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IRS Tax Tip 2021-133 for Sept 9, 2021 Here are some things taxpayers should do when choosing a tax return preparer Check the IRS Directory of Federal Tax Return Preparers. This searchable and sortable public directory helps taxpayers find a tax return preparer with specific qualifications.Check the preparer’s history with the Better Business Bureau. Taxpayers should check for…

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…