Institute for Professionals in Taxation’s Post

A very important reminder to all the brilliant accountancy firms and people out there that the Accounting Excellence Awards are taking place again this year with a whopping 21 categories! The deadline for entries is fast approaching on 14 June so take a look and decide which ring to throw your very worthy hats into. 👏 I am so chuffed to be working with Emma Rawson, Susan Ball and Chris S. to judge 'Tax Team of the Year'. This is a category I feel very passionately about as I see first hand the excellent work that goes on across the whole profession. 🏹 Our entry criteria is below: 🌟 Who can enter: Teams that have mastered self assessment season or have navigated clients through the increasingly complex tax landscape. It is not a practice specific and is open to any specialist tax teams or to tax departments with teams of two or more people. 🌟 What are we looking for: Teams that have demonstrated exceptional tax work and have added value to their clients. So, whether tax or any of the other 20 categories, own your excellence, make an entry and I hope to see you at the glitzy awards night in Camden on 8 October 🎉 #AE24 #accountants #tax #CPD #excellence #awards

Get in on the discussion about the IRS announcement on a new audit focus that will begin in fiscal year 2024 with your friends at Heredia Consulting Firm via our new blog post. Just click below.

Celebrating Talent in Accountancy! ✨🏆 Meet the 35 Under 35 Winners: Tom Warner, Evelyn Partners. Our 35 Under 35 highlights the best young talent in Accountancy, in partnership with Accountancy Age. Our Principal Consultant, Jodi King talks to Tom Warner, Associate Director in the Private Client Tax team at Evelyn Partners. Tom discusses his career and provides insight on working as a trusted adviser for landowners and rural businesses. He also explains how accountancy is a people business, and that being yourself is as important as ever. Have a read of the full article here: https://lnkd.in/eZF48UgQ #accounting #landowners #taxation

Dear LinkedIn community, I'm thrilled to announce the successful completion of my first UK tax season as an ACCA Affiliate! It's been a challenging yet immensely rewarding journey, and I wanted to share some reflections from this experience. Throughout the season, I had the privilege of preparing personal tax returns along with corporate and partnership returns for my clients, implementing proper tax planning strategies to ensure compliance and maximum benefits. Despite our diligent efforts, some clients reverted on the last day, creating a crunch situation. Working until midnight with UK people, I successfully prepared and submitted their returns, ensuring none of our clients faced penalties. This experience shed light on the profound trust and reliance our clients place in us. The responsibility of my role became even more apparent, emphasizing the critical role we play in their financial well-being. Looking ahead, I've identified key learnings for the next tax season: 1. Stay Ahead of Amendments: I realize the importance of updating myself in advance on next year's amendments. This proactive approach will enable me to plan and execute tax strategies more effectively. 2. Early Client Engagement: To avoid last-minute rushes, we need to start the data collection process early. Proactively engaging with clients, educating them on the importance of timely submissions, and streamlining the data collection process will be paramount. 3. Enhance Communication Methods: Improving our communication methods is crucial. Exploring new ways to connect with clients, providing clear and concise information, and offering easy-to-understand computation summaries will reduce back-and-forth communication. 4. Inevitability of Last-Minute Submissions: While we strive for early submissions, it's essential to acknowledge that last-minute submissions may still be inevitable. Planning for contingencies and having a streamlined process for such situations will be part of our strategy. I am grateful to AskUs Consultants LLP for the experiences and lessons learned during this tax season. I look forward to implementing these insights to enhance our services and continue providing exceptional value to our clients. Cheers to growth, learning, and another successful tax season ahead! #ACCA #TaxSeason #FinanceProfessional #ContinuousLearning #ClientService #TaxPlanning #CareerJourney

