Tax-related identity theft is when someone uses your Social Security number to file a fraudulent tax return and claim a refund. This kind of theft usually occurs early in the filing season – because the scammers want to get their
According to the IRS, a moratorium on processing of new ERC claims through year’s end will allow IRS to add more safeguards to prevent future abuse, to protect businesses from predatory tactics. The pandemic-era relief program is a refundable tax
Businesses that receive more than $10,000 in cash must report transactions to the U.S. government. The IRS says this rule helps the government fight tax evaders, drug dealers, terrorists and other criminals. “The government can often trace money from these
On National Hire a Veteran Day, we reflect on the sacrifices made by veterans who have served our country and the importance of supporting their transition to civilian life. One of the best ways to show our appreciation and support
The IRS has announced that businesses can now file Form 1099 series information returns using a new online portal, available free from the IRS. Known as the Information Returns Intake System, this free electronic filing service is “secure, accurate and
It’s often assumed that nonprofits have no tax obligations at all, but that’s not true. Nonprofits do get a lot of tax breaks, but managers of nonprofits still need to be well-versed in the tax code to make sure they’re
Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses that are generated by
While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time? Here’s a look at the options. Most importantly, don’t let the
The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused
The Internal Revenue Service (IRS) doesn’t require nonprofits to have independent audits, but that doesn’t mean your nonprofit never needs an audit. Some federal, state, and local government agencies require audits, as do some banks and foundations. Generally, the requirements