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. Alexander Dundara specializes in providing assurance services to the Life Sciences, Technology, and Emerging Growth community and serves as the Firm’s Digital Health Team Leader.

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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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Withum

OCTOBER 19, 2022

As we have written before, one unfortunate side effect of the ERC explosion has been the proliferation of tax credit companies offering dubious advice in exchange for outsize fees.If The IRS has already started to aggressively audit ERC claims, some even before they are paid. This applies with equal force to the ERC. Contact Us.

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Withum

JULY 31, 2024

The IRS promised to start paying the low-risk claims by the end of the summer and continue reviewing and auditing the remainder of the claims that are not denied outright. Importantly, the IRS states that taxpayers seeking assistance from TAS will not increase their chances of audit. Let’s Chat The post Where’s my ERC Refund?

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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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MyIRSRelief

APRIL 22, 2024

Navigating tax issues can be daunting, especially when facing audits, unpaid taxes, or payroll problems. In Corona, CA, part of the Inland Empire, taxpayers and businesses often seek clarity on resolving these issues effectively. What is Audit Representation and How Can It Help Me in Corona, CA?

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Withum

JUNE 24, 2022

The memos are so generic that they would not even qualify as tax advice that clients can rely on to assert a reasonable cause defense to penalties. Some of these advisors also promise indemnification and audit support if their clients are audited by the IRS. What Issues Can We Expect the IRS To Audit? ERC Generally.

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Withum

MARCH 24, 2022

On its corporate income tax return, the taxpayer claimed a business expense deduction for the cost of Mr. Kocemba’s tuition for the computer coding course. The IRS disallowed the deduction on audit and assessed a deficiency. Business Tax Services. Contact Us. Contact Us.

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xendoo

JULY 6, 2023

Generally, the chances of the Internal Revenue Service (IRS) auditing you are low. For most taxpayers, the audit rate is less than 1% to 2%. However, businesses tend to have more complex tax returns, so auditing is a concern. How far back can the IRS audit you? The IRS won’t audit most taxpayers.

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xendoo

JULY 6, 2023

Generally, the chances of the Internal Revenue Service (IRS) auditing you are low. For most taxpayers, the audit rate is less than 1% to 2%. However, businesses tend to have more complex tax returns, so auditing is a concern. How far back can the IRS audit you? The IRS won’t audit most taxpayers.

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Withum

DECEMBER 7, 2023

On audit, the IRS disagreed with Soroban Capital’s exclusion of the ordinary income distributions from its calculation of net earnings from self-employment. In the Tax Court, the parties cross-moved for summary judgment, and the Tax Court ruled in favor of the IRS.

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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. Indinero’s virtual bookkeeping service simplifies record keeping. When the time comes, contact us about our virtual bookkeeping services.

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xendoo

MAY 16, 2023

Most small businesses have a low probability of going through an IRS audit, but it’s possible. What happens if you get audited and don’t have receipts to back your expenses? It’s a common question and concern for many business owners. Learn everything you need to know about IRS audits and receipts below.

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xendoo

MAY 16, 2023

Most small businesses have a low probability of going through an IRS audit, but it’s possible. What happens if you get audited and don’t have receipts to back your expenses? It’s a common question and concern for many business owners. Learn everything you need to know about IRS audits and receipts below.

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Withum

JUNE 27, 2022

Now that we are halfway through the new year, most companies have wrapped up their books and records for 2021 and sent them to their accounting professionals for tax and audit preparation. Third parties often want some comfort in knowing that a business is profitable and that they are not getting involved with a failing company.

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inDinero Tax Tips

MAY 10, 2023

Tracking expenses and claiming all of the small business tax deductions you’re eligible for can add up to substantial savings, especially for start-ups that reinvest aggressively as they scale. We’ll paint a financial portrait of your business hat valuably informs your decision-making and protects you in the event of an IRS audit.

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xendoo

JANUARY 30, 2023

Minimizing your company’s tax burden can help maximize profits. One way of doing this is through business tax credits. Leveraging the right tax credits can save your business thousands of dollars in taxes each year. How do you know which tax credits will save you the most money?

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CPA Practice

NOVEMBER 22, 2023

KBKG , a provider of tax services for CPAs and businesses, has identified three changes that the IRS has implemented; each one could have strong impacts on businesses. If it is believed that an already filed claim is erroneous, those that have submitted can withdraw the claim, even if it is already under audit.

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Withum

SEPTEMBER 22, 2022

Also, even though the SBA retains the ability to audit and pursue repayment of a PPP loan for six years after forgiveness is granted, the taxpayer in the CCA retained the PPP loan proceeds in 2020 under a claim of right, which means that 2020 is the proper year of inclusion even though repayment may have to be made in a later year.

