MyIRSRelief

OCTOBER 28, 2022

In case you were not aware of what the FTB is, it is the California board that is responsible for collecting all of the personal income tax and business franchise taxes that are assessed every year for people and companies in California. The board uses several methods to collect owed taxes.

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California audit Tax income tax 130

MyIRSRelief

OCTOBER 11, 2024

An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and is empowered by the U.S. Department of the Treasury to represent taxpayers before the Internal Revenue Service (IRS) for tax issues including audits, collections, and appeals.

tax services 130

tax services payroll tax Tax tax preparation 130

RogerRossmeisl

AUGUST 9, 2022

Reasonable (or replacement) owners’ compensation can be a hot button during IRS audits, divorces, shareholder disputes and other litigation matters involving the value of a private business. Applying federal tax guidance The IRS is on the lookout for C corporations that pay employee/shareholders excessive salaries in place of dividends.

income tax 241

income tax audit CPA Tax 241

CPA Practice

MAY 26, 2023

It is stepping up efforts to audit employers as aggressive promoters continue to make a pitch for fraudulent refunds (IR-203-40, 3/7/23). This type of scheme was recently included on the IRS’ list of the Dirty Dozen tax scams to watch out for in 2023. Practical advice: If you’re tapped for an audit, don’t panic.

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audit general ledger income tax tax return 138

TaxConnex

OCTOBER 15, 2024

Income tax often seems to grab most of the headlines, but sales tax can make for a hefty crime – and punishment – too. A famous case recently examined in the TaxConnex podcast It Depends episode, “Sales Tax Crimes - Pt.

Sales 203

Sales New Hampshire Tax income tax 203

TaxConnex

NOVEMBER 2, 2023

October 15 th ended the last major income tax due dates in 2023. Most CPAs use the fourth quarter of the year for audit and tax planning for clients, strategic planning for the firm and of course, CPE. Don’t forget that factors that create sales tax nexus are different from the factors that create income tax nexus.

Sales 263

Sales Tax income tax tax planning 263

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. It is not known whether they were randomly selected for audit or whether they were targeted for some reason. We have written previously about the topics the IRS is likely to inquire about on audit.

audit 121

audit income tax tax return Tax 121

Withum

FEBRUARY 8, 2023

But as with any popular tax credit or deduction, the IRS is sure to be close behind. We’ve written about IRS audits rolling out last July, and the IRS followed up our article with a warning to taxpayers regarding third-party promotion of improper ERC claims. An IRS audit can be scary, but this is especially true with ERC audits.

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audit income tax tax return payroll tax 120

Cherry Bekaert

MAY 16, 2023

S corporations are corporations that elect to pass corporate income, losses, deductions and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed at their individual income tax rates.

income tax 88

income tax Tax tax return Connecticut 88

CPA Practice

MAY 25, 2023

It is stepping up efforts to audit employers as aggressive promoters continue to make a pitch for fraudulent refunds (IR-203-40, 3/7/23). This type of scheme was recently included on the IRS’ list of the Dirty Dozen tax scams to watch out for in 2023. Practical advice: If you’re tapped for an audit, don’t panic.

audit 130

audit general ledger income tax tax return 130

CPA Practice

APRIL 26, 2023

With the IRS laser-focused on enforcement, many partnerships will find themselves subject to their first IRS audits under the new procedurally complex partnership audit rules. Under these rules, the default is that the partnership pays an entity-level tax called an “imputed underpayment” (IU) on any adjustments.

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audit Tax tax return income tax 132

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. In this article, we will explore the benefits of professional tax help for Chicago taxpayers facing tax audits, back taxes, and 941 payroll tax problems.

payroll tax 147

payroll tax payroll audit Tax 147

MyIRSRelief

MAY 19, 2023

Whether you are a small business owner, self-employed, or an individual taxpayer, you may face tax issues such as tax audits, back taxes, and 941 payroll tax problems. Contact us for tax help today. Contact us for tax help today.

