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#tax audits
bighermie · 2 years
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Count on the jack booted thugs having quotas to meet.
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mystartupsolution · 1 month
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Income Tax Consultant in Lucknow
As the financial year comes to a close, the daunting task of filing income tax returns looms large for many individuals and businesses in Lucknow. Navigating through the complex web of tax laws and regulations can be overwhelming, and that's where the expertise of an Income Tax Consultant comes into play.Income Tax Consultant in Lucknow.
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The Complexity of Income Tax:
Income tax laws are ever-evolving, and the intricacies involved can make the process of filing returns a challenging endeavor. From deductions and exemptions to compliance with the latest tax codes, staying abreast of the nuances is crucial to ensuring a smooth and error-free tax filing. A skilled Income Tax Consultant not only possesses a deep understanding of these complexities but also stays updated on the latest changes in tax legislation.
The Local Advantage:
Lucknow, a city steeped in cultural heritage, also boasts a dynamic economic landscape. As a resident or business owner in Lucknow, having a local Income Tax Consultant brings about several advantages. They are not only well-versed in the national tax laws but also have a keen understanding of the local economic conditions, ensuring that your tax strategy aligns seamlessly with the unique aspects of Lucknow's financial environment.
Choosing the Right Consultant:
With several Income Tax Consultants in Lucknow vying for your attention, it's essential to choose one that aligns with your specific needs. Here are some key factors to consider:
Experience and Expertise:
Look for consultants with a proven track record and a comprehensive understanding of income tax laws. An experienced consultant will be better equipped to handle complex situations and provide valuable insights tailored to your financial situation.
Reputation:
Check online reviews, testimonials, and ask for referrals to gauge the reputation of the consultant. A positive track record and satisfied clients are indicative of a reliable and trustworthy professional.
Communication Skills:
Effective communication is paramount in tax consultancy. A consultant should be able to explain intricate tax matters in a way that you can comprehend. Regular updates and clear communication foster a collaborative and productive relationship.
Fee Structure:
Understand the consultant's fee structure upfront. Whether it's a flat fee, hourly rate, or a percentage of returns, clarity on costs ensures transparency and avoids any unpleasant surprises later.
Conclusion: In conclusion, as the financial year draws to an end, enlisting the services of a proficient Income Tax Consultant in Lucknow is a strategic move to navigate the complexities of income tax filing. From ensuring compliance with the latest tax regulations to optimizing deductions, a skilled consultant can make the entire process seamless and stress-free. Take the time to research and choose a consultant who not only possesses the required expertise but also aligns with your specific financial goals. Your peace of mind and financial well-being are well worth the investment in a competent Income Tax Consultant in Lucknow.
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ifindtaxpro · 10 months
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scarlettohairdye · 1 year
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PSA to printed zine makers
As a 37 year old who's been running a sole proprietorship for the last 10+ years, I just want everyone who is planning to run a fandom project that involves accepting money for printing & shipping costs to know that you're actually running a small business and you need to plan for taxes. It doesn't matter if you don't make any profit: that is business income and the IRS will see it as such if you get audited.
If you only take enough money in to cover the cost of printing & shipping then you can write that off as a business expense and probably not pay taxes on it, But in order for that to fly you actually have to do business accounting, especially if you're doing it at scale. Like, you can probably skate by without reporting a $500 project; I absolutely would not fucking risk it with a $5000 project.
Back when I was producing shows there were years when I was where I made $20k in ticket sales only to turn around and immediately pay $18k to my performers. I only made $2k for myself, but I had to report the entire $20k, because it was ALL INCOME. (I only paid taxes on the $2000, because that's how writing off expenses works!)
Yeah this is boring grownup shit and I'm getting my boring grownup fingers all over your fun fandom, but boring grownups doing boring grownup things are the reason fandom spaces exist at all (paying for servers is deeply boring), and I'm way more fun than an audit
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bitchesgetriches · 11 months
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https://money.usnews.com/money/personal-finance/taxes/articles/irs-pledges-more-audits-of-wealthy
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This is actually great news. But read to the end for how it'll affect you.
