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Ethics in the Marketplace

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;…
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IRS HOLDING OVER 29 MILLION RETURNS FOR MANUAL PROCESSING

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…
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How to Steer clear of Tax Return Errors as the May 17 Tax Filing Deadline nears.

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,…
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NYS PROPOSES TAX INCREASES

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…
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SBA Warns PPP Money Likely to Run Out Before Extended Deadline for Small Businesses

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: SBA Warns PPP…
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IRS reminds taxpayers to make April 15 estimated tax payment

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…
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