Officer Compensation for S-Corps: IRS Compliance Guide
S-corporations are a popular business structure for small businesses. They provided many benefits to their owners, including pass-through taxation and liability protection. Though S-corp owners have benefited from the low rate of audits in recent years, the IRS is...- All
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Tax ID vs EIN: Which One Should You Use for Your Business?
Figuring out the differences between a tax ID and an employer identification number (EIN) are key when it comes to filing taxes. We often hear people referring to them interchangeably, but it is important that you know how each plays a unique role in your business or...How Far Back Can the IRS Audit?
A notice from the IRS that an audit is coming is the last thing anyone wants to see. Contrary to popular belief, those with incomes under $25,000 are five times more likely to be audited than those in the higher income bracket, according