Employers who’re responsible for collecting payroll tax and remitting it to the IRS can face a penalty equal to 100% of the unpaid amount if they willfully fail to do so. The Trust Fund Recovery Penalty (TFRP) can be assessed personally against those deemed to be “responsible.” In one case, the owners of four staffing […]
Read More Payroll Tax Mistakes Can Be Costly — Even CriminalDoes your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. Here are some answers to questions you may have. What are the requirements? Although many cash transactions are legitimate, the IRS explains that the […]
Read More Receive $10,000 in cash at your business? The IRS wants to know about itAs the year winds down, you may be hoping to combine smart estate tax planning with tax savings using the annual gift tax exclusion. For 2025 and 2026, this exclusion is $19,000, which you may give in cash or property to any number of family members or friends, without gift tax implications. Married couples may […]
Read More Year-End Gifting: Know the 2025–2026 Gift Tax LimitsThe holidays are a time for gratitude, and when they arrive, many employers are planning to show appreciation by giving gifts to their staff. Different types of gifts can have different tax consequences. So whether it’s a gift card, a holiday turkey or a year-end bonus, it’s important to know how the IRS will treat […]
Read More Holiday Gifts & Taxes: What Employers Need to KnowFor many businesses, accounts receivable (AR) is one of the largest assets on the balance sheet. It represents the cash you’ve earned but haven’t yet collected. Efficient AR management is critical for maintaining healthy cash flow, reducing bad debt and fueling growth. But a key question often goes unasked: How do your company’s receivables compare […]
Read More Receivables Rx: Key metrics to assess the health of your cash flowEver since Billy Long was removed as IRS Commissioner in August 2025, U.S. Treasury Secretary Scott Bessent has served as Acting IRS Commissioner. But recently, the Treasury Dept. announced that Frank Bisignano, current Commissioner of the Social Security Administration (SSA), will take over day-to-day operations as the IRS’s CEO. Bisignano will execute this newly created […]
Read More Bisignano takes over day-to-day operations of the IRSThe IRS is providing penalty relief during the first three quarters of 2026 for banks and money transfer companies (so called “remittance transfer providers”) that fail to deposit a new 1% federal remittance transfer tax on international money transfers. Beginning Jan. 1, 2026, remittance transfer providers are required to collect the remittance transfer tax from […]
Read More Remittance transfer providers receive reliefFor many businesses, accounts receivable (AR) is one of the largest assets on the balance sheet. It represents the cash you’ve earned but haven’t yet collected. Efficient AR management is critical for maintaining healthy cash flow, reducing bad debt and fueling growth. But a key question often goes unasked: How do your company’s receivables compare […]
Read More Receivables Rx: Key metrics to assess the health of your cash flowWith the government shutdown now a little over a week old, the IRS announced it has begun furloughing nearly half of its staff. According to the tax agency’s updated shutdown contingency plan, around 34,400 of its 74,300 employees have been furloughed. The plan notes that the majority of employees being retained work in taxpayer services, […]
Read More Missed the Oct. 15 Tax Deadline? File ASAP — We Can Help529 plans can help pay primary and secondary school costs
Read More 529 plans can help pay primary and secondary school costs
Our Blog 