Awards
Thomson Reuters has announced the winners of the fourth annual Taxologist Awards, a program that recognizes exceptional tax departments and professionals who have added significant value to their organizations by embracing tax technology.
Avalara CRUSH Heads to Washington, D.C. in May 2018
Now in its third year, Avalara s CRUSH event is the premiere event for transaction tax professionals. And we re back: over two days in May, Avalara will bring together expert practitioners across the accounting industry to discuss a shared vision.
The Classification of Bitcoin and Cryptocurrency by the IRS
IRS guidance is silent on which section of the tax code cryptocurrency falls into. For instance, IRC 1031 allows for the like-kind exchange of certain property. 1031 exchanges typically are done with real estate or business assets. However, with the.
AICPA Bestows Highest Taxation Award to Deborah Walker, CPA, MBA
In addition, to her work with Cherry Bekaert LLP, Walker edits for Bloomberg BNA, focusing on the Compensation Planning Tax Management Portfolios, a part of Bloomberg BNA s Tax and Accounting Center, and consults with other clients, including .
Tax Tips for Military Families
Among the many challenges faced by military families are tax complications arising from the unique demands of military service. Frequent moves, serving in combat zones and service-related disabilities are just a few aspects of military service that .
How to Get Ready for 2018 Income Tax Season and Get a Fast Refund
The IRS urges all taxpayers to file a complete and accurate tax return by making sure they have all the documents before they file their return, including their 2016 tax return. This includes Forms W-2 from employers, Forms 1099 from banks and other .
Man Gets Prison for Beating Wife’s Employer Over Income Tax Withholding
An Albuquerque man has been sentenced to one year in jail, with possible release to an ankle monitor, for his 2016 beating of two of his wife’s employers who he said cheated her on taxes and then called him a racial slur.
How the Digital Revolution Is Changing the Sales and Use Tax Landscape
Recently, tax authorities have begun a wholesale shift in indirect tax compliance to enhance their collections and audit processes.
Vegas Strip Club Owner Gets Prison for Evading $1.7M Employment Taxes
The former owner of the Crazy Horse Too strip club will serve two years in prison for evading to pay more than $1.7 million in employment taxes, the Office of the U.S. Attorney for the District of Nevada has announced.
California Homeowners Could Get Tax Break for Capturing Backyard Rainwater
California homeowners could see savings up to a couple hundred dollars a year off their property tax bill, depending on the type of capture system they install, Glazer s office said.
Medicare Trap Could Cost Thousands in Taxes
Companies favor high-deductible health plans coupled with HSAs because they tend to charge lower premiums, which help workers and employers alike. The higher deductibles reduce risk to the employer, albeit by shifting it to the worker. For those and .
AICPA Urges Simplification of Income Taxes
The proliferation of new income tax provisions since the 1986 tax reform effort has led to compliance hurdles for taxpayers, administrative complexity for CPAs and enforcement challenges for the Internal Revenue Service, Edward S. Karl, AICPA vice .
Could Trump Face Tax Evasion Charges? Mueller Likely Has Trump Tax Returns
Newly released financial documents about offshore account holdings by many of the world’s elite has amplified calls for Trump to publicly release his income tax returns. The Paradise Papers, named so because they emerged from an off-shore law firm .
Excise Tax Could Pose Problem for Tax Reform
Companies can sell a good or service to a foreign affiliate at an inflated price, then deduct the cost on their U.S. taxes. The maneuver has the effect of shifting profits overseas, where they often are taxed at a lower rate.
10 Million U.S. Taxpayers Faced IRS Penalties in 2016
Most of those affected taxpayers can easily reduce or, in some cases, eliminate the penalty by increasing their withholding or adjusting estimated tax payments for the rest of the year. With a little planning, taxpayers can avoid the penalty altogether.
Examining the GOP Tax Reform Proposal
The current graduated seven-bracket structure would be reduced to four rates of 12%, 25%, 35% and 39.6%. The previous plan was based on only three brackets with a top rate of 35% and didn t specify income amounts. Thus, this new plans preserves the .
New Tax Reform Plan Cuts Corporate Tax Rate, Eliminates AMT and Estate Tax, Changes Brackets
The plan would also repeal the alternative minimum tax (AMT) and the estate tax, while preserving the current status quo tax deferred treatment of 401(k) and similar accounts.
Will 2018 Income Tax Refunds Be Delayed Again? EITC and ACTC Credits
Taxpayers can start efiling their returns as soon as January 12, 2018 for taxes overpaid (refunds) in tax year 2017, using either an income tax preparer or through do-it-yourself tax programs. Filing early can greatly speed up the refund process, .
2018 Federal Income Tax Refund Schedule – IRS Tax Day is April 17, 2018
But every year it seems like the income tax refund schedule is changed. In 2017, for example, returns with the earned income tax credit (EITC) or additional child tax credit (ACTC) were delayed by the IRS in order to deter fraud. For the 2018 income tax.
Income Tax Penalties Can Add Up
The amount of the penalty is based on when you file the correct information return or furnish the correct payee statement. The penalty for not filing a correct information return is separate from the penalty for not providing the correct payee statement.
Do Republicans Face a Catch 22 on Tax Reform and Deficits?
President Donald Trump promises to reform the tax code and decrease the trade deficit, but the two policy goals might actually contradict each other.
Free Business Tax Video for Firms to Use on Website, Social Media or Newsletters
Recent studies show that videos are dominating online activity, with 78 percent of people watching videos online every week and 55 percent watching videos online daily. TaxVid makes it affordable for tax firms of all sizes to keep up with internet .
Time to Renew PTINs
Anyone who prepares or helps prepare any federal tax return, or claim for refund for compensation must have a valid PTIN from the IRS. The PTIN must be used as the identifying number on returns prepared. Failure to have and use a valid PTIN may .