Wichita tax business agrees to pay back penalties and other charges

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The owner of a north Wichita accounting business has agreed to $120,000 in penalties and other fees after delaying or not filing taxes for at least 16 customers, the Sedgwick County district attorney said Thursday.

Nicole Clem, the owner of Bookkeeping N Beyond at 10333 E. 21st St., will also refund customers whose 2021 taxes were filed late or had to be filed with another accounting service and reimburse customers who had to pay the IRS late fees. Additionally, the owner’s business has a one-year probation with the DA’s Consumer Protection Division.

“The business cooperated with the investigation and has already begun the process of notifying potentially impacted consumers,” a news release from the DA’s office says. “The consent judgment also calls for a permanent injunction from engaging in deceptive or unconscionable acts and cooperation with any future complaints.”

Clem did not respond to a call Thursday morning.

The business has a 4.3 rating out-of-5 stars on Google reviews based on feedback from 77 people. All of the reviews are either 5 stars or 1, which is the lowest possible.

People who gave one star talked about using Clem’s services and never having their taxes filed

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IRS introduces business tax accounts as it targets big corporations for audits

The Internal Revenue Service is offering new business tax accounts that companies can use to view and track their taxes, while making improvements to its online tax professional accounts, as it ramps up hiring of accountants to pursue large corporations and wealthy individuals who are dodging their taxes.

“The business tax account will allow businesses to check their tax payment history, make payments, view notices, authorize powers of attorney and conduct other business with the IRS,” said IRS Commissioner Danny Werfel during a press conference. “The first phase of this account will allow unincorporated sole proprietors who have an active Employer Identification Number to set up a business tax account where they can view their business profile and manage authorized users. Future improvements will add more features to this account.” 

Over time the accounts will allow business taxpayers to check their tax payment history, make payments, view notices, authorize powers of attorney and conduct other business with the IRS. Future improvements will enable taxpayers to use their business tax accounts to view letters or notices, request tax transcripts, add third parties for power of attorney or tax information authorizations, schedule or cancel tax payments, and store bank account information.

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IRS

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The Worth of Integrated Products and services in a One Lawful, Tax, Accounting and Organization Advisory Spouse | Allen Barron, Inc.

What is the price of an built-in lawful, tax, accounting and business enterprise advisory expert services in a solitary resource company? The three most important gains of these valuable small business partners are:

  1. The capability to remedy intricate company issues and troubles in a well timed, charge-effective way
  2. The ability to acquire and implement involved operational adjustments within just your business in get to fulfill the difficulties at hand and go ahead, and
  3. Substantial discounts both of those in terms of time and funds

Generally talking, when a corporation or sophisticated trader ways a significant problem, the answer generally needs the enter of many company industry experts such as a small business attorney, estate scheduling professional, tax expert, accountant and/or CPA, a qualified economic professional and/or a business enterprise advisor.

The most important obstacle in this scenario is that each qualified holds a piece of the puzzle but not a grasp of the overall answer. This is compounded by the reality that in a lot of situations the particular person perspectives of each and every of these specialists conflict with a single a further from the perspective of the customer.

For example, the lawful answer of including a corporate entity

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Thomson Reuters closes acquisition of US tax application business SurePrep for $500 million

Deal marks latest in series of AI-focused acquisitions produced by Thomson Reuters.

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Toronto-based business details companies organization Thomson Reuters shared on Tuesday that it has completed its acquisition of SurePrep.

The deal, originally announced in November 2022, noticed Thomson Reuters pay back $500 million USD in income for the California-based mostly tax automation software and providers organization.

Thomson Reuters and SurePrep had been partners considering the fact that April of very last yr.

Thomson Reuters and SurePrep experienced been companions since April of previous 12 months. As SurePrep CEO Dave Wyle place it, “this transaction builds on our existing partnership/reseller arrangement to provide our eyesight of finish-to-end tax automation that solves our customers’ largest ache details.”

As part of the offer, SurePrep will now develop into a part Thomson Reuters’ Tax and Accounting Pros functions and Thomson Reuters has brought on SurePrep CEO David Wyle along with other SurePrep personnel.

“We are wholly focused on serving to tax professionals be a lot more effective by delivering them with the applications they need to have for good results,” stated Thomson Reuters President of Tax and Accounting Pros Elizabeth Beastrom. “SurePrep assists customers preserve equally time and prices as they

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Important Meals and Beverage Tax Financial savings Factors | Marcum LLP

Considerably has been composed about the pandemic’s outcome on the food items and beverage market. Now that offer chain concerns are minimal and people today are additional snug socializing at places to eat, people in the industry can look ahead with optimism. A number of traits that emerged for the duration of the pandemic are probably to impact the marketplace into 2023 and supply tax-preserving alternatives:

Analysis and Enhancement Tax Credit score

The federal govt and many states offer a analysis and advancement (R&D) tax credit rating to advance new, as perfectly as enhanced, item and producing procedures.

Why take into account the R&D credit?

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  • Prospective refund of beforehand paid taxes
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  • Boost doing the job cash
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  • Generate rapid dollars stream by decreasing existing tax liability
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What things to do qualify?

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  • Blending, formulation, mixing, and worth-extra processing
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  • Reduction in scrap, improved effectiveness, and elimination of procedures
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  • Taste and raw materials analysis
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  • Foods design and implementation
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  • Packaging and labeling
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  • Pre-successful top quality assurance&#13
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    • As funding improves for innovation and disruptive foodstuff goods, new sources of proteins and sweeteners, alongside with elements that are natural and organic, might qualify for the credit
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Reconciliation Deal Pulls Accounting Rulemaker Into Tax Politics

A panel of unelected accountants in suburban Connecticut would enjoy an outsized position in shaping tax policy for the nation’s biggest corporations underneath a provision inside Senate Democrats’ sweeping tax, local weather, and healthcare bill.

The draft laws works by using a edition of organization money, as calculated beneath US monetary accounting policies, to identify what firms owe in taxes. It is made to make certain that large businesses creating huge “book” gains get taxed at a bare minimum price of 15%. It places pressure on what providers report in their monetary statements, the principles for which are crafted by the Money Accounting Standards Board.

Any transfer the seven-member rulemaker can make to adjust what figures providers report could affect the likes of Amazon.com Inc., Apple Inc., and AT&T Inc. Providers could be keen to deal with down their earnings to prevent massive tax payouts, and they will be scrutinizing these moves. Congress, much too, could consider more desire in the operate of the personal-sector board.

The process of location accounting procedures is intended to be unbiased, concentrating only on defining the figures providers report, so investors, collectors, and analysts get perception on their economic health and fitness. When politics

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