Posts by Michael A. Cook LLC

What is the importance of internal controls for a business? Internal controls are important to the success of every business. In brief, internal controls are a set of prudent and best practices put in place by management allowing businesses to successfully achieve three objectives: (1) Production of accurate financial reporting (2) Compliance with all rules…

Over the years there have been several well-publicized cases involving ethics in the finance and accounting industries. Some of the ethical issues that arose from these cases are: 1. Partnership arrangements that kept fraudulent transactions hidden; 2. Propriety of accounting for certain related-party transactions; 3. Trading consulting fees for a clean audit on inaccurate books;…

The IRS has gotten quite good at processing tax returns and issuing refunds quickly and efficiently. The IRS website says that the normal processing time for an electronically filed return is 21 days, but in reality, millions of taxpayers receive their refunds even quicker — sometimes within a week, sometimes in days. Similar to past…

When you’re preparing your tax return check your tax returns for common errors that could delay refunds or otherwise affect normal processing. Here are some ways to avoid tax return slipups as the May 17 due date gets closer. (1) Use electronic filing. Filing electronically, whether through IRS Free File or other e-file service providers,…

New York lawmakers stole the spotlight this week as they were able to agree on — and convince reluctant Gov. Andrew Cuomo to support — strong progressive tax increases on the highest-income households and corporations in the state to fund shared priorities like K-12 education and pandemic recovery efforts. Several other States including Minnesota are proposing…

With only $66 billion remaining in the Payroll Protection Program (PPP) loan pool, the Small Business Association (SBA) and advocacy groups have warned that funds are likely to run out long before the extended May 31 deadline to apply. If you’ve not yet applied then do so asap. Read the full message: http://news.cchgroup.com/2021/04/06/sba-warns-ppp-money-likely-to-run-out-before-extended-deadline-for-small-businesses/paycheck-protection-program-ppp/

ESTIMATED TAX PAYMENTS FOR THE SELF-EMPLOYED: The Internal Revenue Service is reminding self-employed individuals, retirees, investors, businesses, corporations, and others who pay their taxes quarterly that the payment for the first quarter of 2021 is due Thursday, April 15, 2021. The extension to May 17, 2021 for individuals to file their 2020 federal income taxes…

DETERMINING LAND VALUE TO CORRECTLY DEPRECIATE YOUR REAL ESTATE PROPERTY. My colleague, Seth Williams from RE Tipster, and a legend in Real Estate investing and related information to keep you on solid ground, is perhaps the best guy to take you step-by-step through the process of determining the land value of the Real Estate you…

Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing…

The IRS strongly urges taxpayers not to file amended returns related to the new legislative provisions or take other unnecessary steps at this time. I understand folks are anxious and in a rush to get needed monies the new American Rescue Plan Act of 2021 provides. However, the IRS is NOT prepared for these [mid-tax season] tax…