Public Accountants Advise Clients on New 1099-K Requirements
Public Accountants are advising clients that this is the first year that the IRS requires payments made with a credit card to be reported by merchants
Tax
Tax preparation is the process of preparing tax returns, often income tax returns, often for a person other than the taxpayer, and generally for compensation. Taxes may be done by the taxpayer with or without the help of tax preparation software and online services. Tax preparation may also be done by a licensed professional such as an attorney, certified public accountant or enrolled agent, or by an unlicensed tax preparation business. Because United States income tax laws are considered to be complicated, many taxpayers seek outside assistance with taxes (53.5% of individual tax returns in 2016 were filed by paid preparers).[1] The remainder of this article describes tax preparation by someone other than the taxpayer.
Some states have licensing requirements for anyone who prepares tax returns for a fee and some for fee-based preparation of state tax returns only. The Free File Alliance provides free tax preparation software for individuals with less than $58,000 of adjusted gross income for tax year 2010. People who make more than $58,000 can use Free File Fillable Forms, electronic versions of U.S. Internal Revenue Service (IRS) paper forms.
The cost of preparing and filing all business and personal tax returns is estimated to be $100 to $150 billion each year. According to a 2005 report from the U.S. Government Accountability Office, the efficiency cost of the tax system—the output that is lost over and above the tax itself—is between $240 billion and $600 billion per year. For tax return preparers, Americans spent roughly 20% of the amount collected in taxes (estimating the compliance costs and efficiency costs is difficult because neither the government nor taxpayers maintain regular accounts of these costs). Tax businesses have been plagued with controversies over Refund anticipation loans. Intuit, the developer of tax preparation software TurboTax, has lobbied to prevent the IRS from setting up a Web portal for electronic tax filing.[6] This lobbying resulted in the introduction of the proposed Taxpayer First Act of 2019.
New Rules Require Rental Property Owners to Issue 1099s
Work Opportunity Tax Credit is a tax credit to employers when they hire individuals in Target Groups like Veterans, Ex-Felons, Summer Youth Programs.
Getting Inside the Latino Market for Tax Preparation
Getting Inside the Latino Market for Tax Preparation
Tax Benefits Increase from Inflation Adjustments
Tax Benefits Increase from Inflation Adjustments
Tax Preparation Compliance and Audit Risk
Tax Preparation Compliance and Audit Risk. IRS aims to balance the burden on the taxpayer with the potential benefit of the compliance effort.
Accounting Services in Miami Overview of an Independent Contractor
Accounting Services in Miami Overview of an Independent Contractor
Tax Accountant Exempt From IRS Competency Test
The IRS marked the third anniversary of its Income Tax Preparer in Miami initiative and urged those paid Tax Accountant to take the test as soon as possible
Accountants Advise How Long Should You Keep Tax Records
Accountants note that you can throw away most supporting tax records after three years. But keep your returns indefinitely.
The Accountants Review of Trump Tax Reform
The Accountants Review of Trump Tax Reform. It’s common to hear a major piece of tax legislation called “The Accountants’ Full Employment Act”
Miami Accountant Dirty Dozen IRS Audit Red Flags
Miami Accountant Dirty Dozen IRS Audit Red Flags