Individuals who travel for business may be eligible for tax deductions. The IRS defines a “business traveler” as an individual who travels away from home for longer than an ordinary day’s work and needs to sleep somewhere other than home to meet the demands of work while away. Deductible expenses must be ordinary and necessary. […]

The IRS is cracking down on a popular small business tax break that could lead to a costly audit – CNBC https://bit.ly/3qutEmR 

When information is needed for an investigation, the IRS may issue summonses to 3rd parties to obtain records. Under tax law, any person subject to an audit by the IRS has the right to petition a court to quash (or set aside) such summonses. In one case, the IRS issued summonses related to the sale […]

Summer is almost here, and many young people will work while school is out to earn extra money. It might be babysitting, dog walking or something else. Keep in mind that if goods and services are exchanged for money, there may be tax implications. Even if you’re a dependent on your parents’ tax return, if […]

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 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 […]