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Free Template Presentation Tax Return Cover

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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

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

The Tax Return

Transcript: Report the lottery amounts on Kohn's tax return Brenda Sells Harry Kohn & Purple Industries, Inc Vincent Dim Dim & Sells firm (workplace) Level 3: Postconventional Level 1: Preconventional Stakeholders and Rights What If? Stage 3- Fairness to Others Stage 4- Law and Order The Tax Return Background Stage 1- Obedience to Rules; Avoidance of Punishment Stage 2- Satisfying One's Own Needs AICPA Statement on Standards for Tax Services (SSTSs) Circular 230 AICPA Code of Professional Conduct Final Decision Assumptions Standards & Ethics Ethical Slippery Slope Kohlberg's 6 Stages of Moral Development One Time Deal Brenda prepared tax return for Harry Kohn, president of Purple Industries, and sent to her manager Vincent Dim Kohn is upset Brenda is reporting his lottery winnings Dim tells Brenda to re-examine tax return Brenda is a CPA She likes her job and wants to keep it Brenda has high ethical standards Kohn told Brenda about his lottery winnings IRS website- Topic 419 IRC section 165(d) Benefit to Mr. Kohn Stage 5- Social Contract Stage 6- Universal Ethical Principle Level 2: Conventional Cognitive development 20 years of research Advance from one stage to the next throughout span of life Sean Carbone, Nicole Cook, Derek Nielsen Tax Code

Free Presentation Template

Transcript: Asset Library Photos 04 Colors 01 Shapes 02 Free Presentation Template Assets 05 Textures 02 02 01 02 01 A Comprehensive Guide to Utilizing Free Resources Industry-Specific Templates Importance of Presentation Templates Community-Sharing Platforms Aesthetic and Functional Quality Incorporating Visual Elements Types of Free Presentation Templates Ensuring Consistency in Your Presentation Industry-specific templates are customized to meet the distinct needs of various sectors such as healthcare, finance, and technology. They feature relevant icons and terminology, making communications concise and industry-appropriate for professionals. Presentation templates serve as a foundation for consistency and professionalism in visual communication. They provide structure, helping to convey information clearly and effectively, thereby improving audience retention. 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Use uniform fonts, colors, and design elements throughout the presentation to maintain a cohesive look and feel. Educational Resources Open Source Template Repositories Overview of Free vs. Paid Templates Creative Templates Usability and Compatibility Testing Audience Engagement Customizable Templates Business Templates Educational institutions often provide free templates tailored for academic presentations. Websites like PowerPoint School and educational portals feature templates designed to meet academic standards, making it easier for students and educators to convey information effectively. Open source repositories like GitHub feature collaborative projects where users can access a multitude of presentation templates. Many of these templates are customizable, enabling users to adapt them to their specific requirements and styles. Free templates often provide basic designs and functionalities suitable for general use, while paid templates usually offer advanced features, customizations, and superior aesthetics. Understanding these differences helps users make informed choices based on their needs. Test various templates to ensure they work seamlessly with your software. Check factors such as loading times, transition smoothness, and graphic quality to ensure a polished presentation experience. A template should resonate with the audience's interests and preferences. Select engaging visuals and layouts that appeal to the demographic, promoting interaction and maintaining attention throughout the presentation. Customization Best Practices Creative templates offer flexibility and artistic design suitable for a variety of creative fields. These templates use vibrant colors, unique layouts, and imaginative visuals that appeal to artists, designers, and marketers looking to showcase their work effectively. Customizable templates allow end-users to adapt elements such as colors, fonts, and layouts to suit their specific needs. This versatility ensures that presentations align with personal or organizational branding, increasing audience engagement. Business presentation templates are designed to convey corporate information effectively. They usually incorporate a professional layout, graphs, and charts to present data clearly, making them ideal for shareholder meetings, pitches, and reports. Customize templates to fit your branding and audience needs. Ensure that the color palette, fonts, and images reflect your message while remaining visually appealing to engage your audience effectively. Aligning with Goals Benefits of Using Free Templates Websites Offering Free Templates Introduction to Free Presentation Templates Free presentation templates reduce costs, making them accessible for students, startups, and non-profits. They provide a variety of options without financial commitment, allowing users to focus on content rather than design. Identify the primary objective of your presentation, whether to inform, persuade, or entertain. Choose a template that complements this goal, ensuring that the design aids in conveying your main message effectively. Numerous websites curate free presentation templates, catering to

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