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The nation’s millionaires and billionaires are evading more than $150 billion a year in taxes, adding to growing government deficits and creating a “lack of fairness” in the tax system, according to the head of the Internal Revenue Service.
The IRS, with billions of dollars in new funding from Congress, has launched a sweeping crackdown on wealthy individuals, partnerships and large companies. In an exclusive interview with CNBC, IRS Commissioner Danny Werfel said the agency has launched several programs targeting taxpayers with the most complex returns to root out tax evasion and make sure every taxpayer contributes their fair share.
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Werfel said that a lack of funding at the IRS for years starved the agency of staff, technology and resources needed to fund audits — especially of the most complicated and sophisticated returns, which require more resources. Audits of taxpayers making more than $1 million a year fell by more than 80% over the last decade, while the number of taxpayers with income of $1 million jumped 50%, according to IRS statistics.
“When I look at what we call our tax gap, which is the amount of money owed versus what is paid for, millionaires and billionaires that either don’t file or [are] underreporting their income, that’s $150 billion of our tax gap,” Werfel said. “There is plenty of work to be done.”
“For complex filings, it became increasingly difficult for us to determine what the balance due was,” he said. “So to ensure fairness, we have to make investments to make sure that whether you’re a complicated filer who can afford to hire an army of lawyers and accountants, or a more simple filer who has one income and takes the standard deduction, the IRS is equally able to determine what’s owed. And to us, that’s a fairer system.”
Some Republicans in Congress have ramped up their criticism of the IRS and its expanded enforcement efforts. They say the wave of new audits will burden small businesses with unnecessary bureaucracy and years of fruitless investigations and won’t raise the promised revenue.
The Inflation Reduction Act gave the IRS an $80 billion infusion, yet congressional Republicans won a deal last year to take $20 billion of the funding back. Now they’re pressing for further cuts.
The Treasury Department said last week it estimates greater IRS enforcement will result in an additional $561 billion in tax revenue between 2024 and 2034 — a higher projection than it had initially stated. The IRS says that for every extra dollar spent on enforcement, the agency raises about $6 in revenue.
The IRS is touting its early success with a program to collect unpaid taxes from millionaires. The agency identified 1,600 millionaire taxpayers who have failed to pay at least $250,000 each in assessed taxes. So far, the IRS has collected more than $480 million from the group “and we are still going,” Werfel said.
On Wednesday, the agency announced a program to audit owners of private jets, who may be using their planes for personal travel and not accounting for their trips or taxes properly. Werfel said the agency has started using public databases of private-jet flights and analytics tools to better identify tax returns with the highest likelihood of evasion. It is launching dozens of audits on companies and partnerships that own jets, which could then lead to audits of wealthy individuals.
Werfel said that for some companies and owners, the tax deduction from corporate jets can amount to “tens of millions of dollars.”
Another area that is potentially rife with evasion is limited partnerships, Werfel said, adding that many wealthy individuals have been shifting their income to the business entities to avoid income taxes.
“What we started to see was that certain taxpayers were claiming limited partnerships when it wasn’t fair,” he said. “They were basically shielding their income under the guise of a limited partnership.”
The IRS has launched the Large Partnership Compliance program, examining some of the largest and most complicated partnership returns. Werfel said the IRS has already opened examinations of 76 partnerships — including hedge funds, real estate investment partnerships and large law firms.
Werfel said the agency is using artificial intelligence as part of the program and others to better identify returns most likely to contain evasion or errors. Not only does AI help find evasion, it also helps avoid audits of taxpayers who are following the rules.
“Imagine all the audits are laid out before us on a table,” he said. “What AI does is it allows us to put on night vision goggles. What those night vision goggles allow us to do is be more precise in figuring out where the high risk [of evasion] is and where the low risk is, and that benefits everyone.”
Correction: The IRS has collected $480 million from a group of millionaire taxpayers who had failed to pay. An earlier version misstated the amount collected.
