Avoid Revocation of Passport by IRS – IRS News 2019 August

Individuals with significant tax debt should act promptly to avoid revocation of passports http://accountinginstruction.info/ WASHINGTON — The Internal Revenue Service today urged taxpayers to resolve their significant tax debts to avoid putting their passports in jeopardy. They should contact the IRS now to avoid delays in their travel plans later. Under the Fixing America’s Surface Transportation (FAST) Act, the IRS notifies the State Department (State) of taxpayers certified as owing a seriously delinquent tax debt, which is currently $52,000 or more. The law then requires State to deny their passport application or renewal. If a taxpayer currently has a valid passport, State may revoke the passport or limit a taxpayer’s ability to travel outside the United States. When the IRS certifies a taxpayer to State as owing a seriously delinquent tax debt, the taxpayer receives a Notice CP508C from the IRS. The notice explains what steps the taxpayer needs to take to resolve the debt. IRS telephone assistors can help taxpayers resolve the debt. For example, they can help taxpayers set up a payment plan or make them aware of other payment options. Taxpayers should not delay because some resolutions take longer than others. Don’t Delay! It’s especially important for taxpayers with imminent travel plans who have had their passport applications denied by State to call the IRS promptly. The IRS can help taxpayers resolve their tax issues and expedite reversal of their certification to State. When expedited, the IRS can generally shorten the 30 days processing time by 14 to 21 days. For expedited reversal of their certification, taxpayers will need to inform the IRS that they have travel scheduled within 45 days or that they live abroad. For expedited treatment, taxpayers must provide the following documents to the IRS: Proof of travel. This can be a flight itinerary, hotel reservation, cruise ticket, international car insurance or other document showing location and approximate date of travel or time-sensitive need for a passport. Copy of letter from State denying their passport application or revoking their passport. State has sole authority to issue, limit, deny or revoke a passport. The IRS may ask State to exercise its authority to revoke a taxpayer’s passport. For example, the IRS may recommend revocation if the IRS had reversed a taxpayer’s certification because of their promise to pay, and they failed to pay. The IRS may also ask State to revoke a passport if the taxpayer could use offshore activities or interests to resolve their debt but chooses not to. Before contacting State about revoking a taxpayer’s passport, the IRS will send Letter 6152, Notice of Intent to Request U.S. Department of State Revoke Your Passport, to the taxpayer to let them know what the IRS intends to do and give them another opportunity to resolve their debts . Taxpayers must call the IRS within 30 days from the date of the letter. Generally, the IRS will not recommend revoking a taxpayer’s passport if the taxpayer is making a good-faith attempt to resolve their tax debts. Ways to Resolve Tax Issues There are several ways taxpayers can avoid having the IRS notify State of their seriously delinquent tax debt. They include the following: Paying the tax debt in full, Paying the tax debt timely under an approved installment agreement, Paying the tax debt timely under an accepted offer in compromise, Paying the tax debt timely under the terms of a settlement agreement with the Department of Justice, Having a pending collection due process appeal with a levy, or Having collection suspended because a taxpayer has made an innocent spouse election or requested innocent spouse relief. Relief programs for unpaid taxes Frequently, taxpayers qualify for one of several relief programs including the following: Payment agreement. Taxpayers can ask for a payment plan with the IRS by filing Form 9465. Taxpayers can download this form from IRS.gov and mail it along with a tax return, bill or notice. Taxpayers who are eligible can use the Online Payment Agreement system to set up a monthly payment agreement. Using the Online Payment Agreement system is cheaper and can save time. Offer in compromise. Some taxpayers may qualify for an offer in compromise, an agreement between a taxpayer and the IRS that settles the tax liability for less than the full amount owed. The IRS looks at the taxpayer’s income and assets to determine the taxpayer’s ability to pay. Taxpayers can use the Offer in Compromise Pre-Qualifier tool to help them determine whether they’re eligible for an offer in compromise. Subject to change, the IRS also will not certify a taxpayer as owing a seriously delinquent tax debt or will reverse the certification for a taxpayer: Who’s in bankruptcy, Who’s identified by the IRS as a victim of tax-related identity theft, Whose account the IRS has determined is currently not collectible due to hardship, Who’s located within a

