ThomsonReuters

APRIL 25, 2024

Navigating state taxes on retirement income is a critical aspect of financial planning for retirees. While federal tax rules apply uniformly across the country, state tax rules can vary widely. Jump to: • State tax on retirement income • Which states do not tax retirement income?

Dividends 52

Dividends 52

Viking Mergers

FEBRUARY 28, 2022

Have a CPA compile monthly financials and file tax returns on time. Plan for Taxes . Consult with your CPA to develop a tax strategy for the proceeds from the sale of the business. Limit personal expenses that are run through the business. Watch the Expenses.

Marketability 237

Marketability 237

ThomsonReuters

APRIL 25, 2024

Jump to: Unravel tax law complexity with AI-powered tax research Alleviate workload pressures with AI-powered workflows Prioritize well-being and renewal Strengthen client relationships by shifting to an advisory model Has a stressful tax season left you reeling? But amidst the struggle, there is good news.

Technology 52

Technology Compliance 52

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.

Compliance 110

Compliance Technology Dividends Accounting Firms 110

ThomsonReuters

JULY 6, 2023

If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. Whether it’s advising on residential energy tax credits or restructuring a partnership, your knowledge and expertise beyond the tax return are valuable.

Accounting Firms 98

Accounting Firms Finance Start-ups Mergers & Acquisitions 98

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.

Data Analysis 101

Data Analysis Compliance Technology Banking 101

ThomsonReuters

APRIL 25, 2024

As an accountant, advising your clients on retirement income taxes and related strategies can help them to optimize their financial planning in their golden years. Let’s take a look at some commonly asked questions on retirement income taxes and how your firm can best advise clients as they approach their retirement years.

Dividends 52

Dividends Start-ups Compliance 52

Viking Mergers

FEBRUARY 27, 2023

tax code can be dense and confusing, especially for businesses. Although we cannot advise on your taxes, Viking Mergers & Acquisitions can connect you with a qualified tax professional. Although we cannot advise on your taxes, Viking Mergers & Acquisitions can connect you with a qualified tax professional.

Start-ups 130

Start-ups Banking Marketability Technology 130

ThomsonReuters

MARCH 5, 2024

For many of these clients, navigating the tax-related complexities can prove challenging, especially in light of new Form 1042 filing requirements handed down by the IRS. Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons is the form used to report tax withheld on certain income of foreign persons.

Dividends 52

Dividends Compliance 52

Viking Mergers

FEBRUARY 20, 2023

There is still time to take advantage of these tax credits on your 2022 filing. It is tax season, and as small business owners, we know what that means – how can we save some cash without raising red flags with the IRS? trillion in taxes; in 2021, $419 million came from businesses. Every year, the IRS collects over $4.9

Technology 130

Technology Treasury 130

ThomsonReuters

JULY 10, 2023

Jump to: What is sales tax? What is use tax? Sales tax vs. use tax Summary Calculating, collecting, and reporting sales tax and use tax can get complicated as a business grows, and it can be easy to confuse these two types of indirect taxes. What is sales tax?

Compliance 97

Compliance 97

ThomsonReuters

FEBRUARY 6, 2024

Jump to: What is direct tax? Examples of direct tax Understanding tax provision Understanding state apportionment Differences between direct and indirect taxes When a taxpayer must pay taxes directly to the government, meaning the taxes cannot be shifted to other entities or individuals, it is known as direct tax.

Compliance 52

Compliance Finance 52

ThomsonReuters

JANUARY 4, 2024

But where do you begin building your tax planning strategy? Tax planning strategy #1: Utilize short-term staffing solutions As tax season begins, firms in need of a short-term boost in headcount should consider outsourcing services to increase workload capacity. Partial outsourcing is also an option.

Accounting Firms 78

Accounting Firms Technology Compliance Marketability 78

ThomsonReuters

JULY 10, 2023

Jump to: What is use tax? Sales tax vs. use tax Summary Sales tax and use tax are important sources of revenue for the government but properly calculating, collecting, and reporting these taxes can quickly get complicated. What is use tax? How does use tax work? What is nexus?

