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TAX RETURN PROCESS

Transcript: WHY SHOULD STUDENTS FILE?? tuition, education, and textbook amounts AVOIDING PENALTIES & INTEREST apply provincial or national credit want to claim a refund child care deduction •Old age security (OAS) •Employment insurance (EI) benefits •Canada child tax benefit (CCTB) •Working income tax benefit (WITB) •Universal child care benefit (UCCB) students must file their returns on or before April 30th of the following year Some of the common types of income a student may receive are: why is filing taxes important who needs to file a return why should students file tax refund GST/HST credit tax deductions claiming non-refundable tax credits sources of income common slips students need preparation for filing dates & filing options avoiding penalties & interest Canada employment amount, public transit amount Claiming non-refundable tax credits T4 T4A T5007 T4E T5 T2202A TD1 TAX REFUND & HST/GST CREDIT TAX DEDUCTIONS if CRA asks on your own or authorize a representative The most common slips may received by students include: Canada’s tax system pays for benefits such as... •employment income •tips, gratuities & occasional earnings •investment income •Scholarships •fellowships •bursaries •study grants •artists' project grants •research grants •registered education savings plan payments (RESP) WHAT SHOULD STUDENTS KNOW ABOUT FILING TAXES FILING OPTIONS WHO NEEDS TO FILE TAXES AREAS OF DISCUSSION WHY ARE TAXES IMPORTANT & WHERE DOES TAX MONEY GO? moving expenses employment insurance benefits exceed amount of personal exemption interest paid on your student loan DATE self-employed

Tax Return Processing

Transcript: Tax Return Processing Kaycee R Link General Info General Info Don't have to pay if less than $1 Payment in full is due by April 15 to avoid interest and penalties Tax payers should file return on time Helps reduce penalties and interest Also aids if need to discharge debts in Bankruptcy Balance Due Returns Balance Due Returns No ID Theft Filters Steps: 1. Analyze for Errors If no Errors, IRS posts return If errors, IRS corrects and posts return 2. After posted, balance is due to IRS Payment Options Payment Options 1. Electronic Funds Withdrawal 2. IRS Direct Pay -----------> 3. Check or money orders 4. Credit Card Payments 5. Electronic Federal Payment System 6. Cash - at retail partner 7. Mobile Device - IRS2Go app 8. Installment Agreement Refund Claims Refund Claims Steps: 1. ID Theft Filters Helps protect information Combats against ID theft & refund fraud If ID not verified, processing stopped If verified, move on to next step 2. Analyze for Errors If no errors, IRS posts return and moves on to Step 3 If errors, IRS corrects and posts return Also issues notice of Math Error 3. Review for Questionable Refund Credits Automated process - Automated Questionable Credit Program (AQC) Can skip if no claimed credits Inventory Covered by AQC Inventory Covered by AQC a. Bad Wages & withholding credits (full & partial) b. Form 1040-X that cannot be verified c. False income & withholding w/ NO refundable credits d. Prisoner w/ good income, but claiming a credit that cannot be earned while incarcerated e. American Opportunity Tax Credit (AOTC) f. If claimed SS benefits w/ AOTC g. High risk preparer w/ AOTC h. Claimed AOTC w/out 1098T and under 14 years old i. Citizenship in questions and claiming EIC j. Child Support Offsets k. Health Insurance Premium Tax Credits (PTC) claimed l. PTC claimed by prisoner (individual & joint) m. Taxpaying > 18 claiming PTC n. No income but claiming Advance PTC (APTC) o. <65 and record of APTC paid but not reported (individual & joint) p. Income below poverty level q. PTC w/ No record of Marketplace purchase AQC Processing Step 3 cont. Then move to AQC Initial Processing Cases deemed to be non-compliance with current regulation forwarded to AQC for treatment AQC examiners responsible for researching account and determining if documentation is sufficient If verified, moves on to payment If not, get 90-day notice of deficiency Account is adjusted and moved for payment or posting Steps 4 & 5 Steps 4 & 5 Step 4: Verify wages and withholdings If yes, move on to payment to taxpayer If no, account adjusted and notice of claim disallowance Step 5: Payment If payment due to taxpayer IRS offsets for any past IRS debts Bureau of Fiscal Service offsets for non-tax debts Refund is issued, if any, to taxpayer Questions? Questions

