https://turbotax.intuit.com/stimulus-check/
Turbotax has a free tool to help provide information to the IRS to process economic stimulus payments
Turbotax also provides an economic impact payment calculator you can use.
Turbotax is owned by Intuit the same company that owned QuickBooks
If you’re not required to file taxes and don’t receive Social Security benefits, use our free Stimulus Registration for non-tax filers to give the IRS your up-to-date mailing address and direct deposit banking info.
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https://www.youtube.com/watch?v=tFeRmEwR3eM
Highlights from the 2020 National Tax Security Awareness Week
https://www.irs.gov/newsroom/highlights-from-the-2020-national-tax-security-awareness-week
https://accountinginstruction.info/
Recently, the IRS and its Security Summit partners hosted the 2020 National Tax Security Awareness Week. The goal of this week is to encourage taxpayers, businesses and tax pros to take steps to protect their tax data and identities.
Heres are some of the highlights from topics covered during the week.
Protect personal and financial information online
Everyone should start with these basics:
Use security software for computers and mobile phones – and keep it updated.
Avoid phishing scams, especially related to COVID-19 or Economic Impact Payments.
Use strong and unique passwords for all accounts.
Use multi-factor authentication whenever possible.
Shop only secure websites.
Look for the https in web addresses.
Avoid shopping on unsecured and public Wi-Fi.
Use multi-factor authentication
All tax software providers are offering multi-factor authentication options on products for both taxpayers and tax professionals.
Multi-factor authentication protects online accounts by requiring a second verification code in addition to a username and password. For example, this second feature may be a code sent to the taxpayer's cell phone.
Multi-factor authentication provides a critical layer of protection for your online accounts.
Get an Identity Protection PIN
In January, the Identity Protection PIN Program will available to taxpayers nationwide.
The Identity Protection PIN or IP PIN is a six-digit number known only to the taxpayer and the IRS. It helps prevent a taxpayer's Social Security number from being used to file fraudulent federal income tax returns.
Taxpayers can review the Get An Identity Protection PIN details to see if the program is right for them.
Businesses at risk for identity theft
Most cyberattacks target small businesses with fewer than 100 employees. The IRS has resources and information to help businesses stay safe.
All businesses can report identity theft to the IRS using Form 14039-B, Business Identity Theft Affidavit PDF.
Check out the Business section of Identity Theft Central on IRS.gov.
Tax professionals should review their safeguards
The IRS and the Summit partners urge tax pros to review the Taxes-Security-Together Checklist. It covers a variety of topic including:
Deploying basic security measures.
Using multi-factor authentication to protect tax software accounts.
How to create virtual private network for working remotely.
Creating a written data security plan as required by law.
The importance of knowing about phishing and phone scams, especially those related to fake clients, COVID-19 and Economic Impact Payments.
Creating data security an
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https://www.youtube.com/watch?v=UbF59gQhMN8
Emergency aid granted to students due to COVID are not taxable
https://www.irs.gov/newsroom/emergency-aid-granted-to-students-due-to-covid-are-not-taxable
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service issued frequently asked questions today on how students and higher education institutions should report pandemic-related emergency financial aid grants.
Students
Emergency financial aid grants made by a federal agency, state, Indian tribe, higher education institution or scholarship-granting organization (including a tribal organization) to a student because of an event related to the COVID-19 pandemic are not included in the student's gross income.
Also, students should not reduce an amount of qualified tuition and related expenses by the amount of an emergency financial aid grant. If students used any portion of the grants to pay for qualified tuition and related expenses on or before December 31, 2020, they may be eligible to claim a tuition and fees deduction or the American Opportunity Credit or Lifetime Learning Credit on their 2020 tax return. See Higher Education Emergency Grants Frequently Asked Questions.
The tuition and fees deduction is not available for tax years beginning after December 31, 2020. For additional information on these credits and the tuition and fees deduction, see Publication 970, Tax Benefits for Education.
Higher Education Institutions
Because students don't include emergency financial aid grants in their gross income, higher education institutions are not required to file or furnish Forms 1099-MISC reporting the grants made available by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) or the COVID-related Tax Relief Act (COVID Relief Act) and do not need to report the grants in Box 5 of Form 1098-T.
But any amounts that qualify for the tuition and fees deduction or the American Opportunity Credit or Lifetime Learning Credit are considered "qualified tuition and related expenses" and trigger the reporting requirements of Internal Revenue Code section 6050S. Higher education institutions must include qualified tuition and related expenses paid by emergency financial aid grants awarded to students in Box 1 of Form 1098-T.
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https://www.youtube.com/watch?v=31IMH-0ftcQ
Sale From Parent to Sub. Sub Has Not Resold
Advanced Financial Accounting
https://accountinginstruction.info/
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https://www.youtube.com/watch?v=MhhcdCuaQaM
IRS interest rates increase for the third quarter of 2022
https://www.irs.gov/newsroom/irs-interest-rates-increase-for-the-third-quarter-of-2022
http://accountinginstruction.com/
The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning July 1, 2022. The rates will be:
5% for overpayments (4% in the case of a corporation).
2.5% for the portion of a corporate overpayment exceeding $10,000.
5% for underpayments.
7% for large corporate underpayments.
Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus three percentage points.
Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus three percentage points, and the overpayment rate is the federal short-term rate plus two percentage points. The rate for large corporate underpayments is the federal short-term rate plus five percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.
The interest rates announced today are computed from the federal short-term rate determined during April 2022 to take effect May 1, 2022, based on daily compounding.
Revenue Ruling 2022-11PDF announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin 2022-23, dated June 6, 2022.
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https://www.youtube.com/watch?v=3tgGYMYb25g
C Corporation Comprehensive Problem Part 23 Estimated Payments
Corporate Tax
https://accountinginstruction.thinkific.com/
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https://www.youtube.com/watch?v=CJeAstIl1Ls