Judah Westreich, CPA

Confused about what qualifies as earned or unearned income? Our guide clarifies the tax implications and how to report each type properly: https://buff.ly/3FnYlOX

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Attention Taxpayers! 🔔 The Federal Board of Revenue (FBR) has just released its inaugural Income Tax General Order (ITGO) C.No.6(3 📑)S(IR-Operations)12024 dated April 29, 2024! This groundbreaking document spans a whopping 8,737 pages and pinpoints 506,671 individuals absent from the Active Taxpayer List. 📝 In a bold move, the FBR is activating measures outlined in Section 114B to enforce compliance. Yes, you read that right—mobile phone and SIM card disabling for non-compliant individuals! 📵 But fear not, we've got you covered with all the details. Make sure you're up to speed on the criteria for inclusion and the steps to rectify any issues. Don't let your mobile services be interrupted! For the full scoop, dive into the complete ITGO document issued by the FBR. Your tax obligations await! #Taxation #Compliance #FBR #IncomeTaxOrdinance 📝🔒 Compliance is key, and we're here to help you navigate the ins and outs of the Income Tax Ordinance, 2001. Stay informed and stay compliant and follow us at Basharat Ali & Co Rai Basharat Ali | Hiba Noor

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Proposing tax code changes is much easier than actually passing tax code changes. Find out how this relates to the 1985 Dallas Cowboys and Tom Landry in our recent tax article by Frank Pape, CFA, CPA. https://lnkd.in/grJk5HTF

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Learn about targeted improvements to the financial reporting model provided under #GASB Statement No. 103. Board and staff members discuss key aspects of the recent guidance in this brief video. https://lnkd.in/ejRUuMxR

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Learn about targeted improvements to the financial reporting model provided under #GASB Statement No. 103. Board and staff members discuss key aspects of the recent guidance in this brief video. https://lnkd.in/ejRUuMxR

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Learn about targeted improvements to the financial reporting model provided under #GASB Statement No. 103. Board and staff members discuss key aspects of the recent guidance in this brief video. https://lnkd.in/ejRUuMxR

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For real estate investors and property owners, actively managing tax liability is essential in maximizing ROI. Strategically pairing a Cost Segregation Study provided by Criterium Engineers with current Bonus Depreciation options allows property owners to accelerate tax deductions, improving cash flow and boosting profitability: https://lnkd.in/eRSdmjs6 #WeKnowBuildings #CriteriumEngineers #CostSegregation #CommercialRealEstate #TaxDeduction #PropertyInvestment

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For real estate investors and property owners, actively managing tax liability is essential in maximizing ROI. Strategically pairing a Cost Segregation Study provided by Criterium Engineers with current Bonus Depreciation options allows property owners to accelerate tax deductions, improving cash flow and boosting profitability: https://lnkd.in/eRSdmjs6 #WeKnowBuildings #CriteriumEngineers #CostSegregation #CommercialRealEstate #TaxDeduction #PropertyInvestment

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Learn about the CY 2023 new markets tax credit allocation awards in this Notes from Novogradac blog novogradac.com/b6m

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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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This past July, the AICPA's National Pipeline Advisory Group (NPAG) related its Accounting Talent Strategy Report to address the accounting talent shortage. This report was based off of data collected from a national pipeline survey, focus groups with state societies and firms, and discussions with professional and regulatory bodies. More than 7,950 students and accounting professionals took the national survey, and more than 1,600 people participated in the focus group. The report analyzes the root causes of the accounting talent shortage, potential solutions, and next steps forward. #Pipeline #NPAG

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It's crucial to find consistency in keeping up with FASB developments as they are everchanging with new and updated Accounting Standards! With help from S.R. Snodgrass, P.C. subject matter expert Katee Monahan, CPA, CFE, get updates on the current proposals and FASB pronouncements becoming effective in the near term and beyond, along with how these standards will impact both the auditor and those under audit. Learn more & register today for this 1-hour session: https://bit.ly/40bnZ5f #FMS #FMSWebinars #CPE #education #financeindustry #professionaldevelopment #FASB FASBUpdates #AccountingStandards #ASU

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Top 10 IRS Audit Triggers 👇 1. High Income Taxpayers earning $500,000 or more are still audited at a higher-than-average rate. High-income earners are under closer watch because larger returns often involve complex deductions, investments, and other details that may raise questions. 2. Excessive Deductions Claiming deductions significantly higher than what’s typical for your income level can attract IRS attention. Lavish vehicles, meals, travel, and similar expenses are ripe for abuse – and the IRS knows it. 3. Unreported or Undisclosed Income If you earn money from side gigs, freelance work, or investments and fail to report it, you’re waving a big red flag. The IRS gets copies of your W-2s, 1099s, and other income forms, so discrepancies stand out. 4. Schedule C Filers Self-employed taxpayers who file Schedule C face heightened scrutiny, especially if they report consistent losses or operate in cash-heavy industries. 5. Claiming a Loss on a Hobby If you’re reporting losses on an activity the IRS deems a hobby rather than a business, you could be flagged for an audit. To qualify as a business, the activity must have a reasonable expectation of profitability. 6. Deducting Business Meals, Travel, and Entertainment To claim it, you’ll need detailed records—not just receipts, but also notes on the business purpose and who attended the meal or event. Remember, expenses reimbursed by an employer aren’t deductible. 7. Claiming 100% Business Use of a Vehicle If you’re claiming a high percentage of business use, detailed mileage logs and records are crucial. Additionally, deducting lavish vehicles that are not “ordinary or necessary” for your business or industry can trigger an audit. 8. Real Estate-Specific Audit Red Flags The real estate professional status (REPS) is one of the most litigated parts of the tax code because it is ripe with abuse. If you have a full-time W-2 job and claim REPS, you might land yourself in an audit. The Short-Term Rental (STR) Loophole is a legitimate strategy (we have successfully defended audits). Still, it can also trigger an audit due to abuse and IRS misunderstanding of this strategy and REPS 9. Significant Changes Year-Over-Year A sudden drop in income or spike in deductions compared to previous years can lead to questions. Consistency is key when it comes to tax filings. 10. Earned Income Tax Credit (EITC) The IRS estimates that one-third of EITC claims are paid in error. As a result, these claims receive extra scrutiny. 👉 It's crucial to have the right tax professional on your team. 💣 Otherwise, you may be at risk. 🔗 Request a consultation to learn how we can help: https://lnkd.in/duCs3E7J

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