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The Money Pump

This money pump represents the way you generate cash for your personal use. If you are an employee the outflow from the pump represents the cash generated for your employer from your efforts.

Your share is mostly represented as your wage. If the pump represents your business the outflow is the gross cash generated by the operations of the business.

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The IRS Wants More of Your Money!

Trying to keep more of your moneyThe Ground Rules in Playing the Tax Game with IRS Have Been Changed

If you have a business with deductible expenses and you want to keep these deductions, you must have solid documentation of all business expenses.

Here is what is happened already:

  • Over the past several years the IRS has addedmany new forms to track your financial activities.
  • Many of these new forms, prepared by banks, brokerages, title companies, and other financial institutions, are filed electronically.
  • IRS computers cross-match the information from these forms to various income tax returns. A process made more efficient by electronically filed tax returns.
  • Computer capabilities have dramatically increased enabling the computers to process more return information to determine audit potential.

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Doing Business in the 21st Century Electronic World

big data pros and pitfalls - binary graphic

Benefits and Dangers to Businesses and Taxpayers

Upgrade Your Business Document Processing Procedures

To Have Real Time:

  • Business Accounting
  • Total Accuracy
  • Document Processing
  • Virtual Filing

How We Are Impacted by "Big Data" and the Capabilities of Computer Access to That Information

“Big Data” is actually the total accumulation of information on the world wide web. This information is from all kinds of interactions between businesses, governmental entities, and individuals; including documents filed with governmental agencies (i.e. the IRS, the Securities and Exchange agency, etc.), information exchanged between businesses in the same industry (i.e. insurance companies, marketing companies, etc.) and even personal and business e-mails.

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