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December 13.2024
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Employers Get Ready: Surge in Form I-9 Audits with New Administration
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01.11.2026
Why Filing Tax Extensions Can Relieve Financial Stress During Tax Season
Update Understanding Tax Extensions: A Safety Net for Tax Filers Tax season can often feel overwhelming, with deadlines looming and forms piling up. However, filing a tax extension can provide much-needed breathing room. It's important to understand that an extension gives you more time to prepare, but it doesn’t extend the time you have to pay any taxes owed. This can ease some stress during what can be a hectic time of year. What Does Filing for an Extension Really Mean? When you file for a tax extension, you're essentially telling the IRS that you need more time to get your financial documents in order. For many, this means having until October 15 to file your return. However, the key thing to remember is that all taxes due still need to be paid by the April deadline to avoid penalties and interest. The IRS allows taxpayers to file for an extension electronically or via mail, making it convenient no matter your preferences. This flexibility can empower individuals and small business owners who might have complex situations to handle, ensuring that they can file their returns accurately. Why This Matters in Today’s Economic Climate With economic fluctuations and uncertainties, understanding how to manage your finances, including tax obligations, is crucial. Tax extensions can be particularly beneficial in a year where personal or business finances may have changed unexpectedly. Navigating tax filings amid financial changes adds a layer of importance to making informed decisions. Planning ahead by filing for an extension can also foster a sense of control. Many people feel a mix of anxiety and confusion during tax time, and extensions present an opportunity to lessen that burden by allowing taxpayers to prepare thoroughly without the pressure of a looming deadline. Frequently Asked Questions About Tax Extensions Many people have questions about tax extensions: Who qualifies? How to apply? Here are some common queries: Do I need a reason to file for an extension? No, you don’t need to provide a reason; simply requesting an extension is sufficient. Can I get a refund if I file an extension? Yes, but you need to ensure you’re estimating your taxes owed correctly to avoid penalties. Will it affect my credit? No, filing for an extension does not impact your credit score. Taking Action for Your Financial Peace of Mind It’s essential to view tax extensions as a helpful tool rather than a sign of disorganization. By knowing and utilizing this option, you're taking a proactive step towards managing your personal or business finances effectively. Remember, being prepared is the best way to ward off stress during this often daunting period. Take control of your time and financial health this tax season. Consider filing for a tax extension to help ensure a smooth tax filing experience. Remember, being mindful of your financial obligations is key to achieving both peace of mind and financial wellness throughout the year.
01.10.2026
Unlock the Power of AI: Why Tax Firms Must Adopt an AI Strategy Now
Update Why AI Adoption is Key to Your Tax Firm's FutureAs accounting leaders gather at pivotal crossroads, the urgency for tax firms to adopt Artificial Intelligence (AI) has never been more pressing. Despite a consensus among 79% of tax professionals that AI will profoundly impact the industry within the next five years, just 37% of firms are investing in AI technologies. This lag raises critical questions: why the hesitation, and how can firms strategically leverage AI for their benefit?Understanding Barriers to AI AdoptionA recent Thomson Reuters survey highlights the main obstacles to AI investment among tax professionals: lack of time and resources, implementation costs, and the complexity of existing workflows. Surprisingly, these barriers are not merely technical but stem from strategic planning challenges that can be navigated with foresight. Firms without a clear AI adoption roadmap risk stagnating after initial efficiency improvements, reducing AI to just speeding up traditional tasks rather than fostering innovation and new value creation.Measuring ROI: A Divide Between Leaders and LaggardsThe potential for ROI through AI is substantial. Innovators and early adopters, who proactively integrate AI into their strategies, can unlock up to $52,000 in value per professional annually compared to just $13,000 for those who lag. This stark difference illustrates the critical need for tax firms to act decisively: those who delay risk falling behind, struggling to attract top talent while others flourish.The SMART Approach to AI StrategyThere’s no one-size-fits-all formula for an effective AI strategy, yet many firms are finding success by adhering to the SMART principles:Specific: Identify pressing pain