Earlier this year, the IRS provided additional expanded penalty relief (PDF) to individual taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.
http://accountinginstruction.info/
https://www.irs.gov/forms-pubs/irs-automatically-waives-estimated-tax-penalty-for-eligible-2018-tax-filers-16-aug-2019
The IRS is now automatically waiving the estimated tax penalty for eligible taxpayers who already have filed their 2018 federal income tax returns but who did not claim the waiver. Filing Form 843 for Expanded Underpayment of Estimated Income Tax Penalty Relief, posted March 27, 2019, is superseded to the extent it directs individual taxpayers who already have paid the penalty to file Form 843 to claim a refund.
Over the next few months, IRS is mailing notices (CP21) to affected taxpayers notifying them the penalty was waived. The automatic waiver has been granted to any eligible taxpayer whether or not they already have requested penalty relief on Form 843. After receiving their notice in the mail, taxpayers who already have paid the penalty should receive their refunds within three weeks, if they don’t owe any other taxes or debt the IRS is required to collect. Eligible taxpayers who already have filed a 2018 return do not need to request penalty relief, contact the IRS, or take any other action to get this relief.
The automatic waiver applies to any individual taxpayer who paid at least 80 percent of their total tax liability through federal income tax withholding or quarterly estimated tax payments but did not claim the special waiver available to them when they filed their 2018 return earlier this year. This waiver is designed to provide relief to any taxpayer who filed too early to take advantage of the waiver or was unaware of it when they filed.
For those yet to file, the IRS urges every eligible taxpayer to claim the waiver on their return. This includes those with tax-filing extensions due to run out on October 15, 2019. The fastest and easiest way to do that is to file electronically and take advantage of the waiver computation built into their tax software package. Those who choose to file on paper can fill out Form 2210 (PDF) and attach it to their 2018 return. See the Instructions for Form 2210 for details.
If you have questions about the notice or it’s been longer than three weeks, you may call the toll-free number listed on the top right corner of the letter.
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https://www.youtube.com/watch?v=Sn46WH1oR6g
? Welcome to Excel Accounting Mastery! In this video, we dive deep into practical accounting scenarios, focusing on Excel practice problems. ?
? What's Covered in This Video:
? Reviewing and entering transactions common to businesses starting up.
? Increasing cash through owner investments and loans.
? Utilizing Excel worksheets for efficient record-keeping.
? Understanding the nuances of recording owner investments and loans in the accounting equation.
? Worksheet Access:
If you have access to the worksheet used in this video, you'll find two tabs: "Example" (an answer key) and "Practice" (where we actively work through transactions).
? Key Concepts:
? Transaction 1: Owner investing $65,000 into the business. We explore why this doesn't affect revenue and discuss options for recording it.
? Transaction 2: Taking a $50,000 loan for business expansion, and posting it to the loan payable account.
? Why Watch This Video?
? Concept Clarity: Gain a solid understanding of accounting entries for owner investments and loans.
?️ Excel Skills: Sharpen your Excel skills with step-by-step demonstrations.
? Real-world Application: Learn how to apply accounting principles to practical business scenarios.
? Helpful Tips:
? Equity Considerations: Explore nuances in recording owner investments, differentiating them from draws.
⚖️ Balancing Act: Witness the meticulous process of ensuring ledger balances align with the trial balance.
? Next Steps:
? Don't forget to check the "Example" tab for a quick reference to the correct entries.
? Practice along with the "Practice" tab to reinforce your learning.
? Subscribe for more accounting insights, Excel tutorials, and real-world applications.
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? Disclaimer:
This video is for educational purposes only. Always consult with a professional for specific accounting advice tailored to your situation.
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https://www.youtube.com/watch?v=Ddv9e0_ZVvc
IRS reminds businesses filing cash transaction reports about e-file option; batch filing now available
https://www.irs.gov/newsroom/irs-reminds-businesses-filing-cash-transaction-reports-about-e-file-option-batch-filing-now-available
The Internal Revenue Service reminds businesses required to file reports of large cash transactions that e-filing is a fast, easy and secure option for filing their reports. Now, businesses can batch file their reports, which is especially helpful to those required to file many forms.
Although businesses have the option of filing Form 8300, Report of Cash Payments Over $10,000, on paper, many have already found the free and secure e-filing system is a more convenient and cost-effective way to meet the reporting deadline. The form is due 15 days after a transaction and there's no charge for the e-file option.
Although many cash transactions are legitimate, information reported on this form can help stop those who evade taxes, profit from the drug trade, engage in terrorist financing and conduct other criminal activities. The government can often trace money from these illegal activities through the payments reported on Form 8300 and other cash reporting forms.
Businesses that file Form 8300 electronically get free, automatic acknowledgment of receipt when they file. In addition, electronic filing is more accurate, reducing the need for follow-up correspondence with the IRS.
To file Form 8300 electronically, a business must set up an account with FinCEN's BSA E-Filing System. For more information, interested businesses can call the BSA E-Filing Help Desk at 866-346-9478 or email them at bsaefilinghelp@fincen.gov. The help desk is available Monday through Friday from 8 a.m. to 6 p.m. Eastern time.
For more information about the reporting requirement, see FS-2020-11, Reporting cash transactions helps government combat criminal activities, available on IRS.gov.
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https://www.youtube.com/watch?v=S_uKk4LamUo
Restore & Backup Data Files
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QuickBooks Pro Plus Desktop 2022
https://accountinginstruction.info/
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https://www.youtube.com/watch?v=htnLK7Wyqjw
Figuring Net Profit or Loss
Playlist: https://www.youtube.com/playlist?list=PL60SIT917rv6kSKDmub8BUbGC4j5oZ1Fz
Google Classroom: https://classroom.google.com/c/NTk1Mjc3NjI5MjM2?cjc=z3mm4rx
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OneNote Resources with Language Translation: https://1drv.ms/u/s!Ap8mLpFX7uo9g_tMABIEjK5PEXvETQ?e=mpb8bx
Income Tax Preparation 2022 - 2023
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https://www.youtube.com/watch?v=o4vQhY1vzeI