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...
How to Determine a Reasonable Compensation

How to Determine a Reasonable Compensation

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...
IRS Warns that Tax Refunds May Be Smaller

IRS Warns that Tax Refunds May Be Smaller

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...

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