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8 strategies to increase your tax and accounting firm’s profitability

ThomsonReuters

For small and mid-sized tax and accounting firms, there are plenty of ways to do so. 8 ways small and mid-sized accounting firms can increase profitability. Maybe you’re paying for expensive office rent when you could operate a remote-based firm instead. Revisit your accounting firm’s marketing strategy.

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Exploring key 2024 tax bill proposals

ThomsonReuters

What does this mean for my firm? Tax policy impact: The No Capital Gains Allowance for American Adversaries Act proposes significant changes to tax treatment for gains and dividends derived from specified countries of concern. Tax firms must stay informed about these potential amendments to advise clients effectively.

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What is Schedule K-1?

ThomsonReuters

Schedule K-1s, which are tax forms used to report a partner’s or shareholder’s income, losses, capital gain, dividends, etc., K-1s are tax forms that are used for business partnerships to report to the IRS a partner ’s income, losses, capital gain, dividends, etc., to the IRS, are sent to more than 40 million U.S. taxpayers each year.

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Overview of U.S. taxes on foreign income for individuals

ThomsonReuters

From understanding what foreign income is to navigating various tax forms and deductions, it is important for accountants to understand the ins and outs of U.S. Passive income, such as interest, dividends, and rental income, does not qualify for the FEIE. To report foreign dividend income on your U.S. Foreign earned income.

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It’s Time to Address Sex Discrimination Against Women Owners of Closely Held Companies, Say These Two Law Professors

Farrel Fritz

The post highlighted an apparent first-of-its-kind decision in a judicial dissolution case brought by certified public accountant Diane Straka, a minority shareholder of an accounting firm. Straka by a senior employee at the firm and other discriminatory conduct concerning her profit-sharing and management role.