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How To Succeed With Expense Tracking Management

kazim qasim

To succeed in business, small business owners must keep a close eye on expenses. Poor expense management can destroy your profit on a project or business venture. A component of expense management is expense tracking.

If you’re not keeping track of your expenses, it’s easy to go over budget. Even if you’re still making a profit and don’t think you need to pay close attention to them, if you don’t have good records you won’t be able to take all your allowable deductions on your taxes.

How important is it to Track Business Expenses?

Without detailed, monthly information on your business’ performance, it’s easy to be running at a loss for several months and not even be aware. Cash flows which don’t align, such as customers pay deposits or large sums before you incur expenses on those projects, can mask your businesses true financial health.

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It Is Time To Discover A Great New Tax Calendar

Akore Tax Calendar

It is one of the best tax calendar software tax professionals will enjoy this year. This Award Winning Tax Calendar offers an extraordinary experience for any tax professional who wants to organize all corporate tax returns domestic and international; or a tax services firm managing all of their clients. It is smart and affordable; even better the company will scan all the documents for you. You would be very wise and ahead of the upcoming tax year to take a tour through this easy to use, low cost Tax Calendar.

Register for a tour to learn for yourself what this tax calendar offers large, medium and small corporate tax organizations; and tax services firms in organizing every client and filing date due. No more late notices, no more penalties, no more spending time looking for tax files and notices. It is all securely stored in the cloud or you can store it in your own servers; the choice is yours.

TaxConnections is in the process of reviewing over 1700 software companies this year and are very impressed at the low cost and high value of the Akore Tax Calendar. Tax professionals enjoy being organized with software that saves them so much time.

Register For A Tour That Is Simply Amazing.

 

California, Colorado And Connecticut Sales And Use Tax (United States Sales And Use Tax Series #3)

Aaron Giles - State Sales And Use Tax Exemptions 2

California Sales And Use Tax

The state of California currently levies a 7.25% state sales tax rate.  Between January 1, 2013 and December 31, 2016 the state sales tax rate was 7.5%. The reduction to the current 7.25% rate took effect on January 1, 2017. The temporary 4-year increase in the state sales tax rate was a result of the increase passed under Proposition 30 which was on the November 6, 2012 ballot for California votes.  The initiative was approved by 55.4% of voters. See below for more detailed information about relevant California sales tax exemptions and use tax.

Counties & local municipalities also levy their own sales taxes in addition to the state rate.  Currently, California’s combined sales tax rates range between 7.25% and 9.75%.  The combined rate includes state, district, county and city sales tax.

Use tax is applied on the same basis and at the same rates as sales tax is within the state of California. For monthly-filers, returns are due on or before the last day of the month following the month in which the purchases were made. For example, purchases made in the month of January should be filed with the state of California on or before the last day of February.
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Eight Reasons The Remote Tax Workforce Is Growing

Kat Jennings

Ever since I posted an article on 1000+ Tax Jobs Coming To You Through TaxConnections, I have been receiving calls and emails from tax professionals regarding full-time, part-time and remote tax jobs.  You will appreciate the reasons remote tax work is growing for tax professionals.  All signs indicate businesses public and private are recognizing the benefits of a remote tax workforce. Here are eight reasons the remote tax workforce is growing.

1. Innovation of computers, phones, connections through video and audio have a major impact on the ability to work remotely. As the remote tax workforce grows on sites like TaxConnections, more companies and governments are now finding it easier to identify this talent.

2. Highly trained Baby Boomers tax professionals (Born 1946 – 1964) want to continue to work and are readily making themselves available for remote jobs today. They prefer to spend the time working from home than managing the increase traffic and delays in transportation. According to Gallop, about one third of today’s workforce comes from the 75 million strong and active baby boomer generation. Baby Boomer tax professionals have a very strong work ethic.

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Free eBooks From TaxConnections To You

FREE eBooks For Tax Consultants

TaxConnections has updated many eBooks this year that will help you throughout the year. These are free and cover a wide range of topics that may be of interest to our tax and business professional community. Please take this opportunity to download as many of these complimentary eBooks as you like. The titles of these eBooks are as follows:

-United States Tax Treaties
-Global Tax Authority Country Representatives
-Verify Law License
-Verify CPA License
-Interview Guide For Management
-Preparing For Interviews
-200+Best Tax Jokes
-250+Motivational Inspirations
-Presidential Executive Orders
-Learn About Opportunity Zones
-Automobile Depreciation Charts
-2019 Federal Individual Tax Rate Charts

Access Complimentary eBooks Here

 

 

ASC 740 In Depth: Valuation Allowances – Complimentary Webinar For Tax Professionals Friday August 16th, 2019

ASC 740 Webinar- Valuations

This complimentary course is an in depth discussion of valuation allowances including evaluating positive and negative evidence, impacts on the tax rates and interim implications. This course includes the implications of the Tax Cuts. Instructor is nationally recognized ASC 740 expert Nick Frank.

