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Accounting && Auditing

How to Enter Form 1099-B on H&R Block

Form 1099-B is used to report proceeds from the sale or exchange of stocks, bonds, and other securities. If you’ve received a 1099-B, you’ll need to enter the information on your tax return to report your capital gains or losses. H&R Block makes it easy to enter Form 1099-B information into your tax return. Here’s … Read more

What Auditors Cannot Do: A Comprehensive Guide

Auditors play a crucial role in ensuring the accuracy and reliability of financial statements. However, it’s essential to understand the limitations of their responsibilities to avoid unrealistic expectations. This guide will delve into what auditors cannot do, providing a clear understanding of their scope of work. Auditors Do Not: Assume Management’s Responsibilities Authorize, execute, or … Read more

How Often Does the IRS Press Criminal Charges?

The Internal Revenue Service (IRS) is responsible for enforcing the nation’s tax laws. While the vast majority of taxpayers comply with these laws, there are some who willfully evade or attempt to evade their tax obligations. In such cases, the IRS may pursue criminal charges. Frequency of Criminal Prosecutions According to the IRS, approximately 3,000 … Read more

Determining the Deductible Percentage of Your Internet Bill

The internet has become an indispensable tool for both personal and professional endeavors. For self-employed individuals and small business owners, internet expenses often constitute a significant portion of their operating costs. Fortunately, the Internal Revenue Service (IRS) recognizes the necessity of internet connectivity in today’s business landscape and allows for the deduction of a portion … Read more

Understanding the Earned Income Credit: Eligibility Requirements and Income Limits for 2021

The Earned Income Credit (EIC) is a significant tax credit designed to supplement the earnings of low-to-moderate income working individuals and families. This credit can substantially reduce your tax liability or even result in a tax refund. Understanding the eligibility criteria and income limits for the EIC is crucial to determine if you qualify for … Read more