Going Concern

SEPTEMBER 25, 2023

The long-running TPB investigation found that Mr Carter lodged false BAS and amendments for unwitting clients and lied about their tax returns and debts that did not exist. Between 2010 and 2020, Fulton charged Nix approximately $336,645 in professional fees for his financial services.

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MyIRSRelief

OCTOBER 3, 2022

There is a substantial amount of time you have to file your taxes, but the process can seem hefty. With the help of Los Angeles tax services firms, you can receive information on your tax return, the amount you owe, and various resources for tax preparation service.

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CPA Practice

APRIL 9, 2024

But people should be careful with who they’re following on social media for tax advice. Unlike hacks to fix a leaky kitchen sink or creative makeup tips, people shouldn’t rely on made-up ways on social media to patch up their tax return and boost their refund,” he added. There are two other variations of the W-2 scheme.

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CPA Practice

FEBRUARY 10, 2023

Anyone who electronically files an amended individual income tax return can for the first time select to have any resulting refund deposited into their bank account, the IRS said on Feb. Individual Income Tax Return , with the IRS had to wait for a mailed paper refund check, adding an extra step onto the amended return process.

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LyfeAccounting

JUNE 2, 2021

Want to Know How to File an Amended Tax Return? As an accounting firm, we’ve filed our fair share of amended tax returns. In today’s post, we’ll be going over when to amend your taxes and the 5 steps to actually amend your taxes. Steps to Take When Filing Amended Tax Return.

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CPA Practice

APRIL 11, 2024

By Jean Ross, InsideSources.com (TNS) If there’s one thing we should be able to agree upon, it’s that everyone should pay the taxes they owe without having to pay for the privilege of doing so. This year, for the first time, residents of 12 states who file simple tax returns can file online for free using the IRS’s new Direct File portal.

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CPA Practice

AUGUST 11, 2023

The Department of Justice recently arrested a New Jersey tax preparer for allegedly seeking more than $124 million from the IRS. The multi-millions came from filings of over 1,000 false tax forms claiming the pandemic-related employee retention credit, also referred to as the ERTC or ERC. Treasury Department.

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Ronika Khanna CPA,CA

MARCH 31, 2022

The information from this form would then be entered on Schedule T777 of your personal tax return. This covers home office expenses and also other employment expenses such as supplies, cell phones and vehicles For 2020, The T2200s is a simplified version of the T2200 in that it only has one section for home office expenses.

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Nancy McClelland, LLC

APRIL 16, 2023

(c) Nataliya Vaitkevich via Pexels I used to find it annoying when a client would forward me an article about a tax deduction or credit, to make sure I would take it on their tax return. – Payment or billing for the food and beverages occurs after December 31, 2020, and before January 1, 2023.

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Withum

DECEMBER 22, 2023

Taxpayers also must disclose to the IRS identifying information and other details about any advisors or tax preparers who advised or assisted them with their ERC claims. In addition to the VDP, the IRS announced that it started sending up to 20,000 letters with proposed tax adjustments to recapture erroneously claimed ERCs.

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PYMNTS

APRIL 5, 2020

Online tax preparation service TurboTax has announced that it is rolling out a free, stimulus registration solution to assist people who are not required to file a tax return. who are not required to file taxes, and some 80 percent are eligible for a stimulus check. There are roughly 10 million people in the U.S.

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CPA Practice

OCTOBER 10, 2023

However, as tax regulations become more intricate and audit scrutiny intensifies, the demand for accurate tax preparation continues to grow, adding pressure to tax practitioners. Automation is no longer a luxury but a strategic investment that all firms, regardless of their size, should consider.

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Nancy McClelland, LLC

APRIL 9, 2023

The post below is about how to pay IL taxes personally ; click here for how to make IL business tax payments. There are multiple options for paying personal quarterly estimated taxes. Next, follow the instructions for making a quarterly estimated tax payment; it will make you enter your personal information (SSN, etc.)

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inDinero Tax Tips

MARCH 3, 2021

Whether you file your business’s taxes yourself or you have help, making sure your tax returns are right and on time is a lot easier when you. By outsourcing your business’s accounting and taxes with inDinero , you’re covered on both fronts. Are you still working on your 2019 business taxes? annual or quarterly).

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Nancy McClelland, LLC

APRIL 9, 2023

The IRS “Direct Pay” landing page, There are multiple options for paying personal quarterly estimated taxes. You can: have your tax preparer create vouchers that you then print and mail with a check; prepare your own vouchers and do the same; or pay online. IRS “Direct Pay” Step 3 of 5, part one.

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Dent Moses

JUNE 29, 2023

According to the 2022 General Accounting Office,25% of all individual returns were audited in 2019 versus.90% 90% in 2020. Letters for matching errors or return discrepancies are much more common. So how does the IRS check returns and decide who gets a letter or audit? The same goes for estimated tax payments.

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Dent Moses

JUNE 28, 2023

According to the 2022 General Accounting Office,25% of all individual returns were audited in 2019 versus.90% 90% in 2020. Letters for matching errors or return discrepancies are much more common. So how does the IRS check returns and decide who gets a letter or audit? The same goes for estimated tax payments.

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PYMNTS

JANUARY 7, 2021

But instead of the instantaneous payments, some residents are receiving messages that they can only get their checks after filing their 2020 tax returns, per CNBC. CNBC reported thousands of such emails from Americans in dire need of the checks to pay bills. 15, and because of the speed, some mistakes may have been made.

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LyfeAccounting

OCTOBER 21, 2020

What if you actually looked forward to tax season every year? Well, when you take advantage of small business tax deductions, filing can actually be an enjoyable experience. In 2020, depending on your income, your tax bracket could be as high as 37%. Travel expenses. Ok, this is not for the personal travel expenses.

