As of February the Internal Revenue Service has stepped up audits in an effort to increase its collections from taxpayers. Among the scheduled increase is a plan to audit 6,000 US companies in an effort to determine whether they have paid all of their required payroll taxes. These taxes fund Social Security and Medicare.
The audits, [...]
According to a new report by the Treasury Department’s Inspector General for Tax Administration (TIGTA), an estimated 1.2 million income tax returns were filed in 2007 by individuals whose wages were earned using another person’s identification number.
Many of the returns that included these wages were filed utilizing the taxpayers’ correct names and social security [...]
Every business is looking at how to improve their bottom line, whether is by reducing costs or increasing sales improvements can normally be made just by looking at what your current performance is.
One of the first places to look for information is in your accounting software. If your business uses an accounting software package to [...]
Recently, I got a call from a new client requesting that I review their personal tax preparation. They had completed their personal tax return using Turbo Tax. They wanted me to make sure it was right.
This is not something I would normally do but this client is a real estate investor and I [...]
Small business owners operating as single member LLC’s have consistently been the target of IRS audits. They file their business income and expenses on Schedule C of their personal income tax returns. The individual business owners, often called “solopreneurs”, have a big, fat bull’s eye on their backs when it comes to tax [...]