Category Archives for Small Business Tax Advice

IRS Targeting Wealthy Citizens in New Compliance Initiatives

  • November 15, 2023

In a series of new IRS compliance initiatives, the tax agency has its sights set on high-income, high-wealth entities and individuals. The IRS is, among other issues, going after individuals having over

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IRS Will Go After ‘Complex Partnerships’ to Close Tax Loophole

  • September 8, 2023

The Internal Revenue Service is planning to address what it calls “large, complex partnerships” in an attempt to go after business entities that avoid paying taxes by abusing a known tax loophole.This

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IRS Updates Guidance on Handling Special State Tax Payments

  • September 8, 2023

The Internal Revenue Service recently issued guidance on how taxpayers should report the special tax payments, refunds and rebates they received from states in recent years as a form of relief during the

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The IRS Flags Over 1 Million Tax Returns for Possible Identity Fraud

  • June 6, 2023

According to a recent report, the Internal Revenue Service (IRS) has flagged over 1 million 2022 tax returns for additional review over potential identity fraud.The Treasury Inspector General for Tax Administration’s interim

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An Installment Agreement May Be Your Best Tax Resolution Option

  • June 6, 2023

Resolving Tax Challenges: Unlocking Financial Freedom with an Installment Agreement and Tax Problem Solver's Expert TeamFacing tax-related challenges can be a stressful experience, leaving individuals

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Audits of the Rich will Gain Greater IRS Scrutiny

  • May 12, 2023

Audits of the rich cratered at the start of the pandemic. That's about to change.Armed with an extra $80 billion in funding for the next decade, the Internal Revenue Service is using the bulk of its war

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Senators Want IRS to Stop AI-Generated Tax Scams

  • May 11, 2023

A group of senators on both sides of the aisle is asking the Internal Revenue Service's new commissioner, Daniel Werfel, to warn taxpayers and tax professionals about the emerging threat of tax scams produced

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The IRS Targets Certain Taxpayer Assets for Enforcement

  • April 13, 2023

The Internal Revenue Service (IRS) said it would increase criminal investigations in the area of digital asset transactions and listed transactions.The federal agency identified certain transactions to

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TikTok is Spreading Tax Myths

  • April 12, 2023

TikTok is spreading tax mythsTikTok is spreading financial misinformation, according to a new report, including five troubling tax myths affecting self-employed workers.According to Paul Koullick, CEO

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SCOTUS Slashes IRS Penalty Against Taxpayer for Not Reporting Foreign Bank Accounts

  • March 23, 2023

The Supreme Court ruled 5–4 in a fractured opinion on Feb. 28 that the IRS imposed an excessive fine on a businessman for failing to report foreign bank accounts, reducing the financial penalty from

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