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NYS WORKERS COMPENSATION INSURANCE REQUIREMENTS: (All employers need to know the facts and consequences ) New York State Updated November 17, 2020 Employers operating in New York State are required to have workers’ compensation coverage for their employees, with limited exceptions. Employers are required to obtain and keep in effect workers’ compensation coverage for all…

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…

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…