IRS Tax Tip
Taxpayers can find answers to questions about payments and penalties on IRS.gov
https://www.irs.gov/newsroom/taxpayers-can-find-answers-to-questions-about-payments-and-penalties-on-irsgov
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Taxpayers can find answers to most questions about tax payments and penalties on IRS.gov. The Let Us Help You page, features links to information and resources on a wide range of topics related to penalties and payments.
Payments
Payment options
This page lays out the different ways taxpayers can pay what they owe, from having the payment taken directly from their bank account to using a credit card.
Payment plan
Taxpayers who cannot pay what they owe in full can learn their options on this page.
View balance and payment history
Individual taxpayers can use this tool to check their account and see things like the total amount they owe and their payment history.
Liens and levies
These links explain what a lien and a levy are, and the effect of each legal action.
Understanding a federal tax lien
Understanding a levy
Resolve a dispute
The Office of Appeals is an independent organization within the IRS that helps taxpayers resolve their tax disputes. This page has links to information that will help taxpayers who received a notice saying their case qualifies to be reviewed by Appeals.
Office of Appeals
Prevent future tax bill
Taxpayers who owed more than expected when they filed this year have a couple options to help them avoid that when they file next year. These pages have more info about the options.
Tax Withholding Estimator
Estimated payments
Penalties
These links take the user to information where they can find out more about topics related to penalties and penalty relief.
Penalties
Penalty relief/abatement
Penalty relief for under withholding
Help for struggling taxpayers
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Tax Tip
IRS2Go mobile app is a quick way to access IRS tools and services
https://www.irs.gov/newsroom/irs2go-mobile-app-is-a-quick-way-to-access-irs-tools-and-services
https://accountinginstruction.info/
The IRS mobile app – IRS2Go – provides taxpayers with quick access to helpful IRS tools on their mobile devices. The app is free to download on any iOS or Android device, and it's available in English and Spanish.
IRS2Go can be used to check on refunds, make payments, find free tax filing help, and get helpful tax tips:
Refunds. Taxpayers can check the status of their federal tax refund within 24 hours after the IRS receives an e-filed return. It takes about four weeks to check on a refund if the taxpayer mails a paper tax return.
Payments. The app offers quick access to mobile-friendly payment options.
IRS Direct Pay gives taxpayers a secure way to pay from their bank account.
A debit or credit card payment allows taxpayers to make- a payment through an approved payment processor.
Tax filing help. Eligible taxpayers can find free tax software using the Free File tool within IRS2Go. They can use this software to quickly prepare and file their taxes.
Tips. Taxpayers can use IRS2Go to access IRS accounts on social media, including links to helpful YouTube videos and the IRS Twitter accounts. Taxpayers can also sign up to receive IRS Tax Tips by email.
IRS2Go is available to download from Google Play, the Apple App Store, or the Amazon App store.
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? What are Prepaid Expenses?
Let's start by understanding what prepaid expenses are. ? Prepaid expenses fall under the category of other assets, representing payments made in advance for goods or services to be received in the future. But what exactly are other assets? Stick around to find out! ?
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? Types of Prepaid Expenses
Now, back to business! The most common prepaid expense we'll be auditing is prepaid insurance. ? Dive into the audit process as we explore scenarios involving prepaid rent, prepaid interest, and more. Discover why companies might choose to pay upfront and the inherent risks associated with it. ?
? Audit Considerations
Understanding inherent risk and control risk is crucial in the audit process. In this video, we break down how auditors navigate these risks to set detection risk and conduct effective testing. ?️♂️
?️ Substantive Procedures
Join us as we explore substantive procedures related to prepaid insurance. Learn the step-by-step audit testing process, from obtaining schedules and policies to confirming policy beneficiaries and examining source documents. ?
? Assertions and Confirmation
We'll discuss key assertions related to prepaid insurance, including valuation, rights and obligations, and classification. Dive into the importance of confirming policies with insurance brokers for added assurance. ?️
? Why Classification Matters
Uncover the significance of correct classification in accounts. Ensuring that amounts are allocated to the proper classes is essential for accurate financial reporting. Learn how auditors validate the correctness of these classifications. ?️
? Stay Tuned for More Insights!
Join us on this educational journey as we demystify prepaid expenses and shed light on the audit process. Don't forget to like, subscribe, and hit the notification bell for more in-depth content on accounting and auditing! ??
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