Payroll Taxes
In a recent audit, Maryland found itself owing the IRS a hefty $5.4 million, a significant sum resulting from complex payroll and withholding issues that the state had previously overlooked.
November 11, 2024
Skip to content In a recent audit, Maryland found itself owing the IRS a hefty $5.4 million, a significant sum resulting from complex payroll and withholding issues that the state had previously overlooked.
One of the biggest tax-related questions for business owners is whether the IRS will classify an activity as a business or a hobby. The answer has major tax implications: If
As a business owner, understanding the IRS audit triggers is essential for staying on the right side of tax compliance and avoiding potential issues. Many taxpayers, including business owners, inadvertently
When it comes to fraud and tax evasion, it’s not just a matter of breaking the law—it’s a betrayal of trust that impacts everyone involved, from employees to beneficiaries. A
When running a business, it’s essential to stay on top of tax obligations. The recent guilty plea of the leader of Yoga to the People for tax evasion is a
The case of Jason Svonavec, a prominent businessman involved in coal mining, crane services, and agriculture, serves as a stark reminder of the consequences of misrepresenting expenses for tax purposes.
Running a business is never easy, especially when it comes to managing finances and tax obligations. One recent case sheds light on what can happen when business owners try to
When you own a small business structured as an S corporation, it’s crucial to understand the rules that govern your corporation’s status. One key aspect of maintaining your S corporation
Understanding the Nuances for Business OwnersFor many small business owners in the U.S., forming a limited liability company (LLC) or a partnership is a common way to structure their businesses.
When it comes to legal settlements, the general rule is that payouts related to personal injury or illness are not subject to federal income tax. However, as with many aspects
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