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MyIRSRelief

DECEMBER 15, 2022

For example, you may want to catch up on your tax filings, prepare for an audit, or simply get a better understanding of your financial situation. What is income tax preparation service? Our Los Angeles tax preparation service is the process of preparing and filing tax returns for individuals or businesses.

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inDinero Tax Tips

NOVEMBER 7, 2023

Net Operating Loss Limitations Record Keeping and Documentation Conclusion Navigating tax advantages like net operating losses can be a headache. InDinero’s business tax services can save you time and money, as our team of professionals will ensure you’re making the most of every tax year.

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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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ThomsonReuters

JULY 6, 2023

research and development credits) Trade and customs tax services and guidance Transfer pricing evaluation , documentation, and modification of existing policies Tax valuation services What does a tax advisor do?

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CPA Practice

OCTOBER 2, 2023

If it is believed that an already filed claim is erroneous, those that have submitted can withdraw the claim, even if it is already under audit. Those still looking to file an ERC claim can continue to do so under the strict guidance of the IRS and through a certified tax professional, like KBKG.

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ThomsonReuters

JANUARY 28, 2022

Stay top-of-mind with tax and accounting clients all year. Companies that only offer tax services have to start over each year building a brand through marketing and advertising. Business tax preparation. That includes: Preparing federal and state income taxes. Filing quarterly employment taxes.

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Withum

APRIL 29, 2022

Taxpayers taking the wait-and-see approach, i.e., waiting to pay tax until they receive the ERC, can now point to this news release if they are audited on this issue. Business Tax Services. Even though the news release is not the model of clarity taxpayers desired, something is better than nothing. Contact Us.

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CPA Practice

OCTOBER 3, 2023

If it is believed that an already filed claim is erroneous, those that have submitted can withdraw the claim, even if it is already under audit. Those still looking to file an ERC claim can continue to do so under the strict guidance of the IRS and through a certified tax professional, like KBKG.

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Withum

JUNE 22, 2022

Similarly, it would not be reasonable to invest $5 million into a business that requires only $400,000 to operate. The key here is reasonableness and what one would feel comfortable explaining to an IRS agent if he/she were audited. Business Tax Services. Contact Us.

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inDinero Tax Tips

JULY 11, 2023

How To Calculate the Home Office Deduction Required Documentation Conclusion If this guide does not answer a tax deduction question, skip the Google labyrinth and try our ultimate business tax deductions guide or consult the IRS source documentation on the home office deduction. Contact us today.

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Withum

MAY 23, 2022

Taxpayers should expect the same with respect to the IRS and its audits of the ERC. Business Tax Services. For more information on this topic, please contact a member of Withum’s Cannabis Sector Services team. For this reason, employers should reach out to a qualified ERC specialist to determine eligibility.

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Withum

JANUARY 8, 2024

However, no audit protection will be provided for Section 174 R&E expenditures that were ignored in the 2022 taxable year. However, if a taxpayer did attempt to capitalize Section 174 R&E expenditures in 2022, a 2023 automatic method change would receive audit protection for the 2022 taxable year.

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inDinero Tax Tips

JUNE 12, 2023

However, you can’t deduct what you don’t document and shouldn’t deduct what you can’t prove was a business expense. Mistakenly taking personal expenses as small business tax deductions also opens you to risk during an audit. What are you allowed to deduct?

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PYMNTS

FEBRUARY 8, 2019

Corporate accounting and auditing firm KPMG is shuttering its small business services unit, reports in The Business Desk said Thursday (Feb. According to the publication, KPMG’s Small Business Accounting (SBA) service, which launched in 2014, will be closed in the U.K. will remain unaffected.

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inDinero Tax Tips

JUNE 7, 2023

Recently, the agency revealed they’ll use some of those funds to hire thousands of agents to audit the filings of wealthy individuals and corporations to close “the tax gap.” Let’s look closer at where these funds will go and what implications the changes may have for taxpayers and business owners. Who Will This Impact?

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MazumaBusinessAccounting

JULY 27, 2022

For example, do you know how much your business has spent on payroll this year? Tax Filing. Business taxes are complex and time-consuming and can be stressful when trying to do them alone. Bookkeeping services that include tax filing take a lot off your plate come tax time. Easier IRS Audits.

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CPA Practice

SEPTEMBER 17, 2024

Her dedication to providing high-quality service in audit and tax work, and her ability to manage complex projects have been invaluable to both our team and our clients. Bassett has 25 years of audit and accounting experience. She is working towards her master’s in accounting.

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Snyder

NOVEMBER 10, 2022

Online tax preparation + IRS forms. Dealing with deadlines for important business taxes. What is tax software? Tax software is a program built specifically to help individuals and businesses with taxation. What factors should be considered when selecting tax software? Do you need tax software?

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