Learn how to avoid common employment tax mistakes and stay compliant with IRS regulations to save time, money, and stress.
Common Employment Tax Mistakes and How to Avoid Them
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Month: March 2024
MARCH 2024 TAX UPDATES
2024-2025 IRS Priority Guidance—Want to Opine? Per Notice 2024-28, 2024-13 IRB, the IRS invites the public to submit recommendations for items to be included on the 2024-2025 Priority Guidance Plan. This document is used by the IRS to identify and prioritize tax...
How can corporate tax planning help with profit maximization?
Corporate tax planning is a critical component of any company's financial strategy. Savvy business leaders know that successful tax planning doesn't just involve complying with the law — it's about leveraging it to enhance business efficiency and profitability. But...
When do I need to file a tax form for foreign financial assets?
The Internal Revenue Service (IRS) and related entities have taken steps to curb the use of foreign accounts for tax evasion. One major step towards this goal was the passage of the Foreign Account Tax Compliance Act (FATCA). This law serves three main goals. It...
What is the Cohan rule, and how does it apply?
Business owners often find themselves completing one task and quickly moving on to another in the day-to-day of staying dynamic and relevant. Hence, it is not surprising that in pursuit of a successful business, receipts, expenses and business activities that would be...
IRS announces new effort focused on high-income taxpayers who have not filed returns
In the recent past, the IRS was not aggressively pursuing taxpayers who failed to file returns, including high income taxpayers, because of a lack of funding. This is all now changing. On February 29, 2024. the IRS announced in IR-2024-56, a new initiative focusing...
Recent case explores the IRS’ ability to take retirement assets as part of installment agreement
Installment agreements offer an alternative for taxpayers to pay off their tax debt. Instead of paying in a lump sum, those who qualify for an installment agreement can make smaller, more manageable monthly payments. There are different types which can include a...