An audit is, in itself, not a bad thing. we have come to equate audit with accusation or wrongdoing but an IRS audit is simply a review of the records. Int his spirit, there is no reason to fear IRS audit. In reality, the IRS audit process is triggered by… [Read more]
What You Need to Know About the Moved IRS Deadline
IRS has extended the deadline for personal tax filings from April 15 to July 15. It has also extended the deadline for contributing to your 2019 IRA. So, if you have not contributed, you still have time. Trying to decide whether or not to contribute to your IRA? Consider how… [Read more]
Can I Hire 1099s to Stay in Business During COVID-19?
As many companies work to reorganize their business model in light of COVID-19, hiring a 1099 to replace your full-time employees might be a great solution. However, there are a few things to consider before taking the step in hiring these workers. The passing of the new AB-5 regulations in… [Read more]
IRS is limiting certain enforcement actions
In a surprising turn of events, IRS is limiting certain enforcement actions. To read the entire article visit IRS.gov “The new IRS People First Initiative provides immediate relief to help people facing uncertainty over taxes,” Rettig added “We are temporarily adjusting our processes to help people and businesses during these… [Read more]
Coronavirus: Business Owners Can File for Unemployment
As the greater impact of coronavirus COVID-19 continues to worsen, it is important to stay up-to-date with the potential repercussions as a business owner. This year’s tax filing deadlines have been extended to July 15th which will offer some relief to business owners keeping cash in the business. If your… [Read more]
IRS Extends Deadline to Pay [and File as of 3/18] Taxes to July 15, 2020
This article was edited on 3/18 to reflect the update from IRS that businesses now have an extension not only pay but also to file taxes. IRS Extends deadline to PAY AND FILE taxes to July 15 for most individuals and businesses. The Trump administration has announced that most individuals… [Read more]
How IRS Criminal Investigations Start
IRS Criminal investigations begin with a suspicion of fraud and violations of: Internal Revenue Code Bank Secrecy Act Money laundering statutes …Among others. When IRS determines there is a case against a violator, they refer it to the Department of Justice. Why IRS Special Agents target a business for investigation… [Read more]
How to Prepare a Tax Return and Minimize Your Risk of Audit: A Guide for The Starting CPA
[edsanimate_start entry_animation_type= “bounceIn” entry_delay= “0” entry_duration= “0.5” entry_timing= “linear” exit_animation_type= “” exit_delay= “” exit_duration= “” exit_timing= “” animation_repeat= “1” keep= “yes” animate_on= “load” scroll_offset= “” custom_css_class= “”][edsanimate_end] Preparing and filing accurate business tax returns can be complicated. That’s why so many business owners rely on CPAs to help them navigate… [Read more]
You Filed Your Taxes: Now What?
April 15th has passed and, hopefully, you’ve filed your 2018 taxes and can breathe a sigh of relief. Before you lock that filing cabinet, here are a few final steps to ensure your records are up to date. 1: Go old school. Print a copy of your completed tax return… [Read more]
Learn How to Identify Red Flags on Your Business Tax Return Before You File
Everyone makes mistakes from time to time, but when it comes to your tax return, a single error could lead to countless problems with the IRS. While getting chosen for an audit doesn’t always mean that you’ll end up owing more taxes. However, it can result in changes that will… [Read more]