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fayt30l0v3 · 10 months
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Oooohh yeah Sampard time
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everybodyloveshippos · 6 months
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i am too tired to think of the full joke post but the punchline was bregan daerthe gets audited
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starshiptrooper797 · 4 months
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friendly reminder to report your local convention center for tax evasion for all the booths they have next time there is a large percentage of democrats or lgbtq people. they dont pay taxes and will be audited lmao
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ponytailzuko · 4 months
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In the accountingverse how would Aang's nightmares and daydreams have gone? 👀
aang having a nightmare over fire lord ozai giving him an accounting test is tragically just my reality. the accountingverse was created to cope with the fact i have an accounting final on saturday. 🤧 ill make sure to remember my pants. thank u for the lessons aang
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dufrau · 1 month
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Frickin. i am getting audited by the state over a $197 tax refund 😭. it should be fine i keep good records and worse case scenario I'm out $197, but like... This is such a waste of time! And money! There is no way it costs them less than $197 to process this audit!
This is so stupid and annoying. I don't make any money. I'm not poor, because Andrei makes a lot of money, but they dont know that! They are auditing somebody who makes well under the poverty line over less than $200. So like for me its honestly fine but if they're doing it to me they are also doing it to actually poor people and it makes me so angry! Audit rich people you idiots!
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masllp · 14 hours
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Maximizing Asset Integrity: The Importance of Fixed Asset Verification with Mas LLP
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s-bhat-associates · 1 year
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Internal Auditing Assurance and Advisory Services from s bhat & Associates provides a wide range of professional services that include internal audit, compliance management, and advisory services to organizations.
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unisonglobus · 1 month
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syssyadmin · 1 month
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what a bizarrely calculated response from st@ ff. all the trappings of things actually going on internally without any actual change implemented. except for further moderation tools which, if they have gone the ways they have previously, is only more reason for marginalized people to be scared LOL
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pkchopraco-blog · 1 month
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Income Tax Audit in India
What is an Income Tax Audit? Imagine an independent assessment of your organization's tax returns. That's essentially what an Income Tax Audit in India is. A Chartered Accountant (CA) examines your income, deductions, and overall financial records to ensure everything aligns with the Income Tax Act. Think of it as a financial health check to maintain transparency and accuracy. Why is it Important? Tax audits ensure a level playing field for businesses and organizations. They promote honest accounting practices by: Verifying the accuracy of income and deductions: The CA confirms if your reported numbers match your actual financial activities. Encouraging proper record-keeping: Audits motivate businesses to maintain detailed records, improving their financial management. Preventing tax evasion: The audit process discourages any attempts to underreport income or overstate expenses. Who Needs an Income Tax Audit in India? Not everyone requires an audit. The rules are laid out in section 44AB of the Income Tax Act. Here's who needs to get their accounts audited: Businesses with a turnover exceeding Rs. 1 crore: If your business crosses this threshold, an annual audit is mandatory. Professionals with income above Rs. 50 lakhs: Doctors, lawyers, and other professionals earning more than Rs. 50 lakhs per year need an audit. Taxpayers opting out of presumptive taxation: If you choose not to use the simplified presumptive taxation scheme, an audit becomes necessary. Specific situations outlined in Sections 44AD, 44AE, and 44BBB: These sections involve calculating income based on estimates. If your actual income deviates significantly, an audit might be required. How Does it Work? Here's the basic flow of an Income Tax Audit in India: Hire a Chartered Accountant: Find a qualified CA experienced in tax audits. Provide necessary documents: Share your financial records, including invoices, bank statements, and accounting ledgers. The CA conducts the audit: They analyze your records, ask questions, and verify your information. Audit report submission: The CA submits a detailed report highlighting their findings and observations. You approve the report: Once you review and agree with the report, your CA electronically files it with the Income Tax Department. Penalties for Non-Compliance: Skipping an audit when mandated can lead to penalties. These can be a fixed amount (like Rs. 1,50,000) or a percentage of your turnover (capped at 0.5%). Don't let that happen! Remember: An Income Tax Audit in India is crucial for transparency and compliance. If you fall under the audit requirement, be proactive and start the process well in advance. Choosing a qualified and experienced CA ensures a smooth and efficient audit experience.
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