Tax evasion has been a prevalent problem for the Internal Revenue Service, leading to limited revenue collection in the United States. As a result, the IRS has resulted in aggressive tax collection measures to ensure maximum tax compliance among all high-value...
The IRS may decide to audit your small business to check whether the reported taxable loss, income, deductions, and expenses comply with the federal tax laws. If there was a mistake, your business could be liable for interest or penalty. Most business owners and...
Divorce is a challenging process and can quickly turn ugly for the involved parties. According to the American Psychology Association, first-time marriages have a 50% chance of ending in divorce. Divorcing couples experience major challenges in matters concerning...
The internet has created massive opportunities for businesses to thrive. Interaction between businesses and customers has never been easier, and as a result, online companies have become very lucrative. As expected, high yields and return on investment attract some...
In the United States, employers are required to withhold taxes from their employee's paychecks. The withholding amount is automatically deducted by the employer from each paycheck and is determined by an employee's wages and marital and family status. However, many...
A freshly enacted Washington, D.C. Act A23-0564 will modify the District of Columbia's False Claims Act. The amendment will allow qui tam actions for violations of the tax laws in the district. While the District had previously left the enforcement of its tax laws to...
On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to include DOJ partnership “with agencies across government to enhance efforts to combat and prevent pandemic-related fraud.” The focus is on the investigation and eventual...
Employers are required by law to withhold taxes from their employee's paychecks, keep the funds secure and then report and deposit them with the IRS at the appropriate time. This helps the IRS by gathering the taxes of many individuals into a single purse for which a...
Tax withholding is an obligation for employers to collect taxes from an employee's paycheck before the money is paid out to the IRS. Therefore, it is an essential aspect for any business owner to understand the tax withholding process. Why is tax withholding...
Business operations and taxes are inextricably intertwined. Regardless of how your business generates its income, taxes will need to be paid unless you can find enough exemptions and credits to shield you from that liability. Even seemingly minor mistakes can be...
