The Tax Preparation Blog

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Question: TDS on Professional Fee?

Hi
I am recruitment consultant. when i raise the bill to my client, they send in the cheques after deducting the TDS. I hv few questions abt this :
1. How can i take care of this at the end of the years,
2.Are there any tax deduction slabs in professional fee as well like income.
3. Also, do i need to show the proof of expensies done on business while filling the return?

It wud be helpful if smone cud address to these queries.
Thanks in Advance.
—

Answer: if your yearly bill to a client is more 20000 in a financial year than client is responsible to deduct tax on the payment .the rate of tax is 10 % basic rate plus surcharge10%on basic rate(if applicable) and cess 3% on (basic +surcharge).

1.tds is adjustable against your tax liability to which income relates on which tax has been deducted.if you have nil tax liability than tds will be refunded to you.
2. there is no tax slabs for tds on professional fee .
3. yes you should have resonable evidence for expenses you have done ,moreover if your gross receipts are more than 120000 than you are liable to maintain proper books of accounts and if your gross receipts are more than 10 lacs than your books should also be audited u/s 44ab

you can download free tds calculator from the link given below

http://simpletaxindia.blogspot.com/2007/10/free-tds-calculator-fy2007-08-excel.html

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Getting Started in Tax Consulting $26.36 The Complete, Authoritative Guide to Getting Started in Tax ConsultingTax consulting and return preparation is a fast-paced, dynamic industry-one that promises high earning potential. In this book, tax advisor Gary Carter shows you just what it takes to become an in-demand tax consultant. You’ll discover how to break into the tax business, even with relatively limited education and training, and b…

Ethical Problems in Federal Tax Practice (Casebook Series) $39.50 Ethical Problems in Federal Tax Practice, Fourth Edition, is the ideal tool for introducing students to the ethical considerations relating to tax practice and how one should deal with them in a professionally responsible way. This engaging casebook provides students with lucid explanations of all the rules and regulations that apply to lawyers who practice in the area of taxation and demonstrates…

JK Harris & Company Warns Taxpayers about the Consequences of a Federal Tax Lien

According to the National Taxpayer Advocate’s semiannual report released in July, federal tax liens are up 475% since 1999.

Tax Consultant

Question: Accounting Jobs – Big 4?

Did anyone here work for a Big 4 accounting firm (EY, KPMG, Deloitte, PricewaterhouseCoopers) upon graduating college? If so, how many hours did you work? Does it pay well compared to private accounting? What area did you work in? Could you travel as much or as little as you wanted? Any advice would be greatly appreciated…as job recruiting at my university starts next month!

Oh, and about grades…I have a 3.875, but my accounting major GPA is only about a 3.4. (I got B’s in tax and accounting information systems.) I still have several accounting courses to take this year to pull up my GPA…will firms consider this, or am I in trouble here? Thanks so much for all the help.

Answer: I have worked for KPMG and have to say that they all will hire right from school; but, you must take the courses required to gain your designation as an accountant. The pay is low while going through the program for any accounting firm. The big ones don’t pay better. It takes years to gain the salary that the big guys get. As for your grades I don’t think that they will matter as long as you can convince them if you get a interview that you can do the job. As for travel it is there but not in your first two as much as in your third year and beyond. Good luck to you.

Accounting and Tax Principles for Legal Professionals $76.95 As the private practice law firm enters an increasingly competitive environment, firms must provide a wide variety of collateral services to clients to retain current business and to attract new clients. Because the law firm frequently has more knowledge than anyone else with respect to a client’s financial status, tax assistance is a logical choice in terms of revenue generating services that can…

Property Management Kit For Dummies (Book & CD) $19.09 Thinking about becoming a landlord? Property Management Kit For Dummies, 2nd Edition gives you proven strategies for establishing and maintaining rental properties, be they single family or multi-resident. You’ll see how to prepare and promote your properties, select tenants, handle repairs, avoid costly mistakes and legal snafus — and meet your long-term goals. You’ll learn all the basics of …

Successful QuickBooks Consulting: The Comprehensive Guide to Starting and Growing a QuickBooks Consulting Business —Ideal for Bookkeeping or Bookkeepers, Accounting or Accountants, or Consultants $15.16 This book will help you start earning money in your OWN business with the wealth of information it provides. It includes steps to start your own business (and estimated start up costs); how to define your services and set billing rates (includes average billing rates); how to improve your knowledge and experience; obtain new clients and effective marketing ideas; details about websites, client…

Tax Extenders Bill Provokes Controversy

Although we ve been waiting for an extenders bill for some time, the one now before the Ways and Means Committee contains some controversial provisions that have generated quick and vociferous opposition.

Plain English Tax Answers- Incorporation, Incorporate, LLC, S Corp, C Corp

Question: Do corporations have to pay fed/state tax when they move money around internally?

I understand that some large companies keep seperate accounting ledgers for their various divisions, affiliates, subsidiaries, ect. And that when one part of the company requires the services of another part, the ‘client’ part bills the ‘vendor’ part. Does the encompassing company have to pay taxes on this transaction?
Whoops, I meant ‘vendor’ part bills the ‘client’ part.