Compliance 98

Compliance Marketability 98

Appraisers Blog

JANUARY 23, 2024

With CA capping property values (accessed / taxed values) at no more than 2% per year from the purchase price, accessed values are worthless in CA. Not unusual to see similar homes on the same street with like property values where one person pays $500 per year (old home), and another pays pays $20,000 per year (new purchase).

Appraisal 83

Appraisal 83

Startup Valuation Blog

MARCH 18, 2023

For small business owners to ensure a smooth transition and accomplish their financial and personal objectives, they must have a strategy in place. Set Your Goals The first step in developing an effective exit strategy is to decide what your financial and personal objectives are. Step 2 is to set goals.

Business Valuation 100

Business Valuation Appraisal 100

ThomsonReuters

NOVEMBER 9, 2023

There is no doubt that tax professionals are hard to find, let alone replace. In an era of staffing shortages and scarcity of technical tax professionals , accounting firms must increasingly look outside the box to fill gaps in talent. Tax software powered by AI can automate manual activities, save time, and improve accuracy.

Accounting Firms 105

Accounting Firms Technology Compliance Marketability 105

ThomsonReuters

MARCH 1, 2024

Jump to: How are S corporations taxed? How can S corporations reduce their taxes? How a corporate tax software can help filing S corporation taxes Setting up your business as an S corporation (S corp) provides several tax advantages that are not available to owners of C corporations (C corp) or Limited Liability Companies (LLCs).

Start-ups 52

Start-ups Dividends Marketability 52

ThomsonReuters

SEPTEMBER 8, 2023

Choosing the right business structure for entrepreneurs Business owners can structure their companies in several different ways , depending on the size of the business, its growth potential, how the business is managed, how the owners want to be taxed, and many other variables. Which is better, a C corp or S corp or LLC?

Start-ups 75

Start-ups Compliance Dividends Business Enterprise 75

ThomsonReuters

APRIL 18, 2024

With 75% of employers in the Americas forecasting that the average employee will be a hybrid worker within two years, employers should carefully consider the tax implications of such arrangements where the employee may be working in one state in-office and remotely in another state at home. This may pose significant issues.

Compliance 52

Compliance 52

ThomsonReuters

NOVEMBER 30, 2023

As a tax and accounting professional, you should be concerned with all of the possibilities – especially the ones implying a client’s desire for an authentic relationship with you and your firm. If you have a client who typically preferred meeting in person in the past, put that option back on the table.

Accounting Firms 98

Accounting Firms 98

ThomsonReuters

MARCH 5, 2024

How to file Form 1042-S The importance of Form 1042-S Form 1042-S , an essential information return in the realm of tax reporting, serves as a meticulous record of income paid to foreign individuals and entities. Form 1042-S provides a comprehensive summary of income paid to foreign persons and the amount of tax withheld.

Compliance 52

Compliance 52

ThomsonReuters

NOVEMBER 15, 2023

Jump to: Which donations are tax deductible? Charitable contributions from IRAs How much of a donation is tax deductible? In addition to helping our communities, these donations can also lead to significant tax benefits. Which donations are tax deductible? Stock or securities donations.

Fair Market Value 94

Fair Market Value Banking Marketability Compliance 94

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.

Accounting Firms 97

Accounting Firms Start-ups Compliance Technology 97

ThomsonReuters

JANUARY 4, 2024

Make a personal stress inventory 2. Stress management for tax professionals is critical for avoiding burnout. Make a personal stress inventory Managing stress as an accountant begins with understanding what’s triggering it and how stress levels ebb and flow on a daily, weekly, monthly, or yearly basis. Jump to: 1.

