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Tax Fraud Blotter: Negative waves

Accounting Today

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. Estes filed a false amended income tax return for 2021 claiming he was entitled to a refund of $18.3

Tax 173
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BOI On Again Off Again, Bench Shuts Down, Dying Language of Accounting

Cloud Accounting Podcast

Pick Pushed a Problematic Tax Credit [link] The Dying Language of Accounting [link] CPAs Deliberate on the Decline of Accounting [link] Most Americans say a salary of $270K deems financial success [link] CFPB Sues Walmart and Branch Messenger for Illegally Opening Deposit Accounts for More Than One Million Delivery Drivers [link] Lyft Accuses San Francisco (..)

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Tax Fraud Blotter: Who ya gonna call?

Accounting Today

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. From November 2020 to April 2022, Gregory made false claims to the IRS for the payment of nearly $65.3 The IRS issued a portion of the refunds, and he spent more than $2.7

Tax 189
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6 Accounts Payable Automation Trends To Watch in 2023

MineralTree

Although AP automation rates jumped from 32% to 51% between 2021 and 2022, more than 80% of firms still haven’t fully automated their AP workflow. During the next 12 months, expect to see initiatives from both parties as they try to streamline AP and AR to shorten the time it takes to bill, approve, pay and deposit funds.

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Explaining ePayment Fees: Do Electronic Payments Really Cost More Than Paper Checks?

AvidXchange

Those costs are what you could otherwise be doing with the funds if you weren’t waiting for them to arrive, clear and be deposited. Additionally, according to the Association for Financial Professionals’ 2021 Payment and Fraud Control Survey , checks continue to be the top vehicle for payment fraud.

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1099-NEC vs. MISC: How to Prepare for Next Week’s New IRS Deadline

AvidXchange

The penalties increase to $110 for returns filed after 30 days beyond the deadline but before August 1, 2021. Companies that file after August 1, 2021 will get penalized $270 per form.” Yes, this is a change, a bit complicated and urgent. What should you do to best prepare for Form 1099-NEC?

Tax 52
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Identifying & Preventing Vendor Fraud

MineralTree

According to a 2022 report by the Association for Financial Professionals (AFP), 71% of organizations surveyed experienced attempted or actual payments fraud in 2021. In some cases, the fraudster may also intercept a check and then deposit it into their own account before it reaches the intended recipient.

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