Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS...
Dealing with outstanding tax debt can be a stressful and overwhelming experience. However, the IRS provides a solution for eligible taxpayers who are unable to pay their tax liabilities in full: the Offer in Compromise (OIC) program. This program allows taxpayers to...
The IRS recently delayed the requirement to lower the reporting threshold from $20,000 and 200 transactions in a year to $600 and any number of transactions. Had they not delayed, taxpayers would have been flooded with unexpected 1099-K forms and confusion in January...
Summer is around the corner so you may be thinking about hiring young people at your small business. At the same time, you may have children looking to earn extra spending money. You can save family income and payroll taxes by putting your child on the payroll. It’s a...
By Julie Smith and Kelli Risse Tax season can be an incredibly stressful time for public accounting firms and their teams. The pressure to meet deadlines, manage client expectations, and maintain high levels of productivity can take a toll on even the most experienced...
When you think of tax season, what’s the first thing that comes to mind? A frazzled accountant with a crooked tie, bloodshot eyes, holding a cup of cold black coffee…at 11:13 pm in a dimly lit office with countless stacks of paper piled 3 feet high (and leaning)? Are...
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