The IRS is reporting that it will be comparing filed 1099-Ks against income reported on business tax returns
IRS tax tips
Avoid These Small Business IRS Audit Mistakes
IRS audits – In late 2020, the IRS announced that it will increase tax audits of small businesses by 50 percent in 2021. Here are several mistakes to avoid if you do get audited.
Double Check the Check
Following these tips when you receive a payment from the Federal or State government can save you more headaches than you can imagine.
What You Need to Know About the IRS Scam Epidemic
In a recent keynote address to over 1,000 tax professionals in Chicago, John Koskinen, the Commissioner of the IRS, asked the audience to raise their hands if they had personally been contacted by someone pretending to be from the IRS. He reiterated that he was not talking about clients, but those sitting in the audience. Well over 50% of the professionals raised their hands. So did the IRS Commissioner.
Toss This. Not That. Post Tax Filing Record Retention
With a sigh, you are relieved that yet another tax return has been sent off to the government. Another 12 months before you need to do this again. But before you close that tax file, there is still some work to do. If the IRS or state revenue department selects your return for review, you will need to be prepared. Here is what you need to know:
Some Unemployment Income Is Now Tax Free for 2020
A surprise tax break for 2020 was passed into law last month. It may impact your situation if you received unemployment income this past year. This will mean filing amended tax returns for some and a delay in preparing your tax return for others.