As part of its annual “Dirty Dozen” list of tax scams, the IRS renewed warnings about Offer in Compromise (OIC) mills. They’re run by unscrupulous companies that falsely claim they can resolve tax debts for pennies on the dollar without even knowing the details. IRS Commissioner Danny Werfel explained these mills charge steep fees by […]
Read More Offer in Compromise millsExternal auditors spend a lot of time during fieldwork evaluating how businesses report work in progress (WIP) inventory. Here’s why this warrants special attention and how auditors evaluate whether WIP estimates seem reasonable. Valuing WIP Companies may report various categories of inventory on their balance sheets, depending on the nature of their operations. For companies […]
Read More Auditing WIP todayIf you make estimated tax payments, be aware that April 15 isn’t just the 2023 tax filing deadline. It’s also the deadline for the first estimated tax payment for 2024. Estimated tax payments are generally made by self-employed people, retirees, investors, businesses and others that don’t have taxes withheld from their income. The payments are […]
Read More Estimated tax payments due90% of qualifying electric-vehicle buyers opt for $7,500 ‘new clean vehicle’ tax credit as upfront payment, Treasury says – CNBC https://bit.ly/3vSPXpw
Read More 90% of qualifying electric-vehicle buyers opt for $7,500 ‘new clean vehicle’ tax credit as upfront paymentAncient Egyptian tablet may provide key to enduring tax policy
Read More Ancient Egyptian tablet may provide key to enduring tax policyTax pros warn against following terrible tax tips circulating on TikTok – CBS News https://bit.ly/49vr01f
Read More Tax pros warn against following terrible tax tips circulating on TikTokWhen a business willfully fails to comply with payroll and income tax obligations, the IRS generally requires any misused funds to be paid back. It also imposes a trust fund recovery penalty (TFRP) on “responsible” persons. Usually, these are owners, officers, directors and shareholders. In one recent case, a U.S. District Court ruled that an […]
Read More The Trust Fund Recovery PenaltyThis simple move ‘takes minutes’ to file a free federal tax extension, tax pro says — here’s what to know – CNBC https://bit.ly/4cQefRE
Read More This simple move ‘takes minutes’ to file a free federal tax extensionIf you make estimated tax payments, be aware that April 15 isn’t just the 2023 tax filing deadline. It’s also the deadline for the first estimated tax payment for 2024. Estimated tax payments are generally made by self-employed people, retirees, investors, businesses and others that don’t have taxes withheld from their income. The payments are […]
Read More First Estimated Tax Payment for 2024 due soonWhich states cost the most in lifetime taxes? – USA TODAY https://bit.ly/3TXsds6
Read More Which states cost the most in lifetime taxes?
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