The agency is serious about enforcing this provision of tax law against those with serious past-due federal taxes. Under a relatively recent provision of federal law, U.S. passport holders or applicants may face problems with travel if they owe at least $52,000 in federal taxes, plus penalties and interest. Anyone […]
Author: Lawrence Brown
Federal tax authorities are scrutinizing entities using this business model because some have used aspects of the structure for evasion. An employee leasing company provides other business entities with payroll services, including the important function of collecting employment taxes for payment to the IRS. Sometimes called a type of third-party […]
Tax preparers now have a new due-diligence duty: to document their investigative efforts to confirm client eligibility for claiming head-of-household status. U.S. tax preparers are subject to tax laws that require them to exercise due diligence when they prepare tax returns for taxpayers who claim certain financially advantageous credits: Earned […]
Employers must sit up and take note of their payroll tax collection responsibilities to avoid business and personal liabilities. Business owners, executives, officers, directors and payroll managers should take note of the IRS’ current push to enforce payroll tax collection laws. According to CPA Practice Advisor, almost three-quarters of IRS […]
Its all about reasonableness, proof and legal compliance. As is well known and widely used, the Internal Revenue Code allows the deduction of ordinary and necessary expenses used to carry out your trade or business. But the IRS understands some have used this provision to deduct potentially questionable expenses, so […]
Business owners must balance their passion for their market with business logistics. Owners must manage their budgets and, at times, navigate human resources issues. In some cases, the owner may even need to navigate a discussion with the Internal Revenue Service (IRS). This conversation would occur if the agency decides […]
The Internal Revenue Service (IRS) is reviewing tax returns and preparing to move forward with audits. How will I know if the IRS is auditing my business? First, it is important to note that the audit notice will most likely come in the form of a letter. Any phone call from […]
Not located in Texas? Then your business does not need to pay a state sales tax if a Texas resident buys your product, right? In the past, this was true. The application of a state sales tax to online transactions was essentially limited to those businesses that had a physical […]
The Internal Revenue Service (IRS) has started 2019 strong. In addition to collecting taxes in April, the agency has also already finished up seven big tax cases. These cases targeted three specific professions: Healthcare. The IRS and Department of Justice (DOJ) continue to crackdown on allegations of healthcare fraud. The government […]
The Tax Day deadline of April 15 has passed. Some taxpayers got their taxes in order and sent in early while others rushed to make the deadline. Regardless of which group you found yourself in, you may have put that return in the mailbox only to realize you made a mistake. […]