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In the same way, once busy season begins, you’ll have precious little time to consider whether your accounting firm has made the right moves to build client relationships and grow in 2015. Distribute the list by email or in person to each client when you present their financials or tax returns. Blog Accountant'
The Supreme Court ruling has started the ball rolling for states and municipalities to tax eCommerce – specifically, out-of-state firms and online marketplaces. But there have already been disputes making their way through the courts, as detailed in the latest Next-Gen Sales Tax Tracker.
KPMG is taking further steps into the small business financial services world with a new tax and accounting solution for SMBs, the company announced Thursday (Dec. In 2015 the firm announced a partnership with InvestDen, a small business debt crowdfunding site, and a collaboration with supply chain payments firm Taulia.
While the FASB’s CECL model has garnered much of the industry’s attention as of late, several other topics within credit, stress testing and the ALLL were of interest to banks and credit unions in 2015. Below are the top 10 highest-attended webinars of 2015, with links to view the complimentary recordings.
Every year, accountants brace themselves for the inevitable tax season. For many accountants, unfortunately, tax season means that lucrative consulting work that can diversify revenue and bolster firm growth throughout the year gets put on hold in order to handle the mountains of personal and business tax returns.
Paying business taxes is a key source of friction for many legal marijuana companies in the nation, particularly for companies that operate on a cash-only basis. A lawsuit in New Mexico is reigniting the debate over marijuana business taxes, only this time, the controversy surrounds how to classify these companies under state tax code.
Earlier this year, the Treasury Inspector General for Tax Administration reported that there was a reduction in the number of fraudulent tax returns identified between 2013 and 2015. What’s Next In Tax Fraud. As of February, the number of mentions in 2017 so far was already over 40 percent of the 2016 total.
Tax reform in the U.K. Government authorities are set to publish proposals that would require SMEs to submit quarterly tax returns online, reports said Tuesday (Jan. It’s an initiative, dubbed Making Tax Digital, the U.K. It’s an initiative, dubbed Making Tax Digital, the U.K.
businesses are likely already feeling tax season’s pressures. Filing is exhausting and complicated for individuals, and businesses experience those tax difficulties to a far greater degree. SMBs And Manual Tax Frustrations. Digitizing these processes can ease SMBs’ tax frustrations. Taxes And The Automation Benefit.
The Australian government is preparing a strategy to combat tax dodging among small businesses amounting to an estimated $11 billion in missing tax payments, News.com.au billion small business “tax gap” — the difference between income tax collected and what small businesses actually owed. reported Monday (Aug.
After the holiday season comes tax season — everyone’s favorite time — but at least the payment of taxes, along with the tax refund process, promises to become even more digital this year. And digital payers are striving to win more business from tax filers this year. Rise of Quicker Payments. New Products.
Tax season, that is. Curious to know how your taxes stacked up? While we won’t know about 2016’s filings until next year, IRS preliminary data from 2015’s filings (what you submitted in 2016) can shed some light on the typical American taxpayer’s contribution. percent federal tax rate. percent in federal income tax alone.
Taxes are another area that, depending on industry, can be positively correlated to a rise in interest rates.' Not only is demand improving, but some sectors, consumer products for example, are more sensitive to improving economic conditions.
Albania has announced it will implement a new online billing system to prevent businesses from circumventing tax payments and to boost revenue in the country, according to a report by Reuters. The minister said that 1,600 hotels on a booking site were not registered with the proper tax authorities.
That day is when the IRS hands out tax refund checks from the previous year’s tax filing. Research conducted by the National Retail Federation (NRF) and Prosper Insights & Analytics paints a much different picture for this year’s tax refund spending — or, in this case, not spending — activities. Not this year.
and South Korea clamp down on cryptocurrencies, and investors question the stability of digital coins, bitcoin may see its worst monthly decline in value since January 2015. That figure is approaching bitcoin’s approximately 30 percent dip from January 2015, the biggest monthly decline to date. As regulators in the U.S.
Two years after legislators in New Hampshire decided that they would not allow their citizens pay their taxes with bitcoin, the Arizona state legislature is mulling a bill that would pave the way for people to pay their Arizona taxes with cryptocurrencies, Coindesk reported.
The Consumer Financial Protection Bureau (CFPB) has settled with student loan servicers Discover Bank , The Student Loan Corporation and Discover Products (collectively Discover) in a 2015 case for unlawful practices, and Discover will have to pay $10 million in customer redress, a press release says.
Read the most popular business valuation articles published by Sageworks in 2015. Did you miss them? Visit the Valuation Blog to read the latest. Most common challenges facing business valuation professionals. The process of valuing a business combines both art and science and can be arduous.
A tax dispute between Intel and the Internal Revenue Service could cost large technology companies billions of dollars, according to a report by The Wall Street Journal. billion tax expense due to the case, and Alphabet turned around on a $418 million benefit. Facebook disclosed a $1.1
Stripe has acquired long-term partner Payable in an effort to bolster the tax reporting tools available to its on-demand and marketplace business customers. For existing Payable customers, the company’s tax reporting tools will continue to be hosted on payable.com through the next tax season.
In other news, Portugal’s Tax Authority has announced that both cryptocurrency trading and payments in crypto will not be taxed in the country. Coin Telegraph reported that the confirmation follows a previous tax ruling by the regulator that cryptos should not be taxed in Portugal.
