IRS impostors are becoming more sophisticated, and taxpayers are falling victim. According to the Federal Trade Commission (FTC), nearly $5 million have been scammed from unsuspecting Americans over the last five years. Read on as we discuss how these scams work and...
IRS
IRS to Increase Audits with New Funding. Who Will the Agency Target?
The Internal Revenue Service (IRS) plans to carry out a notable increase in audits in the coming years. This initiative is a broader effort to enhance tax compliance and narrow the tax gap – the difference between taxes owed and taxes paid on time. Below we go over...
Why the IRS Pressed Pause on the COVID-Era Employee Retention Tax Credit for Small Businesses
In response to a surge in questionable claims, IRS Commissioner Danny Werfel recently issued a directive to halt the immediate processing of new applications for a pandemic-related small business tax benefit. The employee retention credit (ERC), which was designed to...
Inflation is Affecting Taxes: Here are the Tax Adjustments Made by the IRS for 2023
In response to high inflation rates, the IRS made some of the biggest adjustments in history for tax year 2023. These changes affect individual tax brackets as well as some key tax deductions and credits for the taxes you will file in 2024. We go over the most...
Small Businesses Should Avoid These Common Tax Mistakes
For small business owners, grasping an understanding of the myriad of tax rules that apply to your business is stressful, and mistakes can result in fines and penalties.
Here’s Why the IRS is Forewarning Americans of the Possibility of Smaller Tax Refunds in 2023
Taxpayers usually receive a federal refund when they’ve overpaid yearly taxes or withheld more than the amount owed. In a recent announcement, the IRS warned taxpayers that they could see a smaller refund in 2023 than they did this year. Here’s why. Lack of Stimulus...
Small Business Recordkeeping: To Toss or Not to Toss (and When)
Any business owner knows that good business recordkeeping is critical for the administrative tasks that keep your business running day to day, but the Internal Revenue Service (IRS) also requires you to keep certain financial records for your business for specific...