New York 147

New York payroll tax payroll audit 147

MyIRSRelief

APRIL 1, 2022

Amending and or correcting a US individual 1040 income tax return (1040X), there are many reasons to do so: correcting filing status of the taxpayers, which if not corrected, would result in incorrect total income reported, tax deductions and tax credits. Changing IRA deduction (Form 8606). Number of exemptions.

tax return 100

tax return income tax Tax audit 100

TaxConnex

SEPTEMBER 29, 2020

The state’s largest categories of general fund tax revenue, individual and corporate incomes taxes and sales taxes, all rose in August. Sales taxes were up 8.2 million in the month’s taxes on online sales, which go into a different state tax fund. percent over August 2019 – not even counting $9.6

Sales 246

Sales Tax Alabama Texas 246

MyIRSRelief

AUGUST 2, 2024

This dichotomy creates a complex tax landscape for cannabis businesses, particularly concerning compliance, audits, and the infamous Section 280E of the Internal Revenue Code (IRC). Get professional tax help by calling our tax firm at 1-877-788-2937. Preparing for an Audit Preparation is key to surviving an IRS audit.

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audit Tax Nevada Colorado 130

TaxConnex

APRIL 20, 2021

This time of year, everybody’s mind is on income tax preparation. The fact is, when it comes to many companies’ federal and state income tax returns, they don’t rely on an automated income tax return. How much of the sales tax compliance process is still left for you to do on your own?

Sales 214

Sales Tax tax return income tax 214

Generate Accounting

OCTOBER 31, 2024

IR will be making unannounced visits to hundreds of businesses who they believe aren’t meeting all their tax obligations as employers. These visits can lead to a full tax audit. ” “Businesses need to keep a record of and declare all income and sales, including any cash sales.

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audit Tax income tax tax return 52

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. percent of small businesses are getting tax audited. What is a tax audit? What does a tax audit mean?

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audit Tax tax return auditor 98

TaxConnex

JUNE 21, 2022

Companies also wondered if they were collecting and remitting the correct sales tax – and if they were at risk for audit. California had sent letters to Amazon sellers saying that they may owe years of uncollected sales taxes and be facing audits. Sales taxes in the second quarter fared little better, plunging 9.8

South Dakota 246

South Dakota E-commerce Alaska Missouri 246

CPA Practice

MAY 6, 2023

Suppose you get a letter in the mail from the IRS notifying you that you’re being audited. First things first: Check to see if the IRS will be conducting a correspondence audit or a field audit. Generally, a correspondence audit is less intrusive than a field audit, but both must be taken seriously. Don’t panic.

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audit Tax tax return income tax 105

TaxConnex

DECEMBER 7, 2021

million in sales taxes for services for 2010 through 2018. SSVE and McCabe also evaded income taxes, employee withholding taxes and workers’ compensation payments by underreporting sales and paying workers off the books. SSVE and McCabe admitted their failure to collect and remit the full sales tax.

Alabama 246

Alabama New York tax return Sales 246

SkagitCountyTaxServices

NOVEMBER 8, 2023

The IRS will be focused less on working-class taxpayers and increasingly toward high-income individuals and corporations. Because these groups have seen sharp drops in audit rates during the past decade. In response, the IRS is gearing up to audit the most serious cases of potential FBAR non-filers in the upcoming Fiscal Year 2024.

income tax 70

income tax tax return Tax audit 70

ThomsonReuters

MAY 12, 2022

What triggers a sales tax audit and how do you reduce the risk of an audit? Almost all companies undergo a sales tax audit at some point. This sales tax audit guide can help indirect tax teams avoid common audit triggers and manage the sales tax audit as smoothly as possible.

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audit Sales Tax auditor 105

MyIRSRelief

JANUARY 2, 2023

Some common tax problems include: Failing to file a tax return: If you fail to file a tax return (1040, 1120, 1065, 941, etc.), you may be subject to penalties and interest on failure to file and on any unpaid taxes. IRS Audit is a review of your tax return to ensure that the information reported is accurate.

