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Tax Fraud Blotter: Negative waves

Accounting Today

In 2018, 2019 and 2020, Lee cashed more than $1.4 million in checks payable to his chiropractic practice at a check cashing business rather than depositing them into the practices bank account; he also deposited checks and e-payments into his personal bank accounts. million home. Herman Estes Jr.

Tax
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Avoid Holiday Mail Delays, Get Paid Faster with ePayments 

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Adopting digital payment methods not only helps improve cash flow with more timely payments but it can be more efficient than processing paper checks. Recent News About the USPS In 2020, the USPS unveiled a 10-year-plan to overhaul the organization after losing $87 billion between 2007 and 2020. to $14 per transaction.

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1099 Reporting Simplified with AP Automation 

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The 1099-NEC form replaced a section ofthe 1099-MISCform in 2020 for non-employee compensation, according to TurboTax. The form helps both businesses and the Internal Revenue Service (IRS) track income for tax reporting purposes. What is the 1099-NEC Form?

AP
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Tax Fraud Blotter: Who ya gonna call?

Accounting Today

From November 2020 to April 2022, Gregory made false claims to the IRS for the payment of nearly $65.3 Gregory knew that Elijah Farm employed nobody and paid wages to no one and had not made federal tax deposits to the IRS in the amounts stated on his return. Her conduct cost the IRS more than $300,000.

Tax
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After 'successful' season, new IRS problems loom: TAS

Accounting Today

Refunds averaged $2,942; slightly more than 81 million refunds were issued via direct deposit. National Taxpayer Advocate Erin Collins testifying before a congressional committee in October 2020. More than 95% of processed returns were e-filed and some 62% resulted in refunds.

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Tax Fraud Blotter: Off to the races

Accounting Today

In January 2020, Gajwani submitted a false document to the IRS that claimed that the company had intended to convert as of Jan. Also that month, he deposited the check into his wifes bank account and later transferred $4,500 from his wifes account to his own bank account and subsequently spent the money for personal use.

Tax
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Vendor Payments & AP Automation: 5 Unacceptable Myths Holding You Back from Faster, More Reliable B2B Payments

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As you’re no doubt aware, this has been a real problem for many companies. During 2020, the peak of the pandemic, companies took more than 62 days (about two months) to pay suppliers – an all-time high, according to The Hackett Group. The three-day turnaround is twice as fast as a year ago when his customer paid him by   paper check. “I

AP