#taxpro — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #taxpro, aggregated by home.social.
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Can I save taxes by having my parents leave an inheritance to my children?
Dear Liz: I’m about 50 and have two early elementary school children. I make really good money and…
#NewsBeep #News #Personalfinance #accountant #Accounting #Board #Business #CA #Canada #child #Death #Finance #goodmoney #income #jennifersawday #kiddietax #Parent #PersonalFinance #retirementaccount #taxpro #taxis #trust #year
https://www.newsbeep.com/ca/781738/ -
Can I save taxes by having my parents leave an inheritance to my children?
Dear Liz: I’m about 50 and have two early elementary school children. I make really good money and…
#NewsBeep #News #Personalfinance #accountant #Accounting #AU #Australia #board #Business #child #death #Finance #goodmoney #income #jennifersawday #kiddietax #parent #PersonalFinance #retirementaccount #taxpro #taxis #trust #year
https://www.newsbeep.com/au/780470/ -
Can I save taxes by having my parents leave an inheritance to my children?
Dear Liz: I’m about 50 and have two early elementary school children. I make really good money and…
#NewsBeep #News #Personalfinance #accountant #Accounting #AU #Australia #board #Business #child #death #Finance #goodmoney #income #jennifersawday #kiddietax #parent #PersonalFinance #retirementaccount #taxpro #taxis #trust #year
https://www.newsbeep.com/au/780470/ -
https://www.europesays.com/ie/569869/ Can I save taxes by having my parents leave an inheritance to my children? #accountant #Accounting #Board #Business #Child #death #Éire #GoodMoney #IE #Income #Ireland #JenniferSawday #KiddieTax #parent #PersonalFinance #PersonalFinance #RetirementAccount #TaxPro #taxis #trust #year
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What #hashtags are all of the accountants posting on?
#TaxTwitter #TaxMastodon #CPA #CPAs #Accounting #Accountants #Tax #Taxation #IRS #IncomeTax #TaxSeason #TaxProfessional #TaxPro #PublicAccounting
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Let's normalize this!
#educate #education #taxhelp #questions #askme #taxpro #taxbae -
Some people are celebrating deposits.
Some people are realizing they owe. -
Let's be clear:
The #1 most demanded, most immediately cost effective use of AI by small businesses is connecting their marketing and sales processes with their accounting processes.
#taxpro -
On tomorrow's Daily Tax Minute, we will address nonprofit filing requirements due May 15 and the penalty for late filing. On Wednesday we will cover anonymous donations to nonprofits under the new disclosure rules. #nonprofit #taxpro
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On tomorrow's Daily Tax Minute, we will address nonprofit filing requirements due May 15 and the penalty for late filing. On Wednesday we will cover anonymous donations to nonprofits under the new disclosure rules. #nonprofit #taxpro
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If you owe taxes, it is better to file now and pay later than not file on time. Even if you don't have your accounting ready to file now, or if you do not have the money to pay the income tax, an extension filed by tomorrow is an easy inexpensive way to save the cost of a large tax penalty for late filing. #taxproblems #taxpro
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The most surprising and fastest growing small business tax practice development of 2023: the sudden need to perform so many tax filing engagements without traditional bookkeeping reports. https://taxproblems.cpa/what-is-a-tax-compilation/ #taxpro
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The field of tax accounting has always been ridiculously complicated and overloaded with potential for conflict. In recent years we saw a sharp rise in both unintentional noncompliance fueled by social media misinformation and a spike in deliberate noncompliance. Now we are beginning to see IRS and other tax authorities advance and automate their audit and collection processes. I don’t know where this is headed but am quite certain that it means full employment for the rest of my years. #taxpro
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https://southjersey.cpa/confused-over-section-199a-business-earned-income-deduction-for-multi-entity-businesses/ A timely issue for small businesses facing March 15 filing deadlines. #taxpro
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When you were about to send your client a reminder of the things you need to finish up their 2022 accounting work, and you see photos pasted on Facebook showing that they are on vacation in the Caribbean.
