The IRS audit surge is driven by new funding aimed at cracking down on tax evasion. Wealthy individuals and large corporations are the primary targets. This article explains why this surge is happening, who will be most affected, and how to stay compliant. Key Takeaways The IRS is undergoing a significant transformation with $80 billion…
If you’re wondering what a FinCEN Identifier is, it’s a specialized number designed to streamline the reporting of beneficial ownership information as mandated by the Corporate Transparency Act. This article will detail the process for obtaining a FinCEN Identifier and explain its significance for both companies and individuals. Key Takeaways The FinCEN Identifier simplifies the…
If you’re a taxpayer with business income, you’ve likely heard of the Qualified Business Income Deduction—a tax benefit that could reduce your taxable income by up to 20%. But do you qualify for it? This guide outlines the essential criteria for the deduction and explains how to strategically claim it, so you can optimize your…
Choosing between business entity types is a pivotal decision for your business, affecting everything from taxes to personal liability and control. This article delves into the key differences between the primary types—sole proprietorships, partnerships, LLCs, and corporations—and assists you in determining which might be the most suitable for your company. Key Takeaways The choice of…