Updates to Standard Mileage Rates Tax Preparation 2023-2024
"Stay up to date with the latest changes to standard mileage rates for your tax preparation in 2023-2024. In this video, we cover the recent updates, including any adjustments in rates and how they may affect your deductions. Whether you're self-employed, a business owner, or simply tracking mileage for work-related purposes, knowing the current standard mileage rates is essential for accurate tax filings. Watch now to ensure you're maximizing your deductions and staying compliant with the latest regulations!" ... https://www.youtube.com/watch?v=mdVxR1WEIQk
Enter Beginning Balance for Cash & Analyze Impact of Financial Statements
30 Day Trial Coupon https://mailchi.mp/162b76dee17d/3vb67kuoou
Playlist: https://www.youtube.com/playlist?list=PL60SIT917rv5CNsiaWRWIs91vU_X6pJm6
Google Classroom: https://classroom.google.com/c/NTA5MDIzODQxMTc2?cjc=a27ebm4
Code: a27ebm4
Resource: transcripts and language options: https://1drv.ms/u/s!Ap8mLpFX7uo9g6pA2PQy0eWKaZzIzw?e=sY3lEH
QuickBooks Online 2023
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https://www.youtube.com/watch?v=RFVaSjRQwz8
"Discover the crucial importance of keeping track of medical expenses for your 2023-2024 tax preparation. Learn how meticulous record-keeping can unlock potential deductions and savings come tax time. From prescriptions to medical procedures, stay organized and informed to maximize your tax benefits. Watch now to ensure you're not missing out on valuable opportunities to save on your taxes."
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https://www.youtube.com/watch?v=qVIgFrVUt1o
Now available: IRS Form 1040-X electronic filing
https://www.irs.gov/newsroom/now-available-irs-form-1040-x-electronic-filing
Major IRS milestone helps taxpayers correct tax returns with fewer errors, speeds processing
IR-2020-182, August 17, 2020
WASHINGTON — Marking a major milestone in tax administration, the Internal Revenue Service announced today that taxpayers can now submit Form 1040-X electronically with commercial tax-filing software.
As IRS e-filing has grown during the past 30 years, the 1040-X, Amended U.S. Individual Income Tax Return, has been one of the last major individual tax forms that needed to be paper filed. Today's announcement follows years of effort by the IRS, and the enhancement allows taxpayers to quickly electronically correct previously filed tax returns while minimizing errors.
"The ability to file the Form 1040-X electronically has been an important long-term goal of the IRS e-file initiative for many years," said Sunita Lough, IRS Deputy Commissioner for Services and Enforcement. "Given the details needed on the form, there have been numerous challenges to add this form to the e-file family. Our IT and business operation teams worked hard with the nation's tax industry to make this change possible. This is another success for IRS modernization efforts. The addition helps taxpayers have a quicker, easier way to file amended returns, and it streamlines work for the IRS and the entire tax community."
Making the 1040-X an electronically filed form has been a goal for the tax software and tax professional industry for years. It's been a continuing recommendation from the Internal Revenue Service Advisory Council (IRSAC) and Electronic Tax Administration Advisory Committee (ETAAC).
Currently, taxpayers must mail a completed Form 1040-X to the IRS for processing. The new electronic option allows the IRS to receive amended returns faster while minimizing errors normally associated with manually completing the form.
Since the tax-filing software allows users to input their data in a question-answer format, it simplifies the process for them. It also makes it easier for IRS employees to answer taxpayer questions since the data is entered electronically and submitted to the agency almost simultaneously.
"Adding the 1040-X to the e-filing portfolio provides a better experience for the taxpayer, all around. It makes submitting an amended return easier and it allows our employees to process it in a more efficient way," said Ken Corbin, the IRS Wage and Investment commissioner and head of the division responsible for processing these returns.
For the initial phase, only tax year 2019 Forms 1040 and 1040-SR returns can be amended electronically. Additional improvements are planned for the future.
About 3 million Forms 104
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https://www.youtube.com/watch?v=fCBU_ZEHOis
IRS Nationwide Tax Forum kicks off July 19
https://www.irs.gov/newsroom/irs-nationwide-tax-forum-kicks-off-july-19
https://accountinginstruction.info/
This Thursday, July 14, is the last day for tax professionals to register to attend the 2022 IRS Nationwide Tax Forum and have access to all 32 webinars — including a keynote address by IRS Commissioner Chuck Rettig, updates on tax law, cybersecurity, practitioner ethics and more.
The 2022 virtual event is being held over a five-week period from July 19 through August 18. Webinars will be livestreamed on Tuesdays, Wednesdays and Thursdays of each week. To guarantee access to a webinar, registration must be completed a minimum of three business days in advance. Participants who register after July 14 will not have access to the full lineup of webinars.
Participants are encouraged to view the Forum schedule and course descriptions to plan their experience.
For more information and to register, visit IRS Nationwide Tax Forum.
Tax Forum Virtual Expo
Included with their registration, attendees may also visit the Forum's Virtual Expo with dozens of exhibitors representing tax and business services, IRS association partners and key IRS offices and initiatives in the "IRS Zone."
The Expo will be staffed from noon-2 p.m. and 3-5 p.m. EDT every Tuesday, Wednesday and Thursday, permitting attendees to interact with exhibitors. However, registrants will have access to most Expo content 24 hours a day from for the entire length of the Forum.
Focus groups and digital product demos
As a special feature of the 2022 Forum, the IRS invites attendees to participate in one or more virtual focus groups. Focus groups are arranged around the following topics:
Improving the Taxpayer Experience and IRS Services
Improving the Taxpayer Experience and IRS Outreach
Tax Pro Account and Business Online Account
Digital Asset Transactions
Tax Treatment of Retirement Distributions
Affordable Care Act Forms
IRS Online Accounts
Responding to IRS Correspondence Audit Notices
Taxpayer civil rights: Are your clients receiving the services they need?
Online tools and resources for refundable credits: The past, the present, and the future
In addition to our focus groups, the Office of Online Services will conduct demonstrations of the IRS tax pro and individual online accounts.
Continuing Education (CE)
Attendance at any of the 2022 Nationwide Tax Forum webinars qualifies as continuing education (CE) for enrolled agents, certified public accountants, Annual Filing Season Program participants, California Tax Education Council (CTEC) participants and Certified Financial Planners (CFP).
Note: With four seminars this year presented in both English and Spanish, participants can earn up to 28 continuing education credits.
Attorneys: Please check with your state bar to determine whether participation in the IRS Nationwide Tax Forum seminars qualifies for continuing legal education credit.
Visit the CE and CFP Certification page for more information.
Registration information
For more information and to register online, visit IRS Nationwide Tax Forum
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https://www.youtube.com/watch?v=wXUzWezYp6w