President Trump signed the Families First Coronavirus Response Act, the first national legislation to offer Americans relief from the coronavirus’ impact on the economy, on March 18th. Its provisions will…
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It’s a well-known truth that running a small business is considered an audit risk for taxpayers. Auditors have found that self-employed people often claim too many deductions and write off…
In a recent tax court case, the IRS has successfully denied a “pizza deduction” for wages paid out in, well, pizza (Ross, TC Summ. Op. 2014-68). In this case, a small business…
For years now one of the biggest fears with the Affordable Care Act has been that people might see delays in service due to higher volumes of patients. Instead we…
The funny thing about the IRS is that they are more predictable than a small business. So when someone buys a new house and puts their kids in private school…
The IRS is increasing scrutiny on small businesses. The shift in focus is not a new approach but a reallocation of resources that have already been stretched extremely thin. With…
The IRS has released new statistics on audits for 2010 and your chance for an audit is the highest it has been since 1997. For individual returns, 1.11% of all…
It’s official: businesses will not be required to file 1099s for payments to other corporations. You will still be required to file 1099 forms for individuals who receive $600 or…
E-filing can speed up the tax filing process, and that is really nice…sometimes. When they process your return before they process your extension, that can cause some headaches in the…
Unless you have a dedicated accounting staff with their own designated office space who handle the finances of your business with little or no input from you, the advantages of…
