The IRS is warning businesses that they’re prime targets for identity theft. How do you know if your company’s identity has been stolen? According to the IRS, you should investigate if you receive a:...

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Did you or someone you know get married in 2023? The IRS has provided a checklist to help newlyweds avoid mistakes that could cost them at tax time. How you file depends on your...

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As a result of finalized rules from the Department of the Treasury and the IRS, certain taxpayers may need to file their tax returns electronically (e-file) beginning January 2024. Here are some key takeaways1: The...

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The IRS has announced penalty relief for nearly 4.7 million individuals, businesses and tax-exempt organizations that weren’t sent automated tax collection reminder notices during the pandemic. It involves about $1 billion in penalty relief....

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Businesses typically want to delay taxable income into future years and accelerate deductions into the current year. But in some cases, they want to do the opposite. One reason might be tax law changes...

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As 2023 winds down, the IRS is reminding taxpayers who didn’t pay enough tax during the year to help avoid penalties by making a 4th quarter estimated tax payment by Jan. 16, 2024. Those...

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Employers that withhold taxes from employee wages but don’t pay them over to the IRS may face a penalty of 100% of the unpaid tax. The Trust Fund Recovery Penalty (TFRP) can be assessed...

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To err is human. But if you intentionally underpay taxes owed, the IRS may slap you with a fraud penalty. Such was the case in two recent U.S. Tax Court decisions against taxpayers. In...

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The IRS has issued the 2024 optional cents-per-mile rates used to calculate the tax-deductible costs of operating a vehicle. Effective Jan. 1, 2024, the standard mileage rate for the business use of a car...

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