The Collision of Nonprofits and Individuals

With the extension of the individual (Form 1040) tax deadline to May 17 from April 15 we ran into something we have never seen before. Well, in my thirty plus years of public accounting, I have never seen it. The main cohort of people in the tax department had the same deadline as the those …

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They said what? Funny tax season water cooler moments.

It’s the end of tax season…sort of. Since our world these days seems to be a mixture of online and in person, this annual blog on the things we have heard is along similar lines. A new IT guy when faced with the dilemma of the high powered scanner not working properly. “Why don’t you …

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Give back this tax season

The Internal Revenue Service (IRS) and its many partners are asking for volunteers who are interested in helping those in need this tax season. For many years, the IRS has sponsored various programs to help families in the U.S. who may be struggling. One of these programs provides volunteer income tax assistance to eligible taxpayers, …

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What your tax professional needs (and doesn’t) to prepare your 1040

For many people, maybe you, preparing a tax return is like a foreign language. Luckily for you, you can always have a tax professional prepare your tax return for you. It can be hard to distinguish what your tax professional needs to complete your return between all the statements, documents and other miscellaneous items you …

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Customized reports and analysis

As discussed in the blog on dashboards and visualizations, there are increased benefits when integrating multiple software packages a company uses, such as general ledger, inventory management, customer relationship management, human resource information system and point-of-sale systems.  Once the applicable software packages are integrated, the customized reports and analytics can be prepared. Don’t miss: Transfer …

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The Taxpayer Advocate Service: A voice for the taxpayer

Rarely are the words “I really enjoyed working with the Internal Revenue Service to resolve that issue” spoken. Dealing with the Internal Revenue Service can be an intimidating and frustrating experience. The Taxpayer Advocate Service is available to help you navigate problem resolution with the IRS. As part of the IRS Restructuring and Reform Act …

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Sourcing your income taxes: Understanding market-based sourcing

Sales tax nexus laws across the country got a fresh makeover starting in the summer of 2018 with the Supreme Court decision in Wayfair. Now, states are updating their income tax sourcing laws, hoping to lure more businesses to reside there while simultaneously gaining more tax revenues from businesses that do not. The method? Market-based …

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Treasury throws businesses life preserver in coronavirus storm

In response to the coronavirus pandemic, last week the United States House of Representatives passed legislation making COVID-19 testing free and providing paid sick leave to many whose employers had previously not offered paid sick time. The Families First Coronavirus Response Act left many businesses struggling to find the resources to accommodate mandated paid sick …

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What you need to give your CPA to prepare your 2019 tax return

What is needed for taxes is situational. A college student may only have a W-2 form while others will receive 1099 forms, depending on the type of income they receive. It is important to know what forms and documents to give your CPA to have the process be efficient. Don’t miss: key changes to 2019 …

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California’s New Definition of an Employee

California’s new law (Labor Code section 2750.3) creates a big definition change on who should be paid as an independent contractor and who should be paid as an employee. Under the new law, a worker can only be considered an independent contractor if the payor can prove they meet the following three requirements: The worker …

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