Answer: On a federal level, no. Those intercompany transactions are eliminated during the consolidation process. You can’t tax a profit you didn’t really earn.

The state level might differ. My state (WI) does not accept consolidated returns. Each entity must file a state return individually. That leaves the door open to some potential differences, but in general the amounts are probably not material.

Some states do accept consolidated state-level returns.

I hope that helps. Let me know if you have additional questions.

Practical Finance, Financing and the Financial Plan for Small Businesses: Systems for Success $89.00 Here is the first system developed specifically for early-stage companies by a serial entrepreneur on running the finance part of your business. Here is what you need to know to manage your company’s finances. A mystery to many new entrepreneurs and even experienced CEOs, finance is often cloaked in the mysteries of accountants, tax laws, balance sheets and other systems designed by accountants, f…

Sage Peachtree Complete Accounting 2011 [OLD VERSION] $19.98 Sage Peachtree Complete Accounting 2011 helps you work more easily and efficiently with robust core accounting and added features like job costing, time and billing, in-depth inventory capabilities, and analysis tools. Its multi-user option* helps improve productivity while providing screen-level security and a clear audit trail. Save time with simplified dashboards, management centers, integratio…

NeatReceipts Scanalizer Professional 2.5 Mobile Scanner and Software $169.99 Amazon.com Product Description Please note: A 3.0 software upgrade for the NeatReceipts Scanalizer will be released on October 15, 2007. You may purchase the software upgrade at the NeatReceipts website: Neatreceipts.com/Upgrade NeatReceipts Version 2.5 Professional is the easiest way for individuals and small businesses to manage expenses, prepare for taxes, create expense reports, and scan busin…

Ryan Listed as a Top Tax Firm in the 2010 Accounting Today Top 100 Tax and Accounting Firms Ranking

Ryan, the leading Tax Services firm in North America, with the largest transaction tax practice in the United States and Canada, today announced that the Firm was listed as the 10th largest Tax Services firm in the United States, based on the 2010 Accounting Today Top 100 Tax and Accounting Firms ranking.

Tax Senior @ global company; lead provision

Question: What are the pros and cons of working in tax versus audit in a big 4 accounting firm?

I was offered an internship in audit in a large office. They recently indicated a need for tax interns. Which would be my better choice to go with?

Answer: If you want to become a CPA you HAVE to have the audit hours. Start in audit, get your required time in, then ask to transfer departments.

Good luck!

Internships: A Valuable A Valuable Recruitment Tool.(accountants): An article from: The National Public Accountant $5.95 This digital document is an article from The National Public Accountant, published by National Society of Public Accountants on December 1, 1999. The length of the article is 1230 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web …

Accounting internships: a win-win arrangement.: An article from: The National Public Accountant $5.95 This digital document is an article from The National Public Accountant, published by National Society of Public Accountants on May 1, 1994. The length of the article is 1250 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web brows…

Help wanted! Rewards: experience, diversity and fun; The appeal of the intership in small — to medium-size accounting firms.: An article from: Catalyst (Dublin, Ohio) $5.95 This digital document is an article from Catalyst (Dublin, Ohio), published by Ohio Society of Certified Public Accountants on May 1, 2003. The length of the article is 2240 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browse…

Huntingdon College, First United Methodist Church partner in community building

Huntingdon College and First United Methodist Church made their partnership official Thursday morning as First United Methodist Church’s the Rev. R. Lawson Bryan and Hunt­ingdon President J. Cameron West signed a lease for the Clo­verdale Administrative Build­ing.

KPMG | Global Internship | Dublin | Always Be Prepared

Question: how long will it take to get an EFIN?

I just registered as a tax preparer this year and ordered software only to find out that I need to apply to I.R.S to get an EFIN. The I.R.S. website says that this will take 45 days and by that time tax season will be over. Is there a way around this.

Answer: tax season ends april 15th

TurboTax Business Federal + E-file 2011 $91.99 This software is perfect for business-minded consumers as it comes with a step-by-step guide for accurate taxing, calculations and deductions. The Intuit TurboTax Business Tax Preparation Software’s flexible industry settings manage tax processes for a number of American corporations and partnerships. This software also includes free Federal E-file that performs electronic tax return service…

Tax Preparation Company Business Plan – MS Word/Excel $18.95 The Tax Preparation Company Business Plan is a comprehensive document that you can use for raising capital from a bank or an investor. This document has fully automated 3 year financials, complete industry research, and a fully automated table of contents. The template also features full documentation that will help you through the business planning process. This is a full and complete business pl…

TaxBrain Online Tax Preparation and e-file Basic $10.00 TaxFile taxes online — it’s the easy way! TaxBrain asks a few basic questions, then guides you every step of the way to complete your return. Should you need assistance, then TaxBrain’s U.S.-based Customer Service team is standing by to help 24×7. When you’re ready, simply push a button to e-file your return. Safe, secure and guaranteed accurate. This version supports everything you need to compl…

IRS to register tax preparers

With as many as 1.4 million paid tax preparers across the country, the Internal Revenue Service on Monday announced steps it…

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