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The lion share of IRS audits last year — 1.2 million — were done by mail. Only 392,000 involved an in-person meeting with the IRS. That’s not necessarily good news. Taxpayers overall face a low audit risk: The IRS audited 1.1% of all individual tax returns filed in 2010, or 1.6 million returns of 141 […]
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Lisa Autry at Pinnacle asks, “Is your worker really an independent contractor, as defined by law?” This question is taking on new importance for employers in the state of California. Last month, Gov. Jerry Brown signed into law Senate Bill 459, labeled by its opponents as “The Job Killer Act.” The new regulation imposes […]
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If you’ve filed for an extension for reporting last year’s federal income tax, your deadline is quickly arriving. Here are some important resources to help you meet that deadline. Understanding that many small business operators are under pressure to meet the extensions they filed this past year, here is a six-week plan intended to guide […]
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A growing roster of associations representing small and closely held businesses are pressing leaders of the tax-writing committees in Congress to not omit them in any upcoming tax reform proposals. One letter, addressed to the chairmen and ranking members of the House Ways and Means Committee and the Senate Finance Committee, said they “… should […]
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Small companies are being affected disproportionately by IRS actions to narrow the tax-revenue gap -the difference between taxes owed and taxes paid – per a recent review by the SBA’s Office of Advocacy. A Quantria Strategies study, underscored flaws in the overall estimation of the tax gap primarily as they relate to large corporations. “The […]
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The IRS is pumping up the volume of audits of ‘rich’ taxpayers as part of a increased attempt to clamp down on tax evasion as well as so-called “legal tax avoidance.” According to the bureau’s latest update for the year ended Sept. 30, the percentage of taxpayers who were audited increased in every category of […]
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As a small business owner, if you aren’t concerned about a tax audit, you should be. An IRS audit can be a troubling experience even if you’re completely prepared. Make no mistake, your IRS auditor won’t be especially charming. Due largely to a humongous budget deficit, the government is trying to close a $300 billion gap […]
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Business owners across the land gave a sigh of relief as an unpopular portion of the Healthcare Reform Act was repealed by the Senate two weeks ago. Or was it? In a bi-partisan 81-17 vote, the so called 1099 requirement would have mandated that all businesses issue 1099’s to anyone, incorporated or otherwise, with […]
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“For decades the IRS has played a game of find-the-freelancer at businesses where independent contractors remain on the payroll for months or even years. Companies, especially small ones, increasingly rely on such workers because they offer greater flexibility—and because they’re cheaper. Employers can save as much as 30% on wages by avoiding payroll taxes, unemployment […]
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To add more stress for small-business owners, a new report from Syracuse University’s Transactional Records Access Clearinghouse (TRAC) highlights a troubling trend: In the last five years, the number of hours the IRS spends auditing small businesses (with assets under $10 million) has increased by 30 percent. In the same time period, the time the […]
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