Employees who move to low-tax states to take advantage of telecommuting during the pandemic may still be taxed by their former residence, as more states levy taxes on cross-border business. High-tax states like New York and Massachusetts are doing tax audits to make sure that residents who relocate to low-tax
Intuit ProConnect has partnered with Practice Ignition with the goal of increasing productivity for tax professionals. Practice Ignition, an automated proposal and payment management software that eliminates administrative tasks, will work in tandem with Intuit’s professional tax products, allowing for a better end-to-end workflow for tax professionals. Specifically, the ProConnect
Nearly a quarter of internal audit teams intend to implement cloud-based audit management or governance, risk and compliance software this year, according to a new survey. The report, by the Institute of Internal Auditors’ Internal Audit Foundation and the audit, risk and compliance software developer AuditBoard, surveyed 134 internal audit
The American Rescue Plan basically expands Form 1099-K reporting threshold for third-party settlement organizations to focus on $600 in value of transactions annually without regard to the number of transactions. The old rule, which still the rule in 2020 and 2021, focuses on a $20,000 minimum with an added limitation
Wolters Kluwer Tax & Accounting has partnered with CoinTracker and Verady – developer of Ledgible Tax Pro – to provide integration between these cryptocurrency solutions and its CCH Axcess Tax and on-premises CCH ProSystem fx Tax expert solutions for tax compliance. Both CoinTracker and Ledgible Tax Pro are cryptocurrency tools
On March 11, President Biden signed into law the American Rescue Plan Act (ARPA) of 2021. This bill introduced a $1.9 trillion COVID-19 relief package designed to help boost the economy amidst the effects of the pandemic. This article will focus on those who received unemployment benefits as well as
The Internal Revenue Service is mailing letters to taxpayers explaining why they may not be getting as much of a Recovery Rebate Credit as they were expecting on their taxes. The amount of the credit claimed on their 2020 tax return may be reduced if they were claimed as a
With the tax cuts in the American Rescue Plan reducing the costs of childcare for families, your clients may actually save money by paying their nannies legally if they are not doing so already. Tax breaks, including those in pandemic relief legislation, are obviously not available to families who pay
While retailers and consumer-oriented commercial businesses embraced online marketing years ago, accounting practices have been slow to adopt digital marketing strategies. The pandemic has hastened adoption, but for most firms the move to digital marketing remains more reactive than proactive. Many of the digital tools and techniques remain unfamiliar to
When choosing a business entity type for their companies, general contractors must think about the legal, financial and tax implications. How can you help your clients become better informed about which business entity type might benefit them the most? Below, I’ll share six key considerations as they explore the available
