Adjustments to Income Half of Self-Employment Tax
Playlist: https://www.youtube.com/playlist?list=PL60SIT917rv5W3nTPK_PHavaSUW2AdJWR
Google Classroom: https://classroom.google.com/c/MjM2NDg1Mjk4NzE1?cjc=7ibfle4
Class code: 7ibfle4
Income Tax 2020
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https://www.youtube.com/watch?v=yxBzZ1Np24w
Live Tutorial Tuesday – Financial Accounting Excel & QuickBooks – Financial Statement Creation.
Free Resources - Only during presentation
Link to Excel worksheet, QuickBooks Backup file, & Google Sheets worksheet
http://bookkeepingandtaxlawprofessionals.com/?page_id=2231
If you would like resources after the presentation, please provide us with your e-mail address and we will send them out.
We will work the accounting cycle closing process. We will create and post closing journal entries in Excel and then show how the closing process works in QuickBooks. We will provide and Excel sheet to work along with us, a QuickBooks backup file, and a live Google Sheet that can be used to work the problem as a group during the presentation and, or, can be used to copy to your Google account for future use.
When working with both students and business owners, I have noticed that we often have a disconnect between accounting theory and accounting practical business use. Business owners often have some experience with QuickBooks and do not see a clear relationship to the journal entries that software uses and students often feel like they are putting a lot of faith in accounting theory being useful down the road, knowing that computer software will likely be used in practice. This comprehensive problem will be unorthodox by putting the theory and the software side by side, by showing how the software uses the theory as we go, by showing the relevance of theory in the use of software as we learn, the hope being that this understanding of application will help motivate learning and persevering through learning theory. If you have Excel I highly recommend downloading the Excel worksheet and working the problem with us or working the problem later with the recording as a guide. If you do not have Excel you can make a copy of the Google Sheet, Google Sheets being free for anybody who has a Google account. If we do not have access to Excel, or even if we do, I highly recommend getting familiar with Goodle Sheets. We have also provided access to a QuickBooks backup file but we do not expect everyone to have access to QuickBooks. If you do not have access to QuickBooks do not worry. We want to present QuickBooks as an example of how the theory is applied. We can learn the details of QuickBooks at another time.
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https://www.youtube.com/watch?v=9YHvZ2efbgE
COVID Tax Tip
Here’s how tax pros can help clients battle unemployment related identity theft
https://www.irs.gov/newsroom/heres-how-tax-pros-can-help-clients-battle-unemployment-related-identity-theft
https://accountinginstruction.info/
As part of this year's summer campaign Boost Security Immunity: Fight Against Identity Theft, the IRS and its Security Summit partners outlined ways tax pros can help clients victimized by unemployment compensation fraud schemes.
Unemployment compensation fraud was one of the more common identity theft schemes that emerged in 2020 as criminals exploited the COVID-19 pandemic and the resulting economic impact.
Unemployment compensation is taxable, although Congress waived the tax for 2020 for many people. States report compensation to the individual and to the IRS by using the Form 1099-G. Because of fraud and identity theft, many taxpayers received Forms 1099-G for compensation they were not paid. Some taxpayers received forms from multiple states.
This scam could affect 2020 or 2021 tax returns. Here are some steps tax pros should take to help victims of the unemployment compensation fraud scheme:
File Form 14039, Identity Theft Affidavit PDF. This should be done only if an e-filed tax return rejects because the client's Social Security number has already been used. Do not file the IRS Form 14039 to report unemployment compensation fraud to the IRS.
Report fraud to state workforce agencies, and request a corrected Form 1099-G. Each state has its own process for reporting unemployment compensation fraud. The U.S. Department of Labor has created an information page with all state contacts and other information.
File a tax return reporting only the actual income received. State workforce agencies may not be able to issue a corrected Form 1099-G in a timely manner. Even if the client has not received a corrected Form 1099-G, report only wages and income received and exclude any fraudulent claims.
Consider an IRS Identity Protection PIN. Clients receiving Forms 1099-G are identity theft victims whose personal information could be used for additional criminal activities, such as filing fraudulent tax returns. All taxpayers who can verify their identities can now get an Identity Protection PIN to protect their SSN.
Follow Federal Trade Commission recommendations for identity theft victims. Taxpayers should consider steps to protect their credit and other actions outlined by the FTC. The Department of Labor website explains how individuals should report unemployment identity theft
Reply to notices in a timely manner. Tax pros' business clients can also assist in fighting unemployment compensation fraud by responding quickly to state notices about employees filing jobless claims, especially when it has no record of tho
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https://www.youtube.com/watch?v=Td0kKIh8npo
QuickBooks Online 2021 Use Purchase Order to Make Check or Expense Form
Resource including multiple language text & audio: https://1drv.ms/u/s!Ap8mLpFX7uo9gclOnzJIpnWskVPH9w?e=fCCh8v
Google Classroom: https://classroom.google.com/c/MjIzMjk5NjM3MzYz?cjc=fyhjvio
Class code: fyhjvio
Playlist: https://www.youtube.com/playlist?list=PL60SIT917rv5pnA673_Xz2jcVY8PW3FUy
QuickBooks Online 2021
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https://www.youtube.com/watch?v=raZp6EtDlKk