Tax Return Process

Transcript: 1. Receive PBC Docs and Control Sheet from reviewer 2. Review return in engagement, if needed send back to preparer to make changes 3. Sign off on return in engagement as second reviewer 4. *Optional* - Sign return (PDF) electronically in engagement with signature stamp 5. Put PBC Documents and Control Sheet onto processing shelf 6. *Optional* - Send Client return electronically - no need for processing Interview Sign In Return Tax Return Process Scan PBC Documents 1. Put PBC Documents into clear folder with control sheet 2. Assign docket number and assign to preparer 3. Pass File to Intern for scanning Preparation Partner Review/Sign The New System To the Client The Current System 1. Release return from ELF 2. Print confirmation once accepted 3. Scan into Engagement binder 4. Finalize Engagement Binder 1. Interview 2. Sign-In 3. Prepare/Copy PBC Documents 4. Review 5. Process 6. Upload and Processing Check 7. Partner Review/Sign 8. Back Scan 9. Receive 8879 from client 1. Print tax return from engagement and put return into appropriate black folder 2. Take processed tax return to partner to be checked and signed 3. Put tax return and PBC documents into the mail or at receptionist for client pick up 4. Scan Control Sheet into engagement and shred 5. Put empty clear folder back for re-use 1. Review return for accuracy 2. Send return back to preparer with review notes for changes 3. After received back with changes from preparer, clear review notes 4. Sign off on all WP's that were used to review the return 5. Bring folder with PBC documents and Control Sheet to signing partner First Review Receive 8879 from Client Processing The Process in Detail 1. Make copies of any odd sized papers (Half sheets & Legal Sized) 2. Organize PBC Docs based on lead sheet, and put bar code tabs in between sections i. If it can not be determined where the information goes in the workpapers put in the Unfiled Docs section ii. Check for engagement letter to be scanned in, compile list to give to admin for second request 3. Scan documents into Scan software 4. Page count to ensure all PBC Documents were scanned. 5. Once PDFs are separated drop workpapers into the appropriate engagement binder 6. Bring PBC Documents and Control Sheet to preparer 1. Interview 2. Sign-In 3. Scan in PBC docs to Engagement 4. Return Prep 5. Review 6. Partner Review/Sign 7. Process 8. Receive 8879 from Client 1. Check scanned documents in engagement for clarity 2. Ensure that all PBC documents are scanned in 3. Rename PDFs for proper description, and move PDF’s to proper tabs in the binder 4. Insert page numbers on each PDF to simplify review 5. Highlight, write notes, tick and tie in the PDF 6. Prepare return 7. When done lock return and upload to ELF before printing the return to engagement 8. Separate out tax return, extension, 8879, and attachments into Filed Return Tab into engagement 9. Submit return for review i. For first review print paper return for review 10. Check engagement box in Practice Management if Engagement Letter has been received 1. Receive PBC Documents from client and any other necessary information for return 2. Look over documents and assign budget for the project 3. Write special instructions on Control Sheet

Income Tax Return

Transcript: Features Tax Controversy & Resolution Manage all the post-return filing activities of your client. Keep track of notices, orders, appeals, and hearing dates and get real-time information on tax liability of your client. Features Compliance Management Coming Soon... TDS / TCS Return Tax Audit Reporter Compliance Management About TaxProSuite TaxProSuite is a cloud based service portal meant for Chartered Accountants and Tax Professionals of India, who can subscribe to various services to manage the tax affairs of their clients. Besides being a client servicing portal, the website offers host of other services which includes storage of documents on the cloud, building your very own website, dedicated login credentials for your client, etc. Features Tax Data Repository Manage your client's documents as well as data with ease. You can now retrieve all your clients information and document on a real time basis on just a mouse click. Compliance Management Compliance Management Comprehensive Detailed Calculation Workflow based Import Integrated Attachments Income Tax Return Work-flow based Income Tax Return preparation and filing solution. Be it an Individual or a Firm or a Corporate client, now prepare any tax return on the cloud. Store Integrate Compare and Analyse Bird's Eye View Event Calender Wide Coverage Covers Past Years Back Tracking Issue Analysis Case History Reminders Expense Tracking

