Purchasing Process Inherent Risk & Control Risk Part 1 join our Accounting Instruction Free Month Membership here: https://mailchi.mp/162b76dee17d/3vb67kuoou ... https://www.youtube.com/watch?v=smQy-TNDChA

Many taxpayers can file their state and federal tax returns for free https://www.irs.gov/newsroom/many-taxpayers-can-file-their-state-and-federal-tax-returns-for-free IRS Tax Tip 2021-10, February 1, 2021 As taxpayers get ready to file their federal tax returns, most will also be thinking about preparing their state taxes. There's some good news for filers wanting to save money. Eligible taxpayers can file their federal and, in many cases, their state taxes at no cost. Taxpayers whose adjusted gross income was $72,000 or less in 2019 can file their 2020 federal taxes for free using IRS Free File. Many of them can also do their state taxes at no charge. They do so through Free File offered by the IRS. Here's a few things for taxpayers to know about filing state tax returns through Free File. Most people make less than the $72,000 income limit. So, most people can use Free File. Generally, taxpayers must complete their federal tax return before they can begin their state taxes. More than 20 states have a state Free File program patterned after the federal partnership. This means many taxpayers are eligible for free federal and free state online tax preparation. The states with a Free File program are Arkansas, Arizona, Georgia, Idaho, Indiana, Iowa, Kentucky, Massachusetts, Michigan, Minnesota, Missouri, Mississippi, Montana, New York, North Carolina, North Dakota, Oregon, Rhode Island, South Carolina, Vermont, Virginia and West Virginia, plus the District of Columbia. IRS Free File partners feature online products, some in Spanish. They offer most or some state tax returns for free as well. Some of them may charge so it's important for taxpayers to explore their free options. Free File partners will charge a fee for state tax return preparation unless their offer says upfront the taxpayer can file both federal and state returns for free. Taxpayers who want to use one of the state Free File program products should go to their state tax agency's Free File page. Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming don't have an income tax. So, IRS Free File for a federal return may be the only tax product people in those states need. ... https://www.youtube.com/watch?v=4EchQ5uHi6w

Choosing a trustworthy payroll service provider can protect employers from fraud https://www.irs.gov/newsroom/choosing-a-trustworthy-payroll-service-provider-can-protect-employers-from-fraud IRS Tax Tip 2020-112, September 1, 2020 When hiring a company to handle payroll and payroll tax, employers should carefully choose their payroll service provider. This can help a business avoid missed deposits for employment taxes and other unpaid bills. Most of these businesses provide quality service but there are some who don't have their clients' best interests in mind. Each year, there are a few payroll service providers who don't submit their client's payroll taxes and closedown abruptly. The damage hits their unsuspecting clients hard. Typically, these clients remain legally responsible for paying the taxes due, even if the employer sent funds to the payroll service provider for required deposits or payments. Employers should understand their payroll and employment tax responsibilities and choose a trusted payroll service to handle this important job. Here are two options: A certified professional employer organization. Typically, CPEOs are solely liable for paying the customer's employment taxes, filing returns, and making deposits and payments for the taxes reported related to wages and other compensation. Reporting agent. This is a payroll service provider that informs the IRS of its relationship with a client using Form 8655, Reporting Agent Authorization, which is signed by the client. Reporting agents must deposit a client's taxes using the Electronic Federal Tax Payment System and can exchange information with the IRS on behalf of a client, such as to resolve an issue. They are also required to provide clients a written statement reminding the employer that it, not the reporting agent, is ultimately responsible for the timely filing of returns and payment of taxes. IRS encourages employers to enroll in EFTPS and make sure its payroll service provider uses EFTPS to make tax deposits. It's free and it gives employers safe and easy online access to their payment history when deposits are made under their Employer Identification Number, enabling them to monitor whether their payroll service provider is meeting its tax deposit responsibilities. Employers should contact the IRS about any bills or notices received, especially payments managed by a third party. Call the number on the bill, write to the IRS office that sent the bill, contact the IRS business tax hotline at 800-829-4933, or visit a local IRS office. ... https://www.youtube.com/watch?v=ypJfMO-K2tc

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