Zach Chalifour, CPA

On April 25, 2024, the Tennessee General Assembly passed HB 1893/SB 2103, repealing the property base component of the franchise tax. This change allows taxpayers who have paid Franchise taxes based on the property tax base for the preceding three years to file a refund claim for the difference between the property tax base assessment and the calculated net worth base. Time is limited for affected taxpayers to file claims, with the deadline ending November 30, 2024, for returns filed since January 1, 2021. #TaxReform #Tennessee #FranchiseTax

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The #ERCbacklog poses a significant challenge for the #IRS as it tries to balance fraud prevention with timely payouts. Darren John Guillot, alliantgroup National Director and Former IRS Commissioner of the SB/SE Division, emphasizes that while some #claims may be miscalculated, they are not fraudulent and can be rectified. Read more about the challenge to more efficiently process the pipeline of claims in Tax Notes: https://lnkd.in/dAEFhBPu Dhaval Jadav Shane T. Frank Eric Hylton Lauren Loricchio

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The #IRS continues to improve taxpayer services and online tools with Inflation Reduction Act funding. New features to the Individual Online Account and a new Spanish version of the Business Tax Account tool are included. Read more here: https://ow.ly/EWfs50SKgqE

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Are you prepared for the IRS's expanded audit capabilities? With new funding and a strategic plan update, the IRS is ramping up its audit efforts, especially targeting high-earning individuals and complex partnerships. Learn more: https://lnkd.in/g8MypWQA #TrustInWindes #Tax #IRS

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The #IRS further postpones various tax-filing and tax-payment deadlines for individuals and businesses affected by the Aug. 8, 2023, wildfires in #Hawaii. Previously, the deadline was Feb. 15, 2024. See https://ow.ly/EsW550R4eiz #MauiFires

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ICYMI: The AICPA recently made recommendations to the IRS on its 2024–2025 Priority Guidance Plan, including on the corporate alternative minimum tax and group exemption letters. Learn more: https://ow.ly/OVvQ50S7psK. #IRS #tax #accounting #priorities #guidance

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🚨 Want to know what the IRS looks for in audits? The IRS shares its Audit Techniques Guides (ATGs) for free! 🔍 From construction to child care, get insider info on what triggers audits. https://bit.ly/4ermMu2

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#SonjaJSays...It's time to make your financials pain-free! If you've worked with GIP in any capacity or heard our podcast, you know Latasha Phillips. Not only is she the CEO of Legacy Pro Accounting but she's also GIP's Accounting Manager and the creator of the world-famous DIY Tracker! She's hosting her first webinar Thursday, Nov. 7th, at 7pm CST. If you don't have Quickbooks, see how the DIY Tracker is an ideal alternative for tracking your financials. REGISTRATION LINK IS IN THE COMMENTS #KnowYourNumbers #getinposition #GIPAcademy #gipfinancials #QuickBooks #smallbusiness #grants #IRS #bookkeeping

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#IRS Publication 17 covers the general rules for filing a federal income tax return: https://www.irs.gov/pub17

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Stay on top of key revisions affecting U.S. GAAP: Register now for Annual U.S. GAAP Update–2024, a live virtual seminar to be held June 11-12 (8 hours over 2 days). It covers recent developments and upcoming pronouncements. Estimated CPE: 8. Register: https://ow.ly/TGlN50RGX0O

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#IRS continues to improve taxpayer services and online tools with Inflation Reduction Act funding. New features to the Individual Online Account and a new Spanish version of the Business Tax Account tool are included. Read more here: https://ow.ly/EWfs50SKgqE

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For Participating FFIs in non-IGA jurisdictions, FFIs in Model 2 jurisdictions and compete authorities in Model 1 jurisdictions. IRS just released the following: The IRS is continuing to review all IDES alerts, notifications and file transmissions received after June 24, 2024. The IRS will be manually confirming all transmissions since June 24, 2024. The IRS will email you directly from [email protected], with subject line “Manual IDES Confirmation.” The email will confirm if we successfully or unsuccessfully received your file and any action that needs to be taken. These emails will be sent over the course of the next month. Once you receive your email, please take the action requested within two weeks. If you need additional time to transmit or retransmit your IDES transmission due to a system issue, please request an extension of time to retransmit with a business justification at [email protected]. Extensions may be granted on a case-by-case basis. The email address for the IDES help desk, [email protected] has been restored. The temporary email address will also remain operational until October 1, 2024. The FATCA International Data Exchange Service (IDES) testing window has been revised and extended to August 9, 2024.  IDES users who completed IDES enrollment by June 26, 2024, at 5:00 PM may continue to participate in the testing until August 9, 2024. #tax #withholdingtax #regulatorycompliance #qi #fatca

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The 2024 Florida TaxWatch Voter Guide provides detailed information on six proposed amendments appearing on the November 5, 2024 ballot. It includes a breakdown of each amendment’s purpose, arguments for and against, fiscal impact, and the organization’s voting recommendations. Download the Full Voter Guide » https://bit.ly/4h7V201

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As a hairstylist 💇🏽‍♀️ you should ALWAYS be asking your CPA these questions to get MAX benefits ⬇️ 1️⃣ How should I structure my business for tax benefits⁉️ Understand if it is worth transitioning to an LLC or S-Corp for potential tax savings and liability protection. 2️⃣ Instead of asking “can I write ✍🏽 this off⁉️” ASK “how can I write ✍🏽 this off⁉️” It can help the CPA to discover overlooked deductions or structuring expenses more tax-efficiently. 3️⃣ Are there any upcoming tax law or accounting standard changes that will impact me⁉️ By asking about new or proposed changes, you’re not only ensuring compliance but also potentially uncovering new ways to save on taxes or plan expenses more effectively. 4️⃣ What deductions am I eligible for as a stylist⁉️ KNOW what expenses (like tools, products, education, and rent) can be written off helps you keep more of your income. 5️⃣ What is your availability throughout the year and during tax season⁉️ This is IMPORTANT for all hairstylists, who may need help with things like quarter tax payments or mid-year financial planning. Your relationship with your CPA isn’t just about tax season - it’s about ongoing support for your financial goals‼️ THIS IS REALLY FOR EVERY BUSINESS OWNER BUT I HAVE USED A HAIRSTYLIST AS AN EXAMPLE 🥰 #MichelleAWilson #HairstylistFinance #CPATips #TaxPlanning #BusinessStructure #FinancialAdvice #SmallBusinessOwner #TaxDeductions #FinancialGoals #HairstylistLife #MoneyMatter

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