What to do when being audited by Mail

Audits by Mail: What To Do https://bit.ly/3WZb2HK Call us and we will handle the IRS examination process for you and reduce your stress while ensuring the best possible outcome.

Court of Appeals rules on Payroll Trust Fund penalties case

A U.S. Court of Appeals ruled against a hospital administrator and held her liable for trust fund recovery penalties (TFRPs) assessed by the IRS. The administrator was responsible for payroll, as well as signing and reviewing checks. She also knew that the financially troubled hospital wasn’t paying withholding taxes to the IRS. Instead of prioritizing […]

What does it mean If my business receives a Notice CP2100 from the IRS?

What does it mean if a business receives a Notice CP2100 or CP2100A from the IRS? These notices tell recipients that the Form 1099 information returns they’ve submitted contain missing or incorrect Taxpayer Identification Numbers, names or both. In response, payers need to compare accounts listed on the notice with their own records and make […]

Expensing of Machinery and Equipment Should Be Made Permanent

Expensing of Machinery and Equipment Should Be Made Permanent https://bit.ly/43KE00l

Whistleblower award or not?

Taxpayers who give the IRS Whistleblower Office information about unpaid taxes may qualify for cash awards. To be eligible, tips must be credible and specific, relate to tax underpayments or violations of tax laws and be used to collect proceeds. In one case, a whistleblower provided a tip to the IRS regarding a company he […]

Debt agreement impacts to the budget

The U.S. Senate has passed the Fiscal Responsibility Act (FRA) and President Biden signed it last weekend. It suspends the debt ceiling until 2025 and makes several changes related to domestic spending. Among the discretionary spending cuts, the IRS will lose some of its $80 billion funding provided by the Inflation Reduction Act. The FRA […]

Keep these DOs and DON’Ts in mind when deducting business meal and vehicle expenses

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting […]

Identity unknown?

Identity unknown? If the IRS suspects a person with unknown identity of tax violations, it may ask a court for permission to serve a “John Doe summons” to obtain information. At the same time, the U.S. Dept. of Justice states that cryptocurrency transactions have an “inherently pseudo-anonymous aspect” and may be used to hide taxable […]

Living Overseas?

Attention Americans living and working abroad: The clock is ticking toward the deadline to file your federal income tax return. The due date is June 15 if your tax home and residence are outside the U.S. and Puerto Rico, or you’re serving in the military outside the U.S. and Puerto Rico on the regular tax […]

Benefits of a living trust for your estate

You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million for 2023 (effectively $25.84 million if you’re married). However, if you have significant assets, you should consider establishing a living trust to avoid probate. Probate is a court-supervised legal process intended to […]