#taxpro -
Law enforcement
History is made by those who break laws. The end of slavery, rights for women, companies like Uber and Airbnb, even clean air and water, would not have happened without people breaking laws. I’ve created a little notoriety myself by documenting and anonymously publishing deliberate lawbreaking positions by CPAs. #taxpro -
They say that it’s natural that most of your clients tend to be within 10 years of your own age. Consequently, I don’t work with many young families. But today I finished a multi-year tax project that should (fingers crossed) bring five figure refunds to a young working class family that can really use it. It’s a good feeling; different from helping a wealthy client save much larger amounts. I say “fingers crossed” because some Covid-related issues are so subjective.
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I feel like a "good tax Samaritan" today after amending a tax return for a young family's 2019 tax return to request an additional Earned Income Tax Credit. Any amount of additional cash is a big deal to young working class families. Tax return amendments are not simple; there are many complicating factors to consider. Among the complications: IRS and states don't seem to follow their own published procedures sometimes. I do not have many young modest income clients so I do not normally handle many EITC returns. #taxpro
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Comparing Tax Prep Prices: TurboTax vs CPA
If price is your primary concern, avoid the higher expense of a CPA.About half of Americans prepare their own tax returns, and the other half hire help. Most people do not require a senior level CPA with tax law expertise to prepare their personal tax return. A private practice CPA in the northeast region is naturally more expensive, but there are other benefits. This post only compares the prices.
TurboTax Live with one state tax return advertises its premium service at a combined rate of $458, less early-bird discount, plus any additional elected services.
My lowest tier flat rate service is $1,000, less referral discounts, that includes a list of related services.
Both of these quoted prices assume that the financial statements are already complete for any self-employment income or side gig. My experience is that this is often not the case, and this can be the most expensive part of the process. Both of these also presume that there is no cryptocurrency reporting which can add to the cost. #cpa #taxpro -
Tomorrow evening I will be the guest on Jim Quinn's cable TV show in Millville. Later this week I have a second group presentation in Mount Laurel. Hopefully we resume TV studio filming "My Two Cents", the streaming media show. Late in the month I'm the guest speaker at the Bridgeton Chamber meeting. All of these talks will focus on the dramatic changes in how accountants now serve the community. I spent much of today gathering notes and organizing the presentations. #taxpro
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Accounting trends:
“Not only don’t we have enough bodies, but those in positions are not as qualified” - guest comment by Amber Setter on the latest episode of Cloud Accounting Podcast #taxpro -
Useful and interesting online discussion yesterday inspired this blog post about six current or recent #smallbusiness #tax cases. #taxpro
https://taxproblems.cpa/ein-confusion-with-small-business-mergers-nesting-and-ownership-changes/ -
Another hot tax topic with a lot of misinformation bantered around in social media. https://taxproblems.cpa/hobby-loss-tax-problems-on-the-rise/
#taxpro -
Today is the due date for final 2022 estimated taxes. Self-employed people struggle most with this. Some will inevitably trigger a late payment penalty, but it’s not a killer if handled soon. Fortunately, it’s never too late to form a good plan for the future and get good tax advice.
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“Can I reduce or eliminate taxes from civil suit and punitive damages winnings by immediately investing in a home?”
@taxgirl addressed this question in her recent column with Bloomberg. The tax attorney’s response - summarized as “no” - was accurate, well written, and informative as always. But the response might have missed the real reason the poster asked the question. They might have asked instead “How can I reduce my tax bill on a large legal settlement?” Tax advisers know that saying “no” to a specific tax question is seldom the final answer that the client is looking for when they are facing a large tax bill. This challenging ‘hot topic’ discussion would probably continue to the list of ways to immediately reduce taxes on this cash windfall.
Matching a possible solution with a client’s specific goals, risk tolerances and aptitudes is the difficult part and, I suppose, why we tax advisers sometimes earn the ‘big money’. TAXPROBLEMS.CPA
#taxpro -
“Can I reduce or eliminate taxes from civil suit and punitive damages winnings by immediately investing in a home?”
