RogerRossmeisl

MAY 16, 2022

Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS. Be aware that there’s no one way to keep business records. Here are two.

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MyIRSRelief

OCTOBER 11, 2024

Department of the Treasury to represent taxpayers before the Internal Revenue Service (IRS) for tax issues including audits, collections, and appeals. If you’re searching for an “Enrolled Agent near me,” you’re likely looking for someone who can provide a wide range of tax services.

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MyIRSRelief

MARCH 29, 2024

In the bustling city of Whittier, California, businesses face a myriad of tax-related challenges that can significantly impact their operations and financial health. From business tax preparation to dealing with unpaid back taxes and navigating complex audits, the tax landscape can be daunting.

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RogerRossmeisl

APRIL 28, 2024

Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS. Be aware that there’s no one way to keep business records.

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Accounting Today

SEPTEMBER 5, 2023

As an auditing professional, it's vital that you detect any discrepancies in business tax reports and either try to rectify them or report them to the IRS.

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Accounting Today

OCTOBER 20, 2023

The Internal Revenue Service is making improvements to its online tax professional accounts and hiring more accountants as it ramps up enforcement.

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inDinero Accounting

OCTOBER 17, 2024

So, buckle up as we embark on this journey through the labyrinth of small business tax deductions, uncovering often-overlooked opportunities and strategies to maximize your tax savings. We’ll paint a financial portrait of your business that valuably informs your decision-making and protects you in the event of an IRS audit.

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Withum

JULY 28, 2022

Multiple businesses notified us this week that their claims for the employee retention credit (ERC) are being audited by the IRS. This does not mean that these businesses did anything wrong, or that they will end up owing money to the IRS; it just means that the IRS selected their ERC claims for review. Business Tax Services.

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MyIRSRelief

MAY 22, 2023

Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. Contact us for tax help today. Tax audits can be time-consuming and require a significant amount of documentation.

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Withum

DECEMBER 18, 2024

Finance teams planning for their year-end financial statement audit have an even longer list of things to think about at the end of the year, including income statements, balance sheets, and, finally, the income tax provisions and disclosures that must be presented in the financial statements.

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inDinero Accounting

AUGUST 19, 2024

As a small business owner, few phrases strike fear quite like “IRS audit.” ” While the chances of getting audited by the IRS are relatively low, understanding audit risk factors and implementing preventive measures can provide peace of mind and financial security. audit rate Partnerships: About 0.4%

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RogerRossmeisl

SEPTEMBER 6, 2021

In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” The post What IRS Auditors Know About Your Business Industry appeared first on Roger Rossmeisl, CPA.

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inDinero Tax Tips

NOVEMBER 4, 2021

Even if your books are perfectly accounted for, an IRS audit letter will fill anyone with a sense of dread. However, most businesses are unprepared and need IRS tax audit help. Having proper documentation of all your income and expenses is the easiest way to pass an audit. What is an Audit? What is an Audit?

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xendoo

NOVEMBER 9, 2021

With the year coming to an end, tax return season is just right around the corner. For small businesses, that means being prepared to find all of the small business tax deductions you can to minimize your payout to the IRS. . When filing taxes, knowing the deadlines is an essential part of being organized and prepared.

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Snyder

DECEMBER 28, 2022

Many small business owners often feel like they might be a heartbeat away from the IRS tax audit. In fact, according to the IRS data , only about 1 percent of taxpayers are facing an audit. If you’re a small business owner, however, your chances are a bit higher – about 2.5 What is a tax audit?

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KROST

OCTOBER 21, 2021

In Late September 2021 Governor Newsome signed Assembly Bill (AB) 150 establishing the Main Street Small Business Tax Credit II. This bill provides financial relief to qualified small businesses for the economic disruptions in 2020 and 2021, resulting in unprecedented job losses. Jason Melillo, CPA, is the Principal of KROST.

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Summit CPA

OCTOBER 10, 2024

Padding business deductions with non-deductible personal expenses may be considered tax fraud. Information concealed during an audit. It’s stressful enough just going through a tax audit. The first thing you should do if you are selected for an audit is to seek help.

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RogerRossmeisl

AUGUST 11, 2024

The IRS is continuing to work denials of improper ERTC claims, intensifying audits and pursuing civil and criminal investigations of potential fraud and abuse.

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CPA Practice

AUGUST 23, 2023

The study found that the partner has twice as great an impact on the firm’s cash effective tax rate than did their firm. The study also found that partners were a greater factor in determining the likelihood of an IRS audit. “We Male partners also tended to be associated with a higher likelihood of an IRS audit.

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RogerRossmeisl

AUGUST 11, 2024

As appearing in IR-2024-198 Businesses urged to proactively resolve erroneous claims to avoid penalties, interest, audits As the Internal Revenue Service intensifies work on the Employee Retention Tax Credit (ERTC), the agency today shared five new warning signs being seen on incorrect claims by businesses.

