IRS Funding and Potential Audits

IRS Funding and Potential Audits

Through the Inflation Reduction Act, the IRS is slated to receive nearly $80 billion in agency funding over the next decade. According to the Morning Consult/Politico Poll, it was found that a majority of voters are not worried about being audited although the IRS had...
Understanding the Work Opportunity Tax Credit

Understanding the Work Opportunity Tax Credit

If you are looking to hire new employees, consider taking advantage of the work opportunity tax credit. This incentive is meant to encourage you to hire individuals facing difficulties in finding employment. The credit has been extended until the end of 2025. There...
Backup Withholding: What is It?

Backup Withholding: What is It?

As an entrepreneur, you are required to report certain payments to the IRS made to vendors each year on Form 1099. To do so, you must ask them to submit a form W-9 Request for Taxpayer Identification Number and Certification. If you receive a notice from the IRS that...
2023 Dirty Dozen Schemes

2023 Dirty Dozen Schemes

The Internal Revenue Service has released its annual “Dirty Dozen” list, highlighting the top twelve tax scams and schemes you should know about that target individuals, businesses, and tax professionals alike. I’ll explain the items on the list to help...

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