According to the IRS, businesses are increasingly becoming targets of tax identity theft. And as reported by the U.S. Small Business Administration, identity theft costs businesses around the world approximately $221 billion annually. To make matters worse, identity thieves are becoming increasingly sophisticated, adept with filing practices, tax code, and efficient methods for obtaining valuable […]
IRS
How the Tax Cuts and Jobs Act Affects Employee Reimbursement
As a result of changes made under the Tax Cuts and Jobs Act, employee reimbursements for business-related travel expenses are more appealing than ever. No longer are these expenses deductible from an employee’s individual tax return as a miscellaneous deduction, but work-related travel expenses are still able to be reimbursed to employees. This could be […]
IRS Suggests Taxpayers Check Their Withholding in Light of Tax Laws
With the passing of the new tax laws and taxes recently filed for most individuals, the IRS is urging several taxpayer groups to perform a “Paycheck Checkup” to ensure they are withholding the correct amount from their pay. Key groups who should consider a “checkup” are households with two or more incomes, those who work […]
IRS Warns of Continued Phone Scams During Tax Season
As continued awareness for taxpayers, the IRS has sent out a reminder to be on the lookout for scammers and fraudulent activity throughout this tax season, specifically regarding unknown emails or phone calls. Aggressive phone scams where criminals call posed as IRS officials are a common scam throughout the year as a part of the […]
IRS Releases Updated Withholding Tables for 2018
As anticipated, the IRS has released the first of several steps to update withholding accuracy in light of the passage of the new tax legislation last month. On January 11, the IRS announced the release of updated withholding tables for employers to follow in Notice 1036. The new withholding tables have been designed to reflect […]
How to Avoid the W-2 Email Scam in Your Business
The IRS recently announced a warning to the nations’ businesses regarding another scam, this time targeted at W-2 forms. The last several years have seen an increase in a W-2 email scam that threatens personal tax information and the IRS is seeking to alert payroll and human resources associates so they can be on watch […]
In the Wake of Hurricane Harvey, IRS Cautions Against Fraudulent Charity Scams
When a disaster affects our nation, watching the American people support, encourage and rally around one another is an amazing and heartwarming sight. While many people reveal the more wholesome side of America, many others view disasters as a time to take advantage of those affected. In the aftermath of Hurricane Harvey (and now […]
