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The IRS is set to intensify its audit activities thanks to an $80 billion boost from the Inflation Reduction Act. This funding aims to revitalize the agency, which has faced years of underfunding, resulting in customer service issues and decreased audit rates. Wealthy individuals and large corporations will be the primary focus of these increased audits.
Closing your sole proprietorship involves more than just shutting the doors. Understanding the tax implications is crucial. In our latest blog post, we break down the key considerations when shutting down your business, from asset sales to tax strategies.
You can leverage your home office into a tax benefit for both you and your corporation by following these steps. Remember, careful documentation is key to proving your home office meets the IRS requirements.
Suburban Chicago man sentenced to federal prison for tax fraud, overstating business expenses and charitable contributions.
When taxpayers file a joint tax return, both spouses are jointly and severally liable for the entire tax due. However, there’s an exception if fraud is involved, allowing tax liability to be appropriately allocated. In a recent case, a husband sought Innocent Spouse Relief after his ex-wife filed their 2016 tax return without his knowledge, deducting significant unreimbursed employee business expenses. Despite meeting several conditions for relief, the tax court denied his request, emphasizing the importance of reviewing tax returns before filing. This case highlights that ignorance of return contents cannot shield one from liability.
As tax season comes to a close, many taxpayers can finally relax after filing their returns. However, some may realize they made errors or omissions that need correcting. If you find yourself in this situation, don’t panic – there are steps you can take to fix your mistakes and potentially avoid costly penalties.
The Internal Revenue Service is back with its hand out, pleading for over $100 billion in new funding from Congress. This comes despite the agency receiving a massive $60 billion cash infusion just last year from the Inflation Reduction Act.
A Cautionary Tale for Business Owners: The Cost of Ignoring Tax Obligations Running a successful business is challenging enough without adding tax troubles to the
Closing your sole proprietorship or single-member LLC? Understanding the tax implications is crucial. Selling your business assets triggers various tax considerations, including special rules for real estate, different tax treatment for various assets, and non-compete agreement payments taxed as ordinary income. Navigating these tax implications requires careful planning. We’re here to help at IRSProb.com
Did you know the IRS can charge you up to a 25% penalty for filing your tax return late? Many people don’t realize that you can avoid this hefty penalty by filing on time, even if you can’t pay the full amount you owe. At IRSProb.com, we’ve seen countless individuals save thousands by simply filing on time.
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