For all the johnny-come-latelies who spend the hours before midnight on April 17 scrambling to submit their tax forms, there are millions more Americans who are sitting pretty with their tax refunds already in hand. It’s a peculiar part of tax season. In the past, the answer may have been yes.
posted results Tuesday night that blew past Street estimates, boosted by strength in its card and tax refund-focused business lines. Those tax refund recipients in turn were able to get cash advances, said the executive, all evidence of what Green Dot has termed a synergistic approach to its business. Green Dot Corp.
The country has the highest rate of value-added tax (VAT) fraud in Europe. The difference between the amount of VAT paid and what should have been collected in 2015 was around $35 billion, down slightly from $41 billion the year before.
The built-in leave standards for emergency FMLA and emergency paid sick leave ensure that companies are monitoring leave requests that meet FFCRA standards and will be ready to receive refunds through a government tax credit. GoCo is also offering educational materials to assist HR professionals in making sense of the new standards.
A credit risk manager at one bank with $900 million in total assets estimated that her team received approximately 8,220 tax returns in the 2015 calendar year. The company was named “Overall Most Innovative” for its Electronic Tax Return Reader (ETRR). Previous winners include Intuit, Xero, Bill.com, Wells Fargo and Capital One.
Cotten didn’t file personal tax returns for 2014, 2015 or 2017 and his 2016 return didn’t report any income from Quadriga, and Robertson’s tax returns from 2015 and 2016 showed income of less than C$60,000 a year, while in 2017 there was income of less than C$5,000 — but none of it from Quadriga.
The FTC examined fraud reported directly to the agency and excluded reports about shop-at-home purchases, finding that from January through September of this year, gift cards and reload cards were reported as a payment method in 26 percent of the fraud reports, up from just 7 percent in 2015 — a 270 percent increase.
As professionals who specialize in finance, preparing financial statements, and assisting business owners with their financial performance, one would suspect that accounting, tax preparation, bookkeeping, and payroll service companies would tend to have a firm grip on their own financial performance.
When you’ve shaken off those 60+ hour work weeks and it’s time to get back to business, the coming weeks are the perfect time to revisit your firm’s plan for 2015, outside of just a revenue target. If your firm utilized face-to-face time during tax season to ask the right questions to determine your clients’ needs for the full year, kudos!
The Internal Revenue Service (IRS) is going to send letters to about 10,000 cryptocurrency holders warning them about the penalties they will face if they don’t report their income or pay taxes on the transactions, according to a report by The Wall Street Journal. at the World Bank.
And you might learn something that can help you get 2015 off to a better start! Consider downloading a copy of this or other checklists from Sageworks to help you prepare for the upcoming tax season. It’s a great reminder as you begin to prepare for client meetings in 2015. Do you miss that busy season high?
Sageworks focus grouped more than 100 bankers in 2015 to understand their goals and challenges. A recurring theme was time-wasted with data entry – reading tax returns and typing the data into spreads. Electronic Tax Return Reader (ETRR) was created to solve these problems, saving time and improving data quality for banks.
Investments by Baidu, Alibaba and Tencent peaked in 2015 at $4.7 Amazon (And Others) Brace For India’s New eCommerce Tax. India has levied a new tax on eCommerce companies and platforms. Also, Karen Webster compares Uber’s path over the last 10 years to Amazon’s and discusses what we can learn from their similarities.
has been accused by federal prosecutors of “one of the most extreme abuses of trust,” allegedly stealing from small businesses, corporates and nonprofits between 2009 and 2015 in the Philadelphia area. Payroll Professionals Inc owner Myles Hannigan is serving a four-year sentence after pleading guilty to tax fraud, reports noted.
In those cases, scammers have reportedly impersonated tax agents looking for payments for purportedly owed taxes or grandchildren needing funds to get out of legal difficulties. That figure rose from only 7 percent in 2015, which marked an increase of 270 percent.
Activists say the bank, which handles government tax accounts, gives billions in funding to fossil fuel industries Hundreds of Extinction Rebellion protesters have blocked Whitehall in a protest against HMRC’s links to Barclays Bank, which handles the government’s tax collection bank accounts.
Onyx CenterSource , a global provider of B2B payments and business intelligence solutions to the hospitality industry, announced it has partnered with tax software provider Sovos to expand its Onyx’s InvoicePro eInvoicing capabilities. The company has now chosen Sovos to help it meet the upcoming changes in the compliance sector.
According to the Credit Union National Association (CUNA) , credit unions had a record year in 2015, with 3.7 Federal Reserve System Survey conducted in 2015, 51 percent of mobile banking users had deposited a check using a banking app in the previous 12 months, a 38 percent increase from 2013. According to a U.S.
Given their roles, accountants have unique insight into trends among their own small business clients, and they can probably provide an idea of how firms generally fared in 2015 based on conversations and recent engagements. Within major sectors, small companies also produced healthy sales growth during 2015, along with flat-to-wider margins.”
A surge cap in Chinese stocks, fueled by the stimulus package from the government to combat the virus-riddled economy, has brought about fears of a repeat of the 2015 market crash, according to Reuters on Wednesday (Feb. China has been working hard to inject funds into the economy, which has seen itself crippled as the coronavirus descended.
According to Bank of America head of small business Sharon Miller, this marks the highest level of optimism among SMBs since 2015. Eighty-three percent of SMBs said they don’t completely understand the new tax law and how it will impact their business, according to the National Association for the Self-Employed.
taxpayers who engaged in virtual currency transactions using the Coinbase platform from 2013 to 2015. ” Last month, news broke that the IRS is actively looking for bitcoin-based tax evasion. Department of Justice, the Northern District of California court is allowing the IRS to serve a summons to Coinbase for U.S.
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