Payroll Accounting

Playlist http://bit.ly/2MullRX 0:26 Payroll Introduction http://bit.ly/2YxXJSW 6:29 Regular & Overtime Pay Calculation http://bit.ly/2YhusNa 11:40 Federal Income Tax FIT http://bit.ly/2YdqxRr 18:54 Payroll Legislation http://bit.ly/2ynPwSG 26:47 Payroll Consideration and Tax Forms http://bit.ly/330xrIy 43:06 Payroll Periods and Time Frames http://bit.ly/2Gyjvfh 50:11 New Employee Tax Forms & Contractor vs Employee http://bit.ly/2MBHEFJ 1:07:26 Federal Income Tax FIT – Percent Method http://bit.ly/2KdIhlX 1:15:09 Federal Income Contributions Act (FICA) http://bit.ly/3100GJA 1:23:15 Social Security Tax Calculation http://bit.ly/2yqpFd2 1:29:25 FUTA, SUTA Workers Compensation http://bit.ly/315gASW 1:34:18 Medicare Tax Calculation http://bit.ly/333BB2o 1:37:49 Federal Unemployment Tax Act Calculation http://bit.ly/2MsXfXV 1:41:32 Payroll Ethics & Practices http://bit.ly/2Kd5SDa 1:50:00 Employer Taxes Calculation http://bit.ly/2yrvnes 1:57:19 Employer Responsibilities and Processes http://bit.ly/30YAlvA 2:05:10 Payroll Expense Journal Entry http://bit.ly/2MtUJRc 2:15:50 Payroll Tax Expense Journal Entry http://bit.ly/2ZpJQ6A 2:24:07 Pay Payroll Tax Expense Journal Entry http://bit.ly/2SZqrqQ 2:32:58 Form 941 Payroll Controls and Documentation http://bit.ly/2ylSuqX 2:55:39 Form 940 http://bit.ly/331dxNB 3:07:14 Form W-3 & W-2 http://bit.ly/2GDGiGv 3:19:11 Reconciling Year End Payroll Forms http://bit.ly/2Mrwran 3:28:30 Minimum Wage & Nonexempt Employees http://bit.ly/2K6Rhuj 3:34:03 Payroll Calculations http://bit.ly/2GDIxcL 3:40:16 Overtime Calculation http://bit.ly/2K4fzFd 3:49:43 Payroll Register http://bit.ly/2LTpGPg 3:59:24 Fringe Benefits http://bit.ly/2SSxGAz 4:05:32 Deductions From Gross Pay http://bit.ly/316pD6k 4:11:55 Retirement Plans http://bit.ly/2K6MPLO 4:21:11 Post Tax Deductions http://bit.ly/2YxnPkQ 4:26:33 Net Pay Calculation http://bit.ly/2LO3AgY 4:31:55 Federal Income Tax (FIT) http://bit.ly/2KdIoxH 4:46:43 Social Security http://bit.ly/2LQzSYM 4:58:18 Medicare Tax http://bit.ly/2YwqvTV 5:04:21 Other Deductions & Payment Methods http://bit.ly/333CesM 5:12:29 605 Taxes Employer Employee http://bit.ly/2Ow8SjB 5:21:50 FICA Employer http://bit.ly/2LQRWCd 5:26:47 Form 941 http://bit.ly/2K65d7W 5:38:44 Form 940 http://bit.ly/2yr5nzY 5:47:35 Form W-3 http://bit.ly/2KeVURU This financial accounting and payroll video will cover payroll topics including payroll legislation, payroll calculations, and entering payroll journal entries. Because payroll is becoming more complex and more of a specialized field it is difficult to find content that puts it all together in one spot like this course does. We will discuss payroll legislation, going over a wide variety of laws that influence payroll. Because payroll is such a broad topic and because it overlaps with other areas of business like human resources many laws influence the processing of payroll. We will concentrate on laws that deal with the calculation of payroll and payroll withholdings. The video will cover the generation of payroll registers and earnings reports, the primary tools to help us calculate payroll. We will discuss how to calculation payroll tax withholding like federal income tax (FIT), social security, and Medicare. We will calculate net pay from gross pay. This video will cover journal entries related to payroll; a topic often overlooked in may payroll classes. Payroll journal entries can be complicated. Learning payroll journal entries helps our understanding of both payroll and debits and credit. We will post payroll journal entries to the general ledger and analyses the effect on the financial accounts and accounting equation. This video will cover the processing of payroll tax forms like form 941, form 940, form W-2, form W-3, and form W-4. We also include a comprehensive a problem, allowing us to see the entire process in one problem. This video includes key terms and definitions related to payroll and a general comprehensive accounting cycle comprehensive problem. The accounting cycle comprehensive problem will take a step back, so we can see the big picture and visualize how the payroll process fits into the overall accounting cycle.