For my hospitality colleagues looking to bring good news to property owners, I'm thrilled to introduce you to Mary and her groundbreaking work. Simply stated: “In all 50 states, for property tax purposes, business assets cannot be part of the property tax assessment. This decision (OGP) has national impact and applies to you!" Let's connect and discuss how we can help #businessassets #CRE #commercialrealestate #hospitality #hotels #hotelowner #valuation #propertytax #intangibleasset #tax #accounting #finance #audit #forensicaccounting Mary O'Connor, ASA, CRE, CMI, CFE

* Practice News webinar – Friday 1 December * Join the Chartered Accountants Ireland Practice Consulting team and their guests for the final Practice News webinar of 2023 on the morning of Friday week, 1 December from 10am. What will we cover during this free 2 hour session? * The Autumn and Winter months are a particularly busy time for accountants in practice. Our Institute Wellbeing and Support Lead Dee France shares with us the supports that we have available to our members who may be facing personal, professional or financial challenges at this time. * The UK Autumn Statement on this Wednesday, 22 November, comes at a very important time for the British economy. Our UK Tax Lead Leontia Doran is going to provide an overview of the key measures and their likely impacts on Northern Ireland, as well as an update on other recent UK tax happenings. * On a regular basis, members in practice contact the Institute seeking advice in relation to the regulation of the Investment Business activities they undertake. My colleague Conal Kennedy will provide a brief overview of the current regulatory requirements in this area for both the Republic of Ireland and Northern Ireland. * Our Irish Tax Manager, Gearóid O'Sullivan returns with his regular update on the Irish Tax news from recent weeks, while our Professional Accountancy Lead Deirdre Moran provides an update on her ongoing interactions with key Regulators, such as the Companies Registration Office ; and * A brief overview of some of the latest Compliance and Technical issues since our October webinar. Damian Cooper of our sponsors Acuvest Ltd will also be with us to share his latest thoughts on the investment market. We hope that you can join us, to book your free place : https://lnkd.in/e3GH57j4 #charteredaccountants #ireland #northernireland #practice #tax #regulation #investments #wellbeing #autumnstatement2023

Ever wonder how IRS auditors know about different industries so they can audit businesses? They generally do research about specific industries and issues on tax returns by using IRS Audit Techniques Guides (ATGs). These guides are available on the IRS website. So businesses can use them to gain insight into what the IRS is looking for in terms of compliance. Many ATGs target specific industries, such as architecture, art galleries, retail and veterinary medicine. Others address issues that frequently arise in audits, such as executive comp and passive activity losses. The IRS has revised or added new guides in recent years. For a complete list of ATGs visit the IRS website. https://buff.ly/3Q4TQgY #taxes #filing #accountant #auditing #taxes2023 #businessconsulting #valuation #cashflow #retirement

Fresh call for HMRC investments A fresh call for investment into HMRC has been made in a bid to “address poor service standards” and “remove a barrier to growth and productivity”. The Institute of Chartered Accountants in England and Wales (ICAEW) has made a call for new investment in a bid to streamline HMRC registrations, simplify the tax system and boost R&D spending. A series of recommendations have been made to all political parties by the chartered accountancy body ahead of the upcoming general election. The manifesto has been produced on the back of an engagement process with ICAEW Chartered Accountants “across every sector, region and business size” in the UK, with the outcome being a 16-point plan. It comes amid an existing push for further investment in HMRC. Read the full article here: https://lnkd.in/egUk6YZz #Businessadvice #HMRC #Makingtaxdigital

Check out the latest industry and company news from our 2023 winter newsletter. #CPA #accounting #taxtips #ertc #taxsavings #newsletter #industryinsights #construction

Have you received a Notice of Audit and Examination Scheduled from the IRS? An IRS audit is a review of an organization’s or individual’s accounts to ensure information is being reported correctly. Ignoring an audit usually means the IRS files your return for you and you end up paying much more. An IRS audit is a serious situation, but with experienced help most tax difficulties can be resolved. You don’t have to face an audit alone. Our associates are qualified to represent you before the examination division of the IRS. Oftentimes we can save taxpayers many times the cost of representation and quickly bring the audit to a close.