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MyIRSRelief

AUGUST 9, 2021

You never want to fail to report on time or even worse refuse to file your taxes. If you end up receiving notice of action by the IRS for failure to report your company’s business tax returns you are subject to several penalties. The best thing you can do is contact a tax specialist and discuss your 911 urgent tax help problem.

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Snyder

FEBRUARY 7, 2023

In this article, you’ll learn what tax deductions are, which expenses are deductible, and how to minimize the risks of the IRS tax audit. What exactly are tax deductions? How to claim small business tax deductions 2. 12 tax deductions that apply to small businesses 3. Contents: 1.

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Withum

FEBRUARY 6, 2023

Benefits of a Modernized ERP System As you prepare for this tax season, are you utilizing reliable and agile accounting/ERP software ? Increase data access, transparency, and internal visibility , especially with sales tax audits by providing physical location record information with audit trails.

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GrowthForceBlog

SEPTEMBER 15, 2021

The pandemic brought on many tax changes- including the uptick in small business audits. In 2020, the IRS announced its plan to increase small business tax audits by 50% in 2021 [1]. 7 min read.

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Withum

JUNE 28, 2024

Tyler Collins is the market leader of Withum’s R&D Tax Credit Services and is an expert in complex tax regulations. Kerra Diener is a seasoned business tax expert dedicated to helping clients achieve their financial goals. Patrick Donahue is an audit partner specializing in integrated audits.

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MyIRSRelief

MARCH 15, 2024

In the bustling city of Whittier, California, individuals and businesses alike face the daunting task of navigating the complex world of taxes. From unfiled tax returns to unpaid back taxes, and from employment 941 payroll issues to the intimidating process of IRS, FTB, EDD, and CDTFA audits, the challenges can seem insurmountable.

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MyIRSRelief

MAY 1, 2024

Navigating complex tax codes, understanding specific forms like 1120, 1120S, and 1065, and ensuring compliance can feel like deciphering ancient scrolls. Here’s where a qualified business tax professional becomes your secret weapon. This article dives deep into the critical role of tax professionals for small businesses.

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MyIRSRelief

MAY 2, 2022

Amending and or correcting a US corporate 1120 or 1120S business tax return (1120X), there are many reasons to do so: Corporate business returns often require amendments to correct errors or to claim overlooked income, deductions or tax credits after the filing of the returns, if located in Los Angeles, CA or other city.

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MyIRSRelief

OCTOBER 3, 2022

Here are some tax services you can use to fulfill the tax process. Los Angeles Tax Preparation Services for Individuals and Businesses. Tax preparation services involve the process of preparing for a tax return such as income tax, state, federal, or local tax returns. Tax Deferment Options.

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CPA Practice

OCTOBER 18, 2023

One crucial factor to consider when selecting your business location is the tax environment. Business taxes can significantly impact your bottom line and overall profitability. The importance of business taxes As an entrepreneur, you face countless decisions when starting a business.

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Withum

JUNE 29, 2023

Devin Desmond is an expert in audits of insurance organizations and not-for-profits and is a leader on the Firm’s Not-for-Profit Tax Team. Stephanie Fitzgerald is an expert in SOC audits and Systems and Process Assurance Services. Stephanie Fitzgerald is an expert in SOC audits and Systems and Process Assurance Services.

E-commerce 105

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Withum

JUNE 8, 2022

There are plenty of perfidious promotors pushing these plans without pause, peddling in promises they cannot protect from IRS audits. Business Tax Services. Contact Withum’s Business Tax Services Team to help address your questions regarding M453 transactions. Contact Us. Contact Us.

Sales 120

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RogerRossmeisl

NOVEMBER 9, 2023

Ever wonder how IRS examiners know about different industries so they can audit various businesses? They generally do research about specific industries and issues on tax returns by using IRS Audit Techniques Guides (ATGs). A little-known fact is that these guides are available to the public on the IRS website.

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MyIRSRelief

JUNE 23, 2023

Enrolled Agents are empowered to represent individuals, businesses, estates, trusts, and any other entities in all matters related to tax, including audits, collections, and appeals. Contact us for professional tax help today! d) Audit Representation : Enrolled Agents are well-versed in IRS audit procedures.

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CPA Practice

JUNE 9, 2024

Here is a selection of these technologies.

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MyIRSRelief

NOVEMBER 3, 2023

Mike Habib, EA: Your Ally in Navigating Tax Problems Tax issues can be a source of significant stress and confusion. Whether it’s unfiled tax returns, unpaid back taxes, tax audits and appeals, or 941 employment payroll problems, these issues can seem insurmountable.

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Withum

MARCH 7, 2024

Has the IRS Ramped up the Number of ERC Audits? The IRS has significantly increased the number civil and criminal audits, and it has centralized the audit process. We are seeing and hearing from others that taxpayers are receiving checks, but only after the claims are reviewed and approved, or cleared on audit.

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