What happens if taxpayers can’t pay the taxes the IRS says they owe? An “offer in compromise” (OIC) may allow them to settle their tax debts for less than full liability. It can be difficult to get an OIC accepted, but individuals are eligible to apply if they’ve filed all required tax returns, made required … Read More
It’s a dilemma that’s been in the news and on business owners’ minds for a while now. The COVID-19 pandemic, along with other world events, have strained supply chains both global and national. And, throwing gasoline on the fire, cyberattacks have threatened to further disrupt the smooth flow of materials, products and fuel. These heightened … Read More
Earlier this year, the Organization for Economic Co-operation and Development (OECD) released a public consultation document proposing amendments to its crypto-asset reporting regime. The document outlines due diligence procedures and describes the assets involved and the reporting nexus. But crypto and banking industry leaders are pushing back. They disagree with how the new framework defines … Read More
The IRS closed nearly 1,700 cases in which agency employees may have improperly accessed taxpayer data between 2012 and 2021, according to a recent report. The Government Accountability Office (GAO) found 27.3% of the incidents were substantiated as misconduct. The IRS established that misconduct occurred in 462 cases involving unauthorized information access, from among 1,694 … Read More
Keeping up with employment regulations and health care benefits can be a struggle for many small to midsize businesses. One potential solution is engaging a professional employer organization (PEO). PEOs employ experts who understand the minutiae of many HR functions. Moreover, these firms can handle difficult, recurring tasks such as managing employment taxes and administering … Read More
It’s wedding season — a happy time that includes gifts, cake and endless details. Chances are, taxes are the last thing on your mind. But the IRS wants to remind you of a few important steps. Soon, you’ll be filing your first tax return as a married person and that could affect how much taxes … Read More
Business owners and investors are understandably concerned about skyrocketing inflation. Over the last year, consumer prices have increased 8.3%, according to the latest data from the U.S. Bureau of Labor Statistics. The Consumer Price Index (CPI) covers the prices of food, clothing, shelter, fuels, transportation, doctors’ and dentists’ services, drugs, and other goods and services … Read More
The IRS is urging employers to e-file payroll tax returns. Common payroll tax forms, including Forms 940, 941, 943 and 944, all can be submitted electronically using third-party software approved by the IRS or through a tax professional. Filers can sign e-filed returns with a signature PIN assigned by the IRS or by printing, signing, … Read More
Financial statements look at historical performance. But there are times when you want forward-looking reports to help your business make strategic investment decisions, evaluate the viability of a turnaround plan or apply for a loan. Your accountant can help ensure the assumptions underlying prospective financial statements make sense in today’s volatile marketplace. Key definitions When … Read More
If you’re worried about an IRS audit, there’s good news! According to a recent Government Accountability Office report, audits of individuals between 2010 and 2019 decreased for all income brackets, from 0.9% to 0.25%. Higher-income taxpayers experienced the biggest decline in audits, probably because they require more IRS staff review and resources. Lower-income audits, on … Read More