Closing Entries

The Accounting Closing Process Playlist http://bit.ly/2GDpYFT 0:27 Closing Process Explained http://bit.ly/2ysr0jr 7:14 Post Closing Trial Balance http://bit.ly/2ZlyHnl 11:19 One Step Closing Process http://bit.ly/2K6cAMx 23:09 Two Step Closing Process http://bit.ly/2Yz8r7E 34:03 Closing Process Step 1 of 4 – Journal Entry 1 of 4 http://bit.ly/2LPRDHF 37:23 Closing Step 2 of 4 – Journal Entry 2 of 4 http://bit.ly/2YBXKVS 42:41 Closing Entries Journal Entry 3 of 4 Step 3 Income summary http://bit.ly/2K8xvNy 47:39 Closing Process Step 4 of 4 Closing Journal Entry Draws or Withdraws http://bit.ly/2Yfq6WF 1:01:29 Post Closing Trial Balance & financial statements http://bit.ly/2OE9FyG The financial accounting closing process is the final step in the accounting cycle. We will learn why the closing process in needed and be able to perform the closing process multiple ways. As indicated by the title, the closing process takes place at the end of the accounting cycle. The main event of the accounting cycle is the financial statements. Once we have completed the financial statements we need to get ready for the next accounting period, get ready with the closing process. The closing process will zero out temporary accounts including income statement accounts of revenue and expenses and the draws or dividends account. We can perform the closing process multiple ways. We will consider the closing process from three perspectives. Each perspective has pros and cons and the repetition of each method as well as performing the closing process from multiple angles will provide a solid understanding of the concepts. Understanding the closing process helps understand the concept of temporary accounts and permanent accounts, which helps us understand the relationship of the financial statements and how to read them.



Accounting Major Second Guessing & Dealing With Criticisms

Accounting Major Second Guessing & Dealing With Criticisms http://accountinginstruction.info/ Objectives Work with different points of view, take what is helpful, and discard the noise. (Not designed to increase argument but possibly facilitate more productive debate). Help structure personal goals and use doubts constructively In this presentation we’re going to take a look at a problem from the perspective of an accounting major. Someone who is going to school and has chosen accounting as their primary field. Although we’re talking here to people that have chosen accounting and are in school for accounting, the same kind of thing applies to people that are working within the accounting field and more broadly basically any type of career choice or career path will apply or at least some of these items will apply to it, that problem being the second guessing of the major that we have chosen and dealing with some type of criticism with regards to the major, debate about the major that has been chosen, either from other students or from instructors or from other individuals that we are involved with Now we’re assuming at this point in time we’re thinking about someone who has basically chosen which path they want to go on. Note typically if someone’s going through say high school or undergraduate then we’re talking to a whole bunch of people trying to decide what’s an appropriate major what’s going to be a good major. At some point in time the decisions going to be made and we have to basically go into that process and continue with the decision making process and move forward with whatever decision we have been chosen. Typically at this point we’re thinking about people who have chosen accounting as their major and now are thinking about moving forward in accounting. Note that as you choose a major, as you narrow things down, as you have to do, it can be concerning because we often think about the things that we have given up That’s of just the way the mind is wired. We’re mentally set to be more concerned about the things that we’ve lost than the things that we’re going to gain. With regards to the choices that we make as we go into the choice usually we find that the choice that we have made and the more we think about the choice we’ve made then there’s basically infinite possibilities we have within that choice that we’ve made. We still have a tons of choices to make. Most people don’t narrow down enough and have too many choices and they end up basically getting stuck at a standstill. Business, Economics, & Practical Technical Skills questions: Accounting is not where the money is at Wake up and go where the action is Accounting will be completely automated someday Your job will be outsourced Accounting is not an integral part of the business model but just a miner task that need to be done, similar to the trash needing to be taken out Real business people focus on the money making components and higher somebody do accounting. Accounting is not the fun part of business. Marketing and advertising is where the fun is. Arts and Humanities Life activities should be focused on what you love doing. Who could love doing accounting? Money doesn’t really matter. Why focus so much time counting it? Life should be spent doing stuff and interacting with people. Why spend so much time working on number, ledgers, and with computers Sciences qeustions Life is about understanding the physical world. Money is just a tool that should be used towards this end As we learn accounting, we should be integrating these other areas as we can Whatever career we choose can be thought of as a focal point we use to build on. Whatever we know best will eventually lead into other topics as we expand out knowledge. As students we can expand our knowledge by learning components of other disciplines that most directly apply to ours Learn accounting software. Learn databases Learn tax software Learn managerial concepts, group dynamics, and economics