FORGOT YOUR DETAILS?

By SARAH SKIDMORE SELLAP Personal Finance writerThe IRS has proposed an update to the Form W-4 that it says will increase its accuracy, reduce its complexity and help avoid surprises at tax time.
However, experts caution that it will feel different to employees and may prove a bit more difficult for some.
Employees currently fill out a one-page form that asks a few questions about their household to help their employer determine how much to withhold from their pay for federal taxes.Read more on NewsOK.com

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WASHINGTON (AP) — No checks, please. Starting next year, your check won't be any good at the IRS — if you're making a tax payment of $100 million or more.
The IRS says it will reject all checks for more than $99,999,999 because check-processing equipment at the nation's Federal Reserve banks can't handle checks that big.
Checks of $100 million or more have to be processed by hand, increasing the risk of theft, fraud and errors, according to a pair of memos from the IRS and the Treasury Department.
As a result, the richest among us will have to wire their tax payments electronically.Read more on NewsOK.com

Owe the tax man $100 million or more? Your check is no good at the IRS.
Read more on NewsOK.com

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WASHINGTON (AP) — Owe the tax man $100 million or more? Your check is no good at the IRS.
Starting next year, the IRS says it will reject all checks for more than $99,999,999.Read more on NewsOK.com

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When it comes to audits, an independent nonprofit audit is different than an IRS audit. An independent auditor, who should be a Certified Public Accountant (CPA), completes an independent audit. These audits are an examination of your financial statements and accounting records. Once a nonprofit audit is completed, the auditor will give your company a report that expresses an independent opinion on your financial statements.
When You May Need a Nonprofit Audit
While the IRS does not require audits of nonprofit organizations, other government agencies do. Around one-third of all states ask that nonprofits that meet a particular annual revenue size be audited if they use funds from state revenue. There are other circumstances that may require your nonprofit to have an independent audit completed. These may include:
The board of directors of the nonprofit organization may think it is advantageous to have an audit for the purpose of future budgeting, reviewing trends, and understanding the IRS Form 990.
Donors may request to review your audited financial statements to ensure their funds will be used wisely
Charitable nonprofits that expend federal funds to the sum of $750,000 or more in one year.
Nonprofits who have contracts with state or local governments that allow you to provide services within your state or county.
Your state laws require all charitable nonprofits to submit an audited financial statement.
When submitting a grant proposal a private foundation may ask you to provide your most recent audited financial statement.
If submitting a loan application, a bank may require an audit.
When your nonprofit is asked to provide a nonprofit audit statement, it is good if you have already had a recent audit completed. This way you can provide the information efficiently. If you feel your company is too small and an independent audit may be out of your budget, you can ask the requestor if providing alternate financial information would meet the criteria.
This post originally appeared on Ernst Wintter & Associates’ blog.

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Shades of prey: Beware of Fake IRS con

Thursday, 22 January 2015 by

Nobody ever wants to talk with the IRS, especially this time of year. But it’s actually fun to talk with the Fake IRS. What I call the Fake IRS is…

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A federal judge tossed a $10 million lawsuit filed by a former Barclays trader against an IRS agent who ​crashed into his wife in a Fort Greene intersection in 2010,…

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