Tax accountants have seen an increase in 2018 tax extension requests compared to the previous year according to an article, “Tax pros report ‘record-setting’ number of extensions” in Accounting Today. The article also reported that the IRS received a record setting amount of 2018 tax extension requests, many of them at the last minute. Overall, approximately 153 million individual tax returns were expected to be filed late
As a tax consultant to the Latino community, we know that you have a lot of experience working with small businesses to formalize their processes. Whether its implementing an accounting software or improving record keeping to support important tax deductions, you’ve been able to convince your clients that a little bit of effort on the administrative side can reap big rewards downstream.
At this year’s Latino Tax Fest from July 30 to August 1 in Las Vegas, I will have an opportunity to talk with many accounting and tax professionals from all over the U.S. and beyond. Without a doubt, working with clients who want to form an LLC will be among the subjects that enter into our conversations.
With the LLC such a popular business structure among small business owners, I want to highlight some LLC basics here for those of you who may be starting out in your profession.
Tax automation systems are getting a lot of attention because they can improve efficiency and profitability. The formula is simple enough: Firms that can prepare more returns can take on more clients—expanding their business and improving their bottom line.
Since successful implementation takes dedicated effort, your firm needs to develop a plan and stick to it when onboarding with an automation service provider. Unfortunately, adopting new systems can be intimidating for even the biggest firms.
El Servicio de Impuestos Internos les recuerda a los veteranos que recibieron pagos de indemnización por incapacidad después de 1991 y que incluyeron sus pagos como ingresos, que se acaba el tiempo para reclamar sus reembolsos.
The Internal Revenue Service is reminding veterans who received disability severance payments after 1991 and claimed it as income that time may be running out to claim their refund.
Veterans should take action soon if they received a notice (letters 6060-A and 6060-D) and have not already filedForm 1040-X, Amended U.S. Individual Income Tax Return, to claim a refund or credit of the overpayment attributable to the disability severance payment should do so soon.
As a tax professional, ensuring you comply with each new legislative change is crucial, but it’s just one piece of the potential value you offer your clients. Taking full advantage of a tax research solution – like Thomson Reuters Checkpoint – not only enables you to move quickly and accurately in the facing of changing regulations but enables you to open up a whole new world of revenue opportunities.
National Taxpayer Advocate Nina E. Olson today released her 37th and final report to Congress in advance of her previously announced retirement on July 31. In the preface, Olson reflects on her 18 years in the job and provides her assessment of the key challenges facing the IRS and the Taxpayer Advocate Service (TAS) in the coming years. The report also presents a review of the 2019 filling season.
¿Alguna vez ha sido invitado a una función familiar importante en la mitad de la temporada de impuestos? ¿Y la función es en otro estado o país? Esta situación exacta me pasó la temporada de impuestos la temporada pasada. Recibí una invitación a la Primera Comunión de mi sobrina en Monterrey el primer fin de semana de abril y quería que mi esposa fuera su madrina.
Have you ever been invited to an important family function in the middle of tax season? Was this function either in another state or another country? This exact situation happened to me last tax season. I received an invitation to my niece’s First Communion in Monterrey on the first weekend of April and she wanted my wife to be her godmother.
