• Maximize the value we can provide on the YouTube Channel given the restriction of the platform. We are not holding back content or constantly using sneaky sales funnels to drive traffic from the YouTube channel. Our business strategy is very transparent. We strive to provide maximum value, maximum free content (other than add revenue) allowed by the format of the YouTube platform. This business strategy is allowing us to earn income, grow, and provide the ability to give back with free content as we do so.
• Provide added paid content on our website that is over and above what we can provide on YouTube given the restraints of the platform, including:
• Easier searchability: Purchased courses will track your progress and make it easier to navigate the course. When using YouTube, we will need to do much more searching every time we leave the platform and come back to it. We will have to remember which video we were on in a playlist or what time stamp we were on in a video.
• More coherent structure: The ordering of the courses will be better formatted because we spend much more time ordering them. We also listen to feedback to improve them constantly. Ordering content using playlists is time-consuming and not easy, although we do our best.
• Static consistent content: In theory, the content in the courses will be yours for life unless there is a problem with the site, in which case we will do our best to fix it. Creating courses is what we do full time. The content on the YouTube page will change often given the current needs and the limitations of platform and space on it. If you want to use the content as a reference for future use, the courses are much more reliable then the YouTube content.
• Excel worksheets to download: In our experience, learners pick up the most knowledge and understanding by working the problems using Excel worksheets. We have spent a lot of time refining this process down.
• The Excel worksheets generally have at least tw..
Part 3 Example Problem Private College #2 Closing Entries
Part 4 Example Problem Private College # 2 Statement of Activities
Part 1 Example Problem Public University-Part 1 Transactions
Example Problem Private College Statement of Financial Position
Part 5 Example Problem Private College Statement of Financial Position
Part 2 Example Problem Private College # 2 Transaction
WASHINGTON — The Treasury Department and the Internal Revenue Service today released final regulations (PDF) and additional proposed regulations (PDF) under section 168(k) of the Internal Revenue Code on the new 100% additional first year depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business.
The regulations released today on IRS.gov have been submitted to the Federal Register and may vary slightly from the published documents due to minor editorial changes. The documents published in the Federal Register will be the official documents.
The final regulations finalize the proposed regulations issued in August 2018 which implement several provisions included in the Tax Cuts and Jobs Act (TCJA). The proposed regulations contain new provisions not addressed previously.
The 100% additional first year depreciation deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. Machinery, equipment, computers, appliances and furniture generally qualify.
The deduction applies to qualifying property acquired and placed in service after September 27, 2017. The final regulations provide clarifying guidance on the requirements that must be met for property to qualify for the deduction, including used property. The final regulations also provide rules for qualified film, television and live theatrical productions.
Additionally, in the proposed regulations, the Treasury Department and IRS propose rules regarding (i) certain property not eligible for the additional first year depreciation deduction, (ii) a de minimis use rule for determining whether a taxpayer previously used property; (iii) components acquired after Sept. 27, 2017, of larger property for which construc..
Part 1 Example Problem Private College # 2 Transaction
Free step-by-step webinar September 19
IR-2019-155, September 13, 2019
WASHINGTON — The new Tax Withholding Estimator, launched last month on IRS.gov, includes user-friendly features designed to help retirees quickly and easily figure the right amount of tax to be taken out of their pension payments.
The mobile-friendly estimator replaces the Withholding Calculator. The estimator has features specially tailored to the unique needs of retirees receiving pension payments and Social Security benefits.
The new tool offers retirees, as well as employees and self-employed individuals, a more user-friendly way to check their withholding. Whether they receive wages or pension payments, it helps taxpayers estimate if the right amount is being withheld from their income to cover their tax liability. The estimator uses a simple, six-step question-and-answer format using information like marital or filing status, income, withholding, adjustments, deductions and credits.
To help people use the tool most effectively, the IRS is holding a free two-hour webinar on Thursday, September 19 at 2 p.m. Eastern time. Among other things, the webinar will feature step-by-step instructions on how to use the new estimator and a live question-and-answer session. To sign up, visit the webinar page on IRS.gov.
Special help for retirees
A retiree can use the estimator to enter any pension income or Social Security benefits they or their spouse receive. The tool then automatically calculates the taxable portion and incorporates it into an overall estimate of their projected tax liability and withholding for the year. If a withholding change is needed, the retiree can choose a tax due of close to zero or a refund amount. The estimator will then link to Form W-4P, Withholding Certificate for Pension or Annuity Payments, and give the retiree a specific withholding recommendation based on the option ..
WASHINGTON — The Internal Revenue Service announced today the opening of the application period for the 2020 Compliance Assurance Process program. For the first time since 2015, new corporate applicants who meet eligibility requirements can apply for CAP. The application period runs September 16 to October 31, 2019. The IRS will let applicants know if they're accepted into the program around January 31, 2020.
Launched in 2005, CAP employs real-time issue resolution, through transparent and cooperative interaction between taxpayers and the IRS, to improve federal tax compliance by resolving issues prior to the filing of a tax return.
To be eligible to apply for CAP, new applicants must:
Have assets of $10 million or more,
Be a U.S. publicly traded corporation with a legal requirement to prepare and submit SEC Forms 10-K, 10-Q, and 8-K, and
Not be under investigation by, or in litigation with, any government agency that would limit the IRS's access to current tax records.
To be eligible to participate in CAP, corporations must adhere to CAP program limits on the number of open years. For 2020, the IRS expanded the list of open-year exceptions and developed a process for new applicants who are currently under examination.
Program details are available on the CAP webpage.
