The Internal Revenue Service (IRS) conducts business audits to check if a taxpayer’s business tax return is accurate. This process involves examining the taxpayer’s financial accounts, supporting documents, and other information to verify the reported information, such as income. The audit may result in the taxpayer owing additional taxes, penalties, and interest. Businesses can be…
Are you aware of the recent changes in tax reporting rules announced by the Internal Revenue Service (IRS) regarding Form 1099-K? The IRS has announced a delay in the implementation of the new $600 rule for Form 1099-K, which would have required third-party payment networks, such as Venmo and PayPal, to send a Form 1099-K…
On August 16th, 2022, President Biden signed the Inflation Reduction Act (IRA) into law. The IRA contains provisions that increase funding for Internal Revenue Service (IRS) enforcement and modernization, introduce a new corporate minimum tax and stock buyback taxes, and create significant new credits and incentives related to renewable energy development and climate change. It…