Wednesday, October 24, 2012

New Step In Tax Preparer Duties Sure To Create Bad News For Some Business Owners

Starting in 2012, tax preparer jobs will entail asking some additional questions of individuals with business interests or rental properties. The IRS has modified Schedules C, E, and F to include two new check boxes. The answers demand participation by taxpayers despite the potential for bad news.
Schedules C, E, and F ask whether the taxpayer is required to file Form 1099 to report payments made for services received. The second box to check indicates whether the taxpayer did file or will file 1099s. As a result, tax preparer duties when preparing these schedules now require checking the appropriate boxes concerning1099s that are required and issued by clients.
This process obviously improves the ability of the IRS to identify businesses, farmers, and property owners who fail to file 1099s when required. These people may need help from their tax preparation professionals. Fortunately, the details about 1099 requirements are covered in tax return preparer education.
Each individual who was paid more than $600 for business services during a calendar year should receive a 1099. Of course, the most important measure is sending duplicates of the 1099s to the IRS. This permits the IRS to assure that recipients of money reportable on 1099s have correctly declared that income on their tax returns. The rule for reporting non-employee compensation on a 1099 only applies for payments to independent contractors who are persons, not corporations.
A tax preparation business will need to determine if it wants to create and file 1099s for taxpayers. Many tax practices will stick with income tax returns only. Preparation of 1099s requires special software or completion by hand. This necessitates an additional fee structure for any professional service that agrees to handle the 1099s.
The main trouble caused by tax preparer work on 1099s is obtaining information from clients. Each 1099 lists the name, address, and tax ID number of the recipient. The lack of a social security number to use as the contractor's tax ID number creates obvious problems.
Tax preparers should educate their clients about the need to file 1099s and point out that doing so requires social security numbers of individuals receiving payment for services. The optimal business procedure is obtaining the social security numbers as a condition of rendering payments. Otherwise, obtaining the social security numbers may become difficult after independent contractor relationships are terminated.
Because of the new tax schedules asking about 1099s, the IRS is likely to catch anyone who should file1099s. For example, a reporting of large expenses for contract labor, professional fees, repairs or maintenance is certain to precipitate IRS inquiry if the schedule indicates that no 1099s are required. Obviously, a schedule indicating the obligation to file 1099s will cause the IRS to verify having received them.
A 1099 is given to each mandated party by the end of January. But, sending the IRS copies can wait until February 28. The penalty for filing late can amount to $100 for every delinquent 1099.
IRS Circular 230 Disclosure
Pursuant to the requirements of the Internal Revenue Service Circular 230, we inform you that, to the extent any advice relating to a Federal tax issue is contained in this communication, including in any attachments, it was not written or intended to be used, and cannot be used, for the purpose of (a) avoiding any tax related penalties that may be imposed on you or any other person under the Internal Revenue Code, or (b) promoting, marketing or recommending to another person any transaction or matter addressed in this communication.

Wednesday, October 10, 2012

5 Future Trends for Education

The coming election in 2012 has brought up concerns about our educational system, and how it needs to revolutionized and transformed. The future of education is highly debatable, but five key trends remain. Read on to find out the five future trends for education in the upcoming years.
While many reports and surveys pretty much predict the same thing - the popularity and increasing acceptance of online education, the better employment rate, and the age of technology encouraging more access to education for all, there are some projections that have not been discussed as of late. Looking in depth and analyzing many factors contributing to the development of academic progress, we have aggregated 5 key trends to the future of education.
Year after year, America continues to be "#1" in one sector - higher education. Though the American educational system is lagging behind those of Asia when tests are administered to primary and secondary school students, our Universities prove to be ranked at the top year after year. Higher Educational Universities are able to attract the best, the brightest, the most ambitious students from around the world for this reason - we outshine the global competition when it comes to higher education. The very idea and concept of an "Ivy League" School will continue to be a Staple of American Education, and in the future, will remain a unique sector of the American Educational System.
Secondly, with so many new emerging markets predicted to expand the economic system, more and more programs will be catered to new technology and entrepreneurial, as well as innovative programs. Top Universities and online colleges will have to face incorporating new classes that maximize on today's current technological advances and issues that present themselves. This new coursework will better prepare students for real - life business operations and make the transition to employment smoother.
The third trend we predict for education is that there will be significantly higher number of graduates in 2012 who will find employment. Apparently the hiring rate is 9.5 percent higher, but in very specific sectors of employment. According to several news sources, the job industries that look the most promising and with high demands are called "STEM" fields, which stands for Science, Technology, Engineering, and Mathematics.
Fourth, new teaching methods are being developed and improved. There has been emerging research on psychology, and how the brain learns and processes information. This new study will provide a framework for developing new ways of classroom interaction, and incorporating things like music and new study processes into the educational system.

Wednesday, October 3, 2012

The School Of Education At The University Of Michigan Is An Esteemed Division With Many Options

The University of Michigan offers students an amazing college experience as well as a highly coveted Bachelors degree upon completion. They have a number of departments, schools and programs that are available to choose from and one of their elite schools is the School of Education. Students who enroll in the School of Education earn a well-respected degree that will take them far within their careers.
The School of Education has been repeatedly recognized and ranked by the U.S. News and World Report, with its current rankings falling in the top ten of all schools of education in the United States. The School of Education has also been ranked in the top ten in the areas of elementary education, secondary education, and educational psychology among others. These figures showcase that the School of Education at the University of Michigan is of a very high caliber and is definitely a great place to pursue the field of education at the collegiate level.
The University of Michigan's School of Education has been in existence since 1921. Over the years the School of Education has grown and developed. Today the main purposes of the School of Education are to advance educational knowledge while also working to improve educational practice. The School of Education's focus is to create a place of learning where both faculty and students stay at the head of educational change.
Students, who choose to pursue their Bachelors degree in Education, generally aren't formally admitted into the Bachelors program until they have reached the beginning of their junior year. This means that students who want to ultimately pursue their Bachelors of Education are technically considered transfer students. Most students that do this are transferring within the University of Michigan, although it is possible for students to transfer into the Bachelor of Education program from other universities as well.
The University of Michigan offers both Bachelors of Science and Bachelors of Arts within their School of Education. Once students have completed their Bachelors program of choice, they are then recommended by the University of Michigan to the Michigan Department of Education in order to receive their provisional teacher certification. The state of Michigan certifies most students as elementary teachers, teachers who teach grades K-8, or those that teach k-12 on a secondary level. There are exceptions within the certification in specific fields such as physical education or music education, where students can be certified to teach in grades K-12.
Within the University of Michigan an option exists for students who want to ultimately become secondary teachers but want to remain within another unit or school in the University. For example, a student who is enrolled in within the College of Literature, Science, and the Arts can remain in that college earning credits while also taking courses within the School of Education; this is done to satisfy the needs required to earn a recommendation for a provisional teaching certificate in Michigan. This allows greater freedom for students who want to teach in a specific area in addition to broadening their college experience.
For students who are involved in science and math programs within the University of Michigan there are two special programs that students can work with in order to become a teacher. These are the University Network for Integrated Teacher Education program, UNITE, and the Robert Noyce Fellowship. These programs allow students to complete their Bachelor's degrees fully under their said science and math program through the College of Literature, Science, and the Arts. It then ends with them completing a one year Masters program that will make them eligible to receive their provisional teaching certificate from the state of Michigan.