"As a bookkeeper you have an important role. Bookkeeper is a profession that everyone needs because you're the one who manages & organizes all the finances. Many times you determine the profit and loss in the business.
Don't ever think that you don't have an important job, YOU have the MOST important job in the business".
-Michael Sullivan
Michael worked in the tax resolution industry for the past 36 years. 10 of those years was spent working as an IRS agent, and later on in the private sector of tax resolution. Through the years he got involved in all types of business and became a certified instructor and trainer with Internal Revenue Service (IRS).
In this video, he shared what we need to know about the IRS, the importance of a bookkeeper in a business as well as what we need to know before taking on a client. He also shared some important things that will help those who wish to work in the bookkeeping industry.
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📌TIMECODE for the whole video:📌
00:00 - Start
16:31 - 3 things that a bookkeeper needs to have
26:10 - Pros & cons of using a company for non-business expenses
28:44 - Will bookkeepers from the Philippines be subject to Foreign Account Tax Compliance Act?
31:09 - Do we include sub-contractor/contractor payments via PayPal, Stripe and other payment gateways when preparing 1099s?
33:32 - If a client didn't provide invoices and receipts from last year, what kind of support should we provide once IRS audits the client's business?
35:56 - How does Amazon, eBay, Shopify and other marketplaces remit sales tax?
40:09 - Michael's backstory
46:26 - Start of Michael's lesson
46:33 - What happens when you file a tax return?
47:02 - What if you owe back taxes?
47:30 - The IRS enforcement process
47:55 - How IRS deals with those who owe back taxes
48:30 - How IRS evaluates your financial statement
50:08 - What the IRS is looking for in financial affairs
51:40 - IRS audit statistics
52:23 - Tax returns most likely audited
53:10 - IRS tax audit selection process
54:49 - Examples of IRS audits of cash businesses
55:09 - Audit tips
56:25 - How to prepare a return with no tax records
59:41 - Your business marketplace
1:02:55 - 1:14:20 - Questions from the audience
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Intro Music: Soundroll
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Rooting for you,
Shary & Alfie