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LyfeAccounting

JANUARY 30, 2021

And if you have been adhering to our suggestions or taken advantage of the tax system in 2020 then you likely know what to expect and excited for this tax year. On the other hand, if you’ve paid very little attention to some of the tax changes or programs then you’ve got a lot to catch up on. February 12, 2021.

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SkagitCountyTaxServices

JANUARY 28, 2021

That’s why the “second stimulus bill” signed into law in late December 2020 was a welcomed one for us here at Padgett & Padgett, PLLC CPA — simply because it means we can do MORE for our Skagit County business owner clients during a very tumultuous year for many. Because action will be necessary in some cases.

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CPA Practice

MARCH 26, 2024

Lorquet, who attended high school in Miami Springs but did not graduate, submitted an online Paycheck Protection Program loan application on June 3, 2020, for Miami ENT to BlueVine, a California loan processor, claiming he had 10 employees and an average monthly payroll of $86,258. He received that money. It was approved, too.

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LyfeAccounting

JUNE 17, 2021

So, in one of our previous posts, we were getting a lot of questions if you can get the child tax credit if you don’t file taxes. Keep reading to learn more about the child tax credit portal update! These people can now use the online tool to register for monthly child tax credit payments. And that’s it!

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LyfeAccounting

JULY 2, 2021

Tax refund delays are completely out of control right now. Calling appears pointless as it is mostly automated, and checking your status on irs.gov only shows you if your tax return has been received by the IRS. But, it does not tell you why your tax refund is delayed. Errors on Your Return. Past Due Returns.

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Going Concern

FEBRUARY 9, 2024

IRS warns tax professionals to be aware of EFIN scam email; special webinars offered next week [ IRS ] The IRS warned that scammers are posing as tax software providers and requesting EFIN documents from tax professionals under the guise of a required verification to transmit tax returns. accounting software?

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LyfeAccounting

MARCH 16, 2021

So for those of you filing your business taxes for 2020 , you will not be able to take a full deduction on your tax return. But as of right now, all of the business expenses you incur for restaurants this year are fully deductible when you file your tax return next year. So, there you go!

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LyfeAccounting

MAY 27, 2021

They have a question about your tax return. They changed your return. They need to notify you of delays in processing your return. Usually, when you receive an IRS letter, it is not going to be in reference to all of the tax returns you ever filed. You are due a larger or smaller refund.

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Ronika Khanna CPA,CA

APRIL 14, 2022

Being a small business owner comes with challenges, not the least of which is doing your taxes. While most Canadian taxpayers have relatively simple tax returns that can easily be completed using software, small business owners have the additional burden of reporting details relating to their businesses.

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LyfeAccounting

JUNE 18, 2021

As many of you know, the IRS has been delayed in processing 2020 tax refunds. million tax refunds for identity fraud, and for these taxpayers, this means an even longer delay. The reason is tax fraud. There has been a 50% increase from 2019 in flagged tax refunds due to potential identity fraud.

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Nancy McClelland, LLC

FEBRUARY 13, 2022

In tax year 2021, the domestic partnership or S corporation has no foreign activity, including foreign taxes paid or accrued or ownership of assets that generate, have generated, or may reasonably be expected to generate foreign-source income (see Regs. 2021 Tax Advisor) • AICPA Comment Letter, K-2/K-3 (Sept. 1.861-9(g)(3)).

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LyfeAccounting

APRIL 27, 2021

Tax refunds are not good because instead of that money being held by the IRS and taking 1700 years to process… …YOU could have possession of that money and use it for the things you want. Let’s say you filed your 2020 tax return and are getting a $3,500 refund. Business Owner Tax Mistakes of Overpaying.

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LyfeAccounting

JULY 16, 2021

A little background, in case you didn’t know, due to the recent passage of the American Rescue Plan of 2021… …the IRS has now considered the first $10,200 of unemployment compensation received in 2020 as non-taxable. In this case, make sure to include any required forms or schedules with your amended return.

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Going Concern

JULY 21, 2023

Waldref said between 2020 and 2023, 25-year-old Carol Casilla of Spokane worked for Spokane Dermatology Clinic (SDC) as an accountant, during which time she allegedly stole over $715,000 via fraud. PwC, which triggered the inquiry with its tax leaks scandal, has provided its agreement but asked the committee to keep it confidential.

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Nancy McClelland, LLC

DECEMBER 26, 2023

.) – You must file now file 1099 Forms electronically if you have 10 or more information returns (down from 250). 1099-NEC This form was new for 2020 and replaces the old Box 7 of Form 1099-MISC. 3) You may need to reconcile this form against the amount of sales income you report on your tax return.

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Nancy McClelland, LLC

DECEMBER 26, 2023

.) – You must file now file 1099 Forms electronically if you have 10 or more information returns (down from 250). 1099-NEC This form was new for 2020 and replaces the old Box 7 of Form 1099-MISC. 3) You may need to reconcile this form against the amount of sales income you report on your tax return.

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inDinero Tax Tips

NOVEMBER 15, 2021

If the thought of filing your taxes is enough to make you sweat, you’re not alone. . The IRS announced a plan to increase audits for small businesses by 50% for the 2020 tax year. Companies need to consider strategies to help them eliminate tax mistakes that can result in fines, interest, and other penalties. Learn More.

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Going Concern

OCTOBER 20, 2023

Investigators say Williams’ work came under suspicion when the Louisiana Legislative Auditor and an independent auditor were unable to reconcile his reports on the court’s finances for the year 2020. Nevada CPA Pleads Guilty To Filing False Tax Returns [ U.S.

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