@taxgirl addressed this question in her recent column with Bloomberg. The tax attorney’s response - summarized as “no” - was accurate, well written, and informative as always. But the response might have missed the real reason the poster asked the question. They might have asked instead “How can I reduce my tax bill on a large legal settlement?” Tax advisers know that saying “no” to a specific tax question is seldom the final answer that the client is looking for when they are facing a large tax bill. This challenging ‘hot topic’ discussion would probably continue to the list of ways to immediately reduce taxes on this cash windfall.
Matching a possible solution with a client’s specific goals, risk tolerances and aptitudes is the difficult part and, I suppose, why we tax advisers sometimes earn the ‘big money’. TAXPROBLEMS.CPA
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What’s interesting here is not the amount of tax owed. This amount is not newsworthy. We see it often. What makes this case newsworthy is that he committed other financial fraud to get the untaxed income so now IRS may take the rare move of taking his home. One sure way to bring the wrath of government prosecutors is to commit fraud with other people’ Medicare and social security payments, aka “trust fund” taxes. #taxpro
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If you are involved in a partnership or S corporation with only U.S. activities and exposure, you can save accounting and tax filing costs by taking advantage of the new JANUARY 15 2023 deadline recently established regarding K2 and K3 notices to members and shareholders.
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Audible has "grown to a place where it’s very bad for authors." On a fast accounting ratio analysis, I do not reach the same conclusion. https://winteriscoming.net/2022/12/30/brandon-sanderson-blasts-audible-unconscionable-indie-author-pay-rates/
#taxpro -
How to get rich and pay no taxes using nonprofits”: New viral TikTok course.
This is a #taxpro joke.
What’s true: 1) nonprofits have been the #1 favored wealth management tool for the affluent for generations, 2) the incidence of abuse is higher than in for profit businesses.
For these reasons, I am both a promoter and a chilling influence. -
Federal Reserve, FDIC, and Comptroller yesterday: “Fraud, uncertainty, risk, misrepresentation”.
Investors: “Count me in anyway”.
https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20230103a1.pdf
#taxpro
#TaxMastodon -
In recent years I’ve become involved in local politics by acting as a certified campaign treasurer for candidates for New Jersey elected offices. A campaign is a nonprofit organization that must be managed under federal and state laws. My role is limited to the accounting and legal management aspects. I just read tragic news that a person connected to one of the campaigns I served was murdered by his wife on Christmas Day.
#taxpro -
Yesterday a small business construction contractor client with less than half million sales who has barely broken even yet asked me about setting up a charitable remainder trust for its amazing tax benefits that are available to anyone. She heard about it online in social media and read a promotors material.
In yesterday’s Talking Tax podcast, #IRS officials talked about the new Joint Strategic Emerging Issues Team that intends counteract the trend of small businesses entering complex transactions in inappropriate manner. The stated purpose is to advise taxpayers of bad advice they learn on the internet and avoid litigation later. The promise is that IRS will talk about what they are seeing online now, rather than wait until audits later. #taxpro
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I was flipping though job postings on LinkedIn and noting the mismatch between skills required and salaries offered for key #taxpro positions. One Philadelphia area company that I know well pays $220k for a skilled heavy equipment operator is advertising for a tax manager starting at $140k. No wonder we have a shortage in the profession.
My work directly exploits this systematic flaw. By waiting until the employer has a tax or legal problem, they are forced to hire a higher paid accountant or risk losing even more.
https://www.wsj.com/amp/articles/struggling-to-find-accountants-businesses-boost-salary-offers-hire-temporary-workers-11671221526 -
Just finished 2022 payrolls. The last one of the year is always the trickiest. #taxpro
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I will try to jumpstart the #taxpro hashtag here. If anyone notices similar tags that are more popular, please let us know.
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I am trying to consolidate contact info for tax pros, including #TaxTwitter, so that we all know how to find each other--especially on new platforms like this one.
#tax #taxproIf you want to participate, the form is here:
https://forms.gle/FXkDAoQ8w56Tawaj9 -
I am trying to consolidate contact info for tax pros, including #TaxTwitter, so that we all know how to find each other--especially on new platforms like this one.
#tax #taxproIf you want to participate, the form is here:
https://forms.gle/FXkDAoQ8w56Tawaj9