If you’re like most Americans, you may be in search of new, creative ways to ease your annual tax burden. Fortunately, there are several things you can do to cut your taxes or increase the amount of your tax refund without incurring the wrath of the IRS. Tax credits and allowable deductions come and go as the IRS alters its rules and regulations from year to year.
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Amid increasing focus on how internal auditors can evolve in their positions, a newly published survey of stakeholders offers guidance on best practices. Not surprisingly, a focus on strategic planning and risk management within auditors’ organizations is key. The survey report is based on responses from 1,124 participants in 23 countries.
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The audit log feature allows you (and any other viewer with access rights) to see history of changes made to individual transactions or a range of multiple transactions. Tracked changes also include: changes to the chart of accounts or products and services list; sending, deleting and modifying invoices or bills, adding and matching payments and deposits, and when accounts were reconciled.
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Effective immediately, executors of certain estates are required to report the estate tax value of property distributed to beneficiaries on new IRS Form 8971. In addition, a Schedule A to Form 8971 must be delivered to each beneficiary. For some estates, the filing deadline of March 31, 2020, has recently been extended to June 30, 2020.
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