In this video, we focus on calculating labor requirements within master budgets. Learn how to determine production units needed, calculate labor hours per unit, and estimate labor costs. This tutorial is perfect for accounting students and professionals aiming to enhance their budgeting skills and efficiency.
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https://www.youtube.com/watch?v=h1z-sJIa52c
Effect of Information Technology on Internal Controls
Google Classroom: https://classroom.google.com/c/MjMwOTQ0MzU5MTU3?cjc=e3rqlj5
Class code: e3rqlj5
Reference multiple language audio and text: https://1drv.ms/u/s!Ap8mLpFX7uo9tlDLcQZUdPthH2OB?e=e4huM1
Playlists: https://www.youtube.com/playlist?list=PL60SIT917rv44nCp5WrgAJHVBRPi3EtpK
Auditing
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https://www.youtube.com/watch?v=wHlhiL4-QxQ
IRS reminds holders of foreign bank and financial accounts of April FBAR deadline
https://www.irs.gov/newsroom/irs-reminds-holders-of-foreign-bank-and-financial-accounts-of-april-fbar-deadline
http://accountinginstruction.com/
The Internal Revenue Service today reminded U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is April 15. For additional information about filing deadlines, filers should look to Financial Crimes Enforcement Network's (FinCEN) website PDF for further information.
Filers missing the April deadlines will receive an automatic extension until October 15, 2022, to file the FBAR. They don't need to request the extension. See FinCEN's website PDF for further information.
Who must file an FBAR
The Bank Secrecy Act requires U.S. persons to file an FBAR if they have:
Financial interest in, signature authority or other authority over one or more accounts, such as a bank account, brokerage account, mutual fund or other financial account in a foreign country, and
The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.
Because of this threshold, the IRS encourages U.S. persons or entities with foreign accounts, even relatively small ones, to check if this filing requirement applies to them.
A U.S. person is a citizen or resident of the United States or any domestic legal entity such as a partnership, corporation, limited liability company, estate or trust.
The FBAR must be filed electronically with the Financial Crimes Enforcement Network (FinCEN) and is only available through the BSA E-Filing System website. Taxpayers who are unable to e-file their FBAR must contact FinCEN at 800-949-2732 (703-905-3975 if calling from outside the U.S.) or FRC@fincen.gov.
Penalties for failure to file an FBAR
Those who don't file an FBAR when required may be subject to significant civil and criminal penalties that can result in a fine and/or prison. The IRS will not penalize those who properly reported a foreign account on a late-filed FBAR if the IRS determines there was reasonable cause for late filing.
More details and help available
IRS.gov has several resources available 24 hours a day:
2022 FBAR fact sheet
Report of Foreign Bank and Financial Accounts (FBAR)
International Taxpayers
FAQs About International Individual Tax Matters
FinCEN's website Reporting Maximum Account Value
To help avoid delays with tax refunds, taxpayers living abroad should visit Helpful Tips for Effectively Receiving a Tax Refund for Taxpayers Living Abroad on IRS.gov.
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https://www.youtube.com/watch?v=itEEm427HKs
IRS Tax Tip
Taxpayers can protect themselves from scammers by knowing how the IRS communicates
https://www.irs.gov/newsroom/taxpayers-can-protect-themselves-from-scammers-by-knowing-how-the-irs-communicates
https://accountinginstruction.info/
If the IRS does call a taxpayer, it should not be a surprise because the agency will generally send a notice or letter first. Understanding how the IRS communicates can help taxpayers protect themselves from scammers who pretend to be from the IRS with the goal of stealing personal information.
Here are some facts about how the IRS communicates with taxpayers:
The IRS doesn't normally initiate contact with taxpayers by email. Do not reply to an email from someone who claims to be from the IRS because the IRS email address could be spoofed or fake. Emails from IRS employees will end in IRS.gov.
The agency does not send text messages or contact people through social media. Fraudsters will impersonate legitimate government agents and agencies on social media and try to initiate contact with taxpayers.
When the IRS needs to contact a taxpayer, the first contact is normally by letter delivered by the U.S. Postal Service. Debt relief firms send unsolicited tax debt relief offers through the mail. Fraudsters will often claim they already notified the taxpayer by U.S. Mail.
Depending on the situation, IRS employees may first call or visit with a taxpayer. In some instances, the IRS sends a letter or written notice to a taxpayer in advance, but not always. Taxpayers can search IRS notices by visiting Understanding Your IRS Notice or Letter. However, not all IRS notices are searchable on that site and just because someone references an IRS notice in email, phone call, text, or social media, does not mean the request is legitimate.
IRS revenue agents or tax compliance officers may call a taxpayer or tax professional after mailing a notice to confirm an appointment or to discuss items for a scheduled audit. The IRS encourages taxpayers to review, How to Know it's Really the IRS Calling or Knocking on Your Door: Collection.
Private debt collectors can call taxpayers for the collection of certain outstanding inactive tax liabilities, but only after the taxpayer and their representative have received written notice. Private debt collection should not be confused with debt relief firms who will call, send lien notices via U.S. Mail, or email taxpayers with debt relief offers. Taxpayers should contact the IRS regarding filing back taxes properly.
IRS revenue officers and agents routinely make unannounced visits to a taxpayer's home or place of business to discuss taxes owed, delinquent tax returns or a business falling behind on payroll tax deposits. IRS revenue officers will request payment of taxes owed by the taxpayer. Howev
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https://www.youtube.com/watch?v=mKpI98B55ME