points.Measurable: Define key performance indicators.Achievable: Set realistic initial goals.Relevant: Align initiatives with broader business strategy.Time-bound: Establish clear timelines for rollouts.This framework helps firms not only to enhance operational efficiency but also to reallocate productivity gains into more lucrative areas.High-Impact Areas for AI InvestmentTo maximize AI investments, firms should target areas that impose the highest manual workload and client interaction:Document Gathering: Automated tools designed to gather and prepare client documents can replace manual processes.Data Preparation: Utilizing AI to automate data entry minimizes errors and saves time considerably.Delivery and Filing: Automating the client return delivery and filing process can enhance customer experience and expedite procedures.Focusing on these high-impact areas allows tax firms to free up resources for advisory services, adding further value for clients.The Path Forward: Planning for 2026Adopting AI won’t yield overnight transformation, but with strategic planning, committed leadership, and an operational alignment, firms can enhance client experiences and boost profitability. As the tax and accounting industry heads into a new era, those who embrace AI as a transformative partner will not only thrive but lead the charge toward greater innovation and efficiency.In Conclusion: As you chart your firm's path, consider how AI could redefine roles and workflows for the better. With the right approach, you can turn challenges into opportunities, ultimately enhancing your firm's resilience and competitive edge.
01.09.2026
Discover How to Locate Your EFIN Number for Efficient E-filing
Update Understanding the Importance of Your EFIN Number The Electronic Filing Identification Number (EFIN) is a critical identifier assigned by the IRS to tax professionals and firms that have completed the e-file application process. This number is not just a regulatory requirement but an essential element for operating successfully in the realm of electronic tax submissions. To maintain your status as an authorized IRS e-file provider, you must ensure that your EFIN is correct and actively monitored. Where to Find Your EFIN Number Easily Locating your EFIN can be straightforward, provided you know where to look. Common sources include: IRS Acceptance Materials: Your acceptance letter contains your EFIN. IRS e-Services: You can view your e-file application details by accessing the IRS e-services portal. Tax Software Settings: Most professional tax software platforms, such as Thomson Reuters, will have your EFIN stored within their admin settings, making it easily accessible. If you suspect there might be issues with your EFIN, such as it being compromised or inactive, it would be prudent to contact the IRS immediately to safeguard your account and ensure that your application details are up to date. Steps to Access Your Application Summary For those who need to access or print their application summary, follow these straightforward steps: Visit the IRS website at www.irs.gov/tax-professionals/e-file-provider-services. Select the 'Access e-file application' link. Using the fields provided, log in through ID.me to access IRS e-services. On the 'Select Your Organization' page, click 'Select' next to your organization’s name. Click the 'View/Edit' link, then select 'Print' to obtain your application summary. Verifying Your EFIN for e-Filing in Thomson Reuters Before you can e-file tax returns via Thomson Reuters systems, it's essential to verify your EFIN. If you haven’t submitted your application summary, you may receive a message indicating that your e-filing capabilities are disabled. To resolve this, email a copy of your IRS e-file application summary to EFINCertificate@TR.com with your firm ID in the subject line. It's crucial to have distinct application summaries for each EFIN associated with your account. Avoiding Common E-Filing Problems It's not uncommon for tax professionals to encounter issues with their EFIN, especially during peak tax seasons. To avoid problems such as e-filing errors or invalid EFIN notifications, ensure that: Your contact information with the IRS is updated. You regularly check the status of your IRS account. You have documentation readily available when filing. Staying informed about your EFIN will not only streamline your filing process but also secure your firm from potential audits or penalties. Stay Proactive with Your EFIN Management By regularly checking your EFIN and keeping your application summary updated, you can significantly decrease the likelihood of complications during e-filing. Like any aspect of business operations, proactive management is key to maintaining compliance and ensuring efficiency. In conclusion, understanding how to manage your EFIN number and application summary is crucial for any tax professional. An organized approach can save you time and potential headaches during tax filing seasons, ensuring peace of mind and operational efficiency.
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