Start-ups 71

Start-ups Accounting Firms Compliance Technology 71

ThomsonReuters

JULY 6, 2023

There are several different areas of advisory to investigate, such as tax advisory , business advisory , M&A advisory , and accounting advisory. Accounting advisory services include a variety of engagements—from tax planning and strategy to counsel on tax-related legislation—and centers on your unique knowledge and experience.

Finance 98

Finance Accounting Firms Start-ups Technology 98

Harvard Corporate Governance

MAY 17, 2022

These comments relate solely to the Prohibited Activity Rules that would forbid the following terms and conditions in investor advisory agreements: “Charging certain fees and expenses to a private fund or portfolio investment, including accelerated monitoring fees; fees or expenses associated with an examination or investigation of the adviser or its (..)

Compliance 213

Compliance Equity 213

ThomsonReuters

MAY 15, 2023

Working in the tax and accounting industry can be a stressful job. That’s why it’s important for both tax and accounting professionals and their firms to take steps to protect their mental health. Tax and accounting firms need to ensure that the mental health of their employees is taken seriously.

Accounting Firms 137

Accounting Firms Technology 137

ThomsonReuters

JULY 25, 2023

Jump to: What is an overpayment on taxes? Overpayments and repayments in the current year Overpayments and repayments in subsequent years Preventing tax overpayments What is an overpayment on taxes? In simple terms, an overpayment on taxes is paying more than what is owed.

98

98

ThomsonReuters

MAY 15, 2023

The use of artificial intelligence (AI) has already had a tremendous impact in many industries, and the tax and accounting sector is no exception. The current state of AI in tax and accounting The use of AI in the tax and accounting profession is rapidly becoming more popular. How can AI improve advisory services?

Start-ups 98

Start-ups Technology Data Analysis Marketability 98

ThomsonReuters

JULY 10, 2023

Jump to: What is sales tax? Sales tax varies by state What is nexus? What is excise tax? What is VAT tax? Sales tax vs. use tax Summary Sales tax, which is a consumption tax levied on the sale of goods and services, is an important source of revenue for governments at the state and local levels.

Compliance 98

Compliance 98

ThomsonReuters

MAY 17, 2022

For example, freelancers who make money from Etsy businesses or driving for Uber should have been paying taxes on net business income all along. It’s possible some gig workers may not even be aware that income from these sources is subject to tax, let alone their responsibility to pay quarterly estimated taxes to the IRS.

Start-ups 105

Start-ups Banking 105

Machen McChesney

AUGUST 16, 2023

Y our organization may need to track business miles to maximize its tax deductions, reimburse employees for personal vehicle use, and comply with IRS rules and regulations. Navigating this process can be administratively burdensome. Fortunately, QuickBooks® offers functionality that can make the process easier and more accurate.

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ThomsonReuters

JUNE 29, 2023

Managing tax clients isn ’ t always easy. Providing good customer service is essential to growing your tax and accounting practice but, as many professionals have come to realize, dealing with difficult clients can be hard. Some tax clients may be too demanding, disrespectful to staff, or fail to adhere to firm policies and procedures.

Accounting Firms 97

Accounting Firms 97

Viking Mergers

DECEMBER 12, 2022

On top of all of his business acumen and expertise, working in M&A is personal for him. Robert recalls, “The buyer approached them, and they used a tax attorney and a bookkeeper, but they did not use a business broker. And, there’s not a better way to say it: they got screwed on taxes.

Finance 130

Finance Business Valuation Marketability 130

ThomsonReuters

FEBRUARY 15, 2023

property taxes, which help fund roads, schools, emergency medical services, and other services, are a vital source of revenue for state and local governments. Property tax rates vary greatly among states and localities and can have a major impact  on business investments and where people decide to live.

Appraisal 52

Appraisal Intangible Assets Equity Technology 52

Gross Mendelsohn

FEBRUARY 21, 2023

Divorce attorneys who know where to look for key information on tax returns can gain an edge over their opponents. Everyone is required to disclose certain information in their tax returns, including total income, wages and alimony received. Let’s consider what an individual’s personal tax return can reveal, and where to look.

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