Tax professionals should review their security measures and create a data theft recovery plan. This plan can help save valuable time and protect tax professionals and taxpayers after a data theft (PDF) . One of the first things a preparer should do after a theft is contact the IRS. Here are other steps tax pros should outline in their plan:
Contact the IRS and law enforcement:
Report client data theft to the local IRS Stakeholder Liaison. They will notify IRS Criminal Investigation and other appropriate offices within the agency on behalf of the preparer. Speed is critical. If reported quickly, the IRS can take steps to block fraudulent returns in a preparer’s clients’ names.
Local Federal Bureau of Investigation.
Local police and file report on the data theft.
Contact state agencies where they prepare state returns:
State Tax Agencies. Email the Federation of Tax Administrators at [email protected] to get information on how to report victim information to the states.
State Attorneys General. Most states require that the attorney general be notified of data thefts. This process may involve contacting multiple offices.
Security expert. They can determine the cause and scope of the theft. They can also figure out how to prevent further losses.
Insurance company. Preparers should check to see if their insurance policy covers expenses related to the data loss.
Contact clients and other services:
Federal Trade Commission. They offer tips and templates for businesses that suffer data compromise. They even have suggested language for informing clients.
Clients. Send a letter to victims letting them know about the theft. Preparers should work with law enforcement on timing. A preparer who has prior-year data in their system may need to contact former clients.
Tax software provider. They may need to take step..
Part 2 Example Problem Private College - Transactions
Part 3 Example Problem Private College Closing Entries
IRS Tax Tip 2019-125, September 11, 2019
With school back in session, parents and students should look into tax credits that can help with the cost of higher education. They do this by reducing the amount of tax someone owes on their tax return. If the credit reduces tax to less than zero, the taxpayer may get a refund.
Taxpayers who pay for higher education in 2019 can see these tax savings when they file their tax returns next year. If taxpayers, their spouses or their dependents take post-high school coursework, they may be eligible for a tax benefit.
There are two credits available to help taxpayers offset the costs of higher education. The American opportunity tax credit and the lifetime learning credit may reduce the amount of income tax owed. Taxpayers use Form 8863, Education Credits, to claim the credits.
To be eligible to claim the American opportunity tax credit, or the lifetime learning credit, a taxpayer or a dependent must have received a Form 1098-T from an eligible educational institution.
The American opportunity tax credit is:
Worth a maximum benefit up to $2,500 per eligible student.
Only for the first four years at an eligible college or vocational school.
For students pursuing a degree or other recognized education credential.
Partially refundable. This means if the credit brings the amount of tax owed to zero, 40 percent of any remaining amount of the credit, up to $1,000, is refundable.
The lifetime learning credit is:
Worth a maximum benefit up to $2,000 per tax return, per year, no matter how many students qualify.
Available for all years of postsecondary education and for courses to acquire or improve job skills.
Available for an unlimited number of tax years.
Compare Education Credits
Part 1 Example Problem Private College - Transactions
Not-for-Profit One Program - Reporting of Expenses by Nature and Function
Part 6 Not-for-Profit One Program - Statement of Cash Flows
IRS Tax Tip 2019-123, September 9, 2019
Questions about tax payments and penalties come up all year long. Taxpayers can find most answers to these questions on IRS.gov. They can head over to the Let Us Help You page, which features links that take users to information and resources on a wide range of topics related to penalties and payments.
This page lays out the different way taxpayers can pay what they owe, from having the payment taken directly from their bank account to using a credit card.
Taxpayers who cannot pay what they owe in full have options, which are explained on this page.
View your balance and payment history
Individual taxpayers can use this tool to check their account and see things like their payoff amount.
Liens and levies
These links explain what a lien and a levy are, and how taxpayers comply with them.
Understanding a federal tax lien
Understanding a levy
Resolve a dispute
The Office of Appeals is an independent organization within the IRS that helps taxpayers resolve their tax disputes. This page has links to information that will help taxpayers who received a notice saying their case qualifies to be reviewed by Appeals.
Office of Appeals
Prevent future tax bill
Taxpayers who owed more than expected when they filed this year have a couple options to help them avoid that when they file next year. These pages have more info about the options.
Tax Withholding Estimator
These links take the user to information where they can find out more about topics related to penalties and penalty relief.
Penalty relief for under withholding
Help for struggling taxpayers
Online tools at IRS.gov help people stay current
IR-2019-152, September 9, 2019
WASHINGTON – With major tax reform now in its second year and taxpayers seeing its full effect on 2018 returns, the Internal Revenue Service today reminded people who pay estimated tax that their third quarter payment for 2019 is due Monday, September 16.
The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, fundamentally changed the way tax is calculated for most taxpayers, including those with income not subject to withholding. By making quarterly estimated tax payments, however, people can better stay up to date with their taxes throughout the year.
Who needs to pay quarterly?
Most often, self-employed people, including many involved in the sharing economy, need to pay quarterly installments of estimated tax. Similarly, investors, retirees and others often need to make these payments as well. That's because a substantial portion of their income is not subject to withholding. Other income generally not subject to withholding includes interest, dividends, capital gains, alimony and rental income.
Special rules apply to some groups of taxpayers, such as farmers, fishermen, casualty and disaster victims, those who recently became disabled, recent retirees and those who receive income unevenly during the year.
Taxpayers can avoid an underpayment penalty by owing less than $1,000 at tax time or by paying most of their taxes during the year. Generally, for 2019, that means making payments of at least 90% of the tax expected on their 2019 return.
Taxes are pay-as-you-go
This means taxpayers need to pay most of their taxes owed during the year as income is received. There are two ways to do that:
Withholding from pay, pension or certain government payments such as Social Security; and/or
Making quarterly estimated tax payments during the year.
As a result of tax reform or a recent life change such as marriage, many taxpayers may need to raise or lower the amount of tax they pay ..