Tax 147

Tax tax return payroll tax audit 147

CPA Practice

JUNE 16, 2023

Is there a certain aura around an audit? The paper also discusses how the IRS estimates that there are more than $500 billion unpaid tax obligations each year, and that those obligations are mostly among the top earners. As such, when the IRS audits those earners, it’s able to claw out some of that money.

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audit Tax income tax accountant 98

CPA Practice

MAY 16, 2023

Following the release of the Stanford University study in early February, Wyden and other lawmakers demanded the IRS review and make changes to its auditing processes. The higher audit rate for Black taxpayers is due to a flawed artificial intelligence algorithm used by the IRS to decide who gets audited, the study’s authors said.

audit 98

audit tax return accounting and finance Tax 98

CPA Practice

MAY 17, 2023

Following the release of the Stanford University study in early February, Wyden and other lawmakers demanded the IRS review and make changes to its auditing processes. The higher audit rate for Black taxpayers is due to a flawed artificial intelligence algorithm used by the IRS to decide who gets audited, the study’s authors said.

audit 98

audit tax return accounting and finance Tax 98

Withum

FEBRUARY 27, 2025

A 2-year delay of the imposition of natural gas fuel taxes that would otherwise go into effect on January 1, 2026. Audit and Refund Communications The Legal Affairs Division of the DOR says it will clarify communications with taxpayers sent 60 days before an intent to audit.

Florida 52

Florida income tax audit Real Estate 52

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.

Tax 126

Tax income tax tax return audit 126

TaxConnex

NOVEMBER 22, 2022

Another cost-effective approach to adding sales and use tax advisory services: partnering with sales and use tax experts. Accounting and CPA firms looking to expand their services into the sales and use tax niche, often have pent-up demand within their own client base. Review the sales tax payable account.

accounting firms 130

accounting firms Sales Tax tax return 130

CPA Practice

SEPTEMBER 20, 2023

These efforts are consistent with our broader commitment to use Inflation Reduction Act dollars to end the era of historically low error rates for wealthy and large entities, while making sure middle- and low-income filers continue to see no change in audit rates for years to come.”

income tax 122

income tax Tax audit tax return 122

CPA Practice

FEBRUARY 3, 2025

From a fear of being audited by the IRS to a lack of familiarity with U.S. tax laws, people across the country have expressed a diverse range of emotions as the April 15 federal income tax deadline looms closer, according to findings from a new Adobe survey.

income tax 111

income tax Tax audit 111

Withum

OCTOBER 3, 2023

The IRS is on “high alert” with regard to specious ERC claims and it is aggressively auditing both new claims and claims that were already paid. Also, keep in mind that the IRS can assert penalties on claims it has paid and on claims that it audits or denies before they are paid. In other words, playing the audit lottery is risky.

income tax 122

income tax audit tax return Tax 122

Withum

MARCH 15, 2023

We noticed the uptick in audit activity and are seeing a significant increase in IRS audits of ERC claims. The IRS also noted that promotors may not be upfront with taxpayers about the requirement to amend their federal income tax returns to reduce wage deductions by the amount of the credit.

tax return 130

tax return income tax audit Tax 130

SMBAccountant

MARCH 8, 2023

Tax accountants must use the Internal Revenue Code (IRC) to provide accurate tax returns. Financial accounting is a branch of accounting that involves a process of recording, summarizing, and reporting transactions from a business.

tax accountant 130

tax accountant Tax accountant accounted 130

SMBAccountant

NOVEMBER 17, 2021

This is incorrect and causes labor to be understated and taxes to be overstated. This can include deductions for Social Security, Medicare, federal and state income taxes, health insurance, 401k, child support, expense reimbursements, and many others. This can also cause issues with insurance or worker’s compensation audits.

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payroll payroll tax income tax Expense Reimbursements 130