Oct 31 IRS Problems? Think About Mediation!
The Treasury Department updated its frequently asked questions on July 8, 2024. The big news: if the plan was to dissolve the company before 2025, you must register! ...
Sep 05 Will Your Small Business Be Audited?
Are you worried about the likelihood of your business being audited by the IRS? If so, there are a lot of preventive red flags that you can keep an eye out for when looking to protect your business from being the focus of an audit. ...
Sep 05 We May Never See a Better Environment for Transferring Wealth … Here’s Why
It may seem that there will always be time to address estate planning. However, a unique opportunity to maximize the amount of wealth that can be tax-efficiently passed to heirs will expire at the end of 2025. In this article, we explain why 2024 is an...
Nov 17 IRS Tools and Resources To Help Small Businesses
The small business pages on IRS.gov serve as comprehensive guides for people looking to navigate the entire life cycle of their business as well as their business-related tax obligations....
Mar 02 Will Your Small Business Be Audited?
Are you worried about the likelihood of your business being audited by the IRS? If so, there are a lot of preventive red flags that you can keep an eye out for when looking to protect your business from being the focus of an audit....
Jan 15 Is It a Hobby or a Business?
Is your hobby a business? It matters to the IRS. The agency says your hobby is a business if it operates to make a profit. But it's not a simple determination. Here are some factors the IRS offers to help you ascertain whether your...
Aug 25 Gift Characterizations Cast Long Shadows
Back in 1913, Woodrow Wilson began his first term as president, and Americans first filed Form 1040s. Right from the beginning, Congress told the IRS to enforce rigid rules for compensation and to forget about gifts. The IRS followed orders....
Aug 25 The Inflation Reduction Act: What Does It Contain?
On August 12, Congress passed the Inflation Reduction Act, over 700 pages of economic changes. What does the act do? And just as important, what does it not do?...
May 19 9 Ways To Avoid an IRS Audit
While you cannot fully control whether the IRS audits you come tax season, there are measures you can take in an effort to lower your chances of being audited. It all starts with hiring a reputable tax accountant. If you prefer to file your own...
May 19 IRS Notices CP2100 and 2100A Help Payers Correct Backup Withholding Errors
The IRS sends CP2100 and CP2100A notices twice a year; an initial mailing in September and October and a second mailing in April of the following year. The notices inform payers that the information return is missing a Taxpayer Identification Number (TIN), has an incorrect...