Did you receive Letter 6323 initiating an IRS Audit for your income taxes? The same letter comes for businesses or individuals. IRS Audits ARE picking back up. The moratorium on audits ended on July 15th and IRS is actively sending out these letter 6323 notices right now! If you receive… [Read more]
How to resolve an IRS tax balance
One major red flag to watch out for if you take cash out of your IRA under the CARES Act
Heads up — while you are now allowed to take up to $100,000 out of your IRA and pay it back within three years with no tax hit, doing so may have some hidden consequences that you likely have overlooked initially. The Internal Revenue Code calls these tax-favored withdrawals “coronavirus-related… [Read more]
How people are spending their stimulus checks
By now, many people have received the $1,200 check allocated to tax-paying individuals as a part of the coronavirus relief package that was passed by Congress in March. Despite the initial excitement expressed by many Americans, the shifting economy and its impact on our financial situations mean this money will… [Read more]
IRS Actively Seeking SBA PPP Criminal Fraud
The IRS has formed a Fraud Enforcement Department specifically to root out fraud and criminal activity around the SBA PPP loan funds. The IRS Fraud Enforcement Department will be targeting companies who received the PPP funds but may have since filed taxes reporting different numbers than were listed on their… [Read more]
What Do Stimulus Packages Look Like Around The World?
2019 was an exceptionally strong year for the U.S. economy — the Dow Jones consistently hit record highs and unemployment rates dropped to a record low of just 2.1%. However, even a record-breaking year like that one could not prepare the American economy for the COVID-19 pandemic of 2020. But… [Read more]
3 Reporting Issues To Watch Out For During COVID-19
It is nearly impossible to see a future without the residual effect of the COVID-19 outbreak, as the economy continues to respond to rapid changes in consumer behavior and supply chain operations. Travel bans have been imposed on millions of people and many countries have placed quarantine measures on their… [Read more]
Small changes to you tax procedures can make a BIG difference for your bottom line
Every leader of any organization understands the importance of hiring the right people, but the employees who manage your organization’s compliance management and technological resources are among the most important in today’s economy. The COVID-19 pandemic has made these people even more important to businesses that are navigating the disruption… [Read more]
How to Measure Value for Long-Term Growth
In order to put an organization in the best possible situation, leaders should anchor their approach to long-term value. Changing market conditions caused by shifting consumer demands and developing regulations have had an impact on nearly every company in every industry worldwide. This uncertainty has driven many leaders to reevaluate… [Read more]
SBA PPP Loan Audit Criteria
Now that business owners have received their funding from the SBA Payroll Protection Program (PPP), the government is beginning the process of vetting the hundreds of thousands of loan recipients to root out fraud. The SBA has published guidelines with certain fraud indicators, following are factors business owners should be… [Read more]
