by candy | Mar 14, 2023 | IRS, News Letter
Are you an officer of a corporation and need to know what the IRS considers reasonable compensation? It is important to note that reasonable compensation doesn’t apply to partnerships or sole proprietorships because these individuals are not considered employees...
by candy | Jan 6, 2023 | IRS, Taxes
The IRS recently announced that taxpayers may notice a smaller tax refund beginning in 2023 compared to the last two years. This is primarily due to the lack of government financial support in 2022. In the previous years, citizens had been able to receive additional...
by candy | Dec 27, 2022 | IRS
If you are an advanced Child Tax Credit recipient, you most likely received a previously issued Letter 6419. The Internal Revenue Service mailed out letters to the recipients of the Advance Child Tax Credit as well as the third round of Economic Impact Payments that...
by candy | Nov 11, 2022 | Featured, IRS, News
After receiving feedback from taxpayers and practitioners, the IRS Independent Office of Appeals has made updates to their initial contact letters. Previous contact letters that were received were difficult for taxpayers to understand. Therefore the IRS’ goal with...
by candy | Nov 8, 2022 | IRS
When it comes tax time, filing a return can be a dreaded task for many business owners. Although they can be a headache, filing your taxes is an important part of your business. Once you file, it is essential that you remember the date you submit them and that...
by candy | Nov 1, 2022 | IRS, News Letter, Shared
During the pandemic, the IRS paused some of its collection and compliance notifications through the remainder of 2022. They specifically stated they would be holding balance-due reminders as the IRS needs time to get caught up on processing paper returns and...