Cover Letter Template

Transcript: Cover Letter Template Let the reader know if you have attached any additional documents. Paragraph 1 Continued Employer Contact Information Use the template to help you compose your letter. Delete the guide text in [brackets] as you go. Save, print, sign, and turn in your letter. Keep a digital copy by emailing the letter to yourself, or uploading it to your Aeries "backpack." Go to https://sites.google.com/site/lohsadame Click on English 10 > Cover Letter Download the template at the bottom Using the Template Download the Template It would be a pleasure to discuss my __________ experience with you in person. Fill in the date- Write out month, date, and year. (March 2, 2018) Example (Paragraph 2, Sentence 1): Paragraph 3 I have attached my résumé for your consideration. This might include experience, special qualifications (such as certifications) interests, and/or hobbies. State why you are writing. I am writing in response to your advertisement posted online for a [job title]. This is an opportunity to explain in more detail relevant skills or experience in your résumé. Include a sentence that tells your reader how to get in touch with you (i.e., your phone number and email). Thank the employer for her/his consideration. Please contact me at 925-123-4567 at your earliest convenience so that we can arrange an interview. Thank you for your consideration. Tell why you are interested in working for this employer and reasons for desiring this type of work. When I first heard you were hiring a [job title], I was excited about the opportunity to work with you and your team. Example (Paragraph 3, Sentence 2-3): Paragraph 3 Indicate that you would like the opportunity to interview for a position or to talk with the employer to learn more about their opportunities or hiring plans. Example (Paragraph 3, Sentence 1) Example (Paragraph 1, Sentence 2): Image by Tom Mooring Make sure to focus on what you can do for the employer, not what the employer can do for you. Do your best to find out the name of the manager or person responsible for hiring. You may leave the brackets and guide text for this assignment. Paragraph 2 Paragraph 2 Paragraph 1 Customer Service Associate, Cashier, Administrative Assistant, Sales Associate, Hostess, Server, Automotive Technician, Entry-Level Technician, Entry Level Construction Crew Member, Construction Worker, Laborer, Painter, Roofer, Lifeguard, Grocery Clerk, Supermarket Clerk, Retail Shelf Stocker, Bag Clerk, Stocker Example- At the top, fill in your information. 1708 F Street Antioch, CA 94509 Contact Information Example (Paragraph 2, Sentence 2): Mention specific qualifications which make you a good fit for the employer’s needs. Paragraph 2 Example (Paragraph 1, Sentence 1): Common Job Titles/Positions My deep love of ________and knowledge of ___________ is a perfect fit for your company. Finished? My customer service experience includes working annually at a church fund raiser every December. My work experience in retail sales will be a great benefit to your company.

Tax-Free Textbooks?

Transcript: What do you guys think? Importance As freshmen, this bill would effect us the most because we have three more years of book buying to do. Need to be aware of potential pieces of legislation that directly impact us as students and residents of Maryland. The Maryland General Assembly is considering a bill that would create a window for students to buy their textbooks that are tax-free. Would reduce the price of books by 6%. Students spend an average of $755 on books a year--this bill will knock off $45. Only a two week window to purchase tax free books. Cut $7.5 million from Governor Hogan's 2016 budget. Tax free books would only save students $45 out of the average $755 they are currently spending. Potential Legislation Pros Tax-Free Textbooks? Nick Raines Neel Divecha Sarah Duncan National Issue Cons 27 states do not make students pay taxes on books, including 5 that are totally sales tax free states. The state of Maryland is having a lot of trouble getting the bill passed--it has failed 3 times already. Not just a Maryland issue, the need to reduce the cost of higher education for students is an on going battle in the US. Specifically pertinent to the state of Maryland. A National issue because American students are vocally against the massive sums of money they are paying to go to college. Not a global issue; the US is the only country in which students pay almost $1000 just got textbooks. Higher Legislation

Tax Return Workflow

Transcript: 1. Receive PBC documents from signing partner, and process return. Interviewer Preparation 1. Receive PBC documents and Processed return from admins sign off on return and send finished return to client. Preparation/Clearing Review notes 1. Clear review notes, re-upload return and lock it. Drop return into engagement 1. The return is signed in and assigned to a preparer 2. The PBC documents are organized and scanned into engagement by the scanner/intern 3. PBC Documents are placed in a clear folder and given to the assigned preparer Signed In/Scanner Tax Return Workflow Review Signing Partner End Signing Partner 1. 2. 3. Once all review notes have been cleared sign off in engagement, and bring PBC documents to signing partner. 1. Check over return for accuracy and second review 2. If necessary send back to preparer to make appropriate changes. 3. If no changes necessary/prepared made the changes, sign off on in engagement as second reviewer, and send return to processing. Processing 1. Receive files from scanner 2. Check for engagement letter 3. Check scanned documents to PBC documents to ensure everything is there that was provided. 4. Organized the PBC documents in engagement and pull any necessary documents from the unused workpapers tab of the engagement binder. 5. Prepare Return 6. Lock return and upload to ELF and submit for review

Your Tax Return

Transcript: Tax Returns Getting Ready Knowning if you need taxes If you have taxable income If your a teenager? you may not need to file taxes unless... you earn more than $3,800 at a job You have income of more than $600, that includes interest income Or you earn more than $400 doing self employed jobs What you need A W-2 form Forms 1099-Int and 1099-Div IRS instruction booklet Extra tax forms Your Social Security Number Personal records such as canceled checks and check stubs If your an adult who owns a house you will use the 1040 form If your a teenager with a part time job you will use the 1040EZ What form do i use? there are three forms 1040EZ 1040A 1040 If your an adult and own a home you will use the 1040 form If your a teenager with a part-time job you will use the 1040EZ form Keep Up with Your taxes 1. Get a job 2. Decide if you are exempt and fill out form W-4 3. Your employer witholds taxes from your paycheck 4. Your employer sends your Form W-2 by January 31 5. Your bank sends you Form 1099-INT by January 31 6. You decide which form to use and get your materials together 7. You fill out the form, getting help as you need it 8. You sign the form, make a copy, attach any needed forms (W-2, 1099), attach a check for tax due (if any), and mail the return by April The End

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