Date: Friday, August 16, 2019

Time:12:00Noon PST/11:00AM CT/10:00AM CT/9:00AM PDT

Register Here For Complimentary ASC 740 Webinar

What You Need To Know About State Sales Tax Holidays

State Sales Tax Holidays

Although not all states offer sales tax holidays to consumers, 17 states across the country (as well as Puerto Rico) currently offer specific dates where shoppers can buy certain items without paying the sales tax on them. While they’re designed as an incentive for consumers to support local businesses, and they’re an interesting approach some states take, it’s difficult to know if they’re really all that effective in driving the local economy – plus these holidays can cause quite a headache for retailers. Which States Offer Sales Tax Holidays?

Here is a quick summary:

  • Alabama: Severe weather preparedness, February 22-24 and back to school, July 19-21
  • Arkansas: Back to school, August 3-4
  • Connecticut: Clothing and footwear, August 18-24
  • Iowa: Clothing and footwear, August 2-3

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Big Mistakes Companies Make Using Homemade Excel Spreadsheets: Accounting For Income Taxes

Kat Jennings

The number one request these days for corporations hiring is someone to handle accounting for income taxes. It is a major focus for companies these days because of the complexity involved in these calculations. We have been in contact with thousands of tax professionals regarding accounting for income tax roles and have been asking them how they handle these complex calculations. What I found most interesting are the many Fortune 500 companies who still use an Excel model they designed in-house for accounting for income taxes. On the other hand, I asked technology consultants what issues they see with Excel spreadsheet models. What I learned from experts was the disproportionate amount of time the tax professionals were spending on making sure the Excel spreadsheets are calculating correctly versus the real technical issues in an ASC 740 context.

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The Netherlands: Dividend Withholding Tax Exemption: What Are The Constraints?

Jimmy Cox _ Dividend Withholding Tax Exemption

The first of January 2018 was the effective date of expansion of the Dutch dividend tax withholding regime. It was also the date of duty notification being imposed regarding the application of the taxation exemption in respect of dividends paid out to non-Dutch based recipients. This blog discusses said newly introduced duty of notification by elaborating on the following themes: “Dividend withholding tax specification”, “Dividend withholding tax exemption conditions”, “Abuse of dividend withholding tax exemption” and “Artificial construction in connection with dividend withholding tax”.

Dividend Withholding Tax Specification

It is compulsory within one month of the dividend payment date to notify the Dutch Tax Authorities accordingly – using the designated “Dividend withholding tax specification” form – where use is being made of the dividend withholding tax exemption. The Tax Authorities use the relevant information in assessing whether the distributing company or holding cooperative has rightly availed itself of withholding exemption. Please note that the tax authorities are authorized to impose default surcharges of up to € 5,278 each for tardy notification or failure altogether to effect notification, as well – worse still – as negligence penalties for intent or gross culpability, in amounts of up to 100% of the outstanding taxes. (Whether or not the tax service’s practice in this respect is entirely EU proof remains to be seen. Then again the institution of proceedings to find out can be a costly affair.)

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Alaska, Arizona And Arkansas Sales And Use Tax (United States Sales And Use Tax Series – Part #2)

Aaron Giles - State Sales And Use Tax Exemptions 1

Alaska, Arizona And Arkansas Sales Tax Exemptions

Alaska Sales Tax Exemptions

The state of Alaska is one of five states in the U.S. that does not charge a state sales tax. At the local level over 100 municipalities do collect a sales tax, with rates ranging between 1% and 7.5%.   For more information on Alaska sales tax exemptions please visit:

Alaska Department of Revenue
Alaska Sales Tax Exemption Statement

Arizona Sales Tax Exemptions

The state of Arizona levies a Transaction Privilege Tax, which is similar to sales tax in other states. The state rate is 5.6% and is levied on all purchases of tangible personal property unless specifically exempted. All Arizona counties collect an additional tax ranging between 1-5.3%.
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Moving Backwards – New Form 1040-SR for 2019

Annette Nellen Form 1040-SR

You’re online reading this blog post so you know that technology can do a lot, usually making our lives easier. For example, can you imagine filing a complex tax return without the aid of tax prep software? Well, IRS statistics show that for fiscal year 2018, about 12% of individual federal tax returns were filed on paper (but some of this could have been prepared using software). The balance were prepared by a paid preparer, or otherwise online or via the free file system. This is still a lot of paper filings given a total of almost 153 million individual returns files (about 18.6 million paper filed) (2018 IRS Data Book, p 2).  I think many of these paper filed ones are fairly simple returns, perhaps with just one or two Forms W-2.

When using tax prep software, you’re asked questions and you need to enter information from your tax reporting forms, such as W-2 and 1099. Good tax prep software performs the required calculations and produces a return that you can print and file or much easier, e-file. It doesn’t really matter much what the return looks like, just that your required information is on it.

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