“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. ...
... the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS. Be aware that there’s no one way ...
In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights: Elective deferrals. The annual ...
April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021, if you’re required to make one. You may have to make ...
... to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns if you’re ever audited by the IRS or state tax ...
IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should ...
The IRS released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. However, even though a small percentage of tax returns are being ...
If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing. ...
... But, eventually, most businesses need to grow. And a reasonably ambitious, long-term strategic plan is the first step. It will allow you to communicate a nuanced, specific vision for growth down the organizational ...
... deduction is determined as follows: First, you must take the “net value” of all IRD items included in the decedent’s estate. The net value is the total value of the IRD items in the estate, reduced ...
When you encounter the word “pivot,” you may think of a politician changing course on a certain issue or perhaps a group of friends trying to move a couch down a steep flight of stairs. But businesses ...
... functionalities. Prioritize the use cases you come up with and choose a winner to go after first. You may be able to buy an AI product to fulfill this need. In such a case, you’d have to shop carefully, ...
... to 4.5% per month (or part) so the combined penalty is 5%. The maximum combined penalty for the first five months is 25%. Thereafter, the failure-to-pay penalty can continue at 0.5% per month for 45 more ...
... launching a plan for the very first time. If you’re going to do either, you’ll have many details to sort through. To simplify matters a bit, le t’s look at a few “big picture” factors that can serve ...
... caught on with many different types of companies. There are significant benefits in the offing. First, a well-designed program can get new hires up to speed much more quickly than a more casual, ad hoc ...
... reasons for borrowing. From there, you need to engage your bank or a prospective lender with a strong air of professionalism and certainty. Essential questions First, familiarize yourself with how ...
... simple to set up and administer. They don’t require the sponsoring business to file IRS Form 5500, “Annual Return/Report of Employee Benefit Plan.” Nor must you submit the plan to nondiscrimination testing, ...
... for deducting a spouse’s travel costs are very restrictive. First of all, to qualify for the deduction, your spouse must be your employee. This means you can’t deduct the travel costs of a spouse, even ...
... disclosure of the transfer in a return triggers the statute of limitations, generally preventing the IRS from challenging your valuation more than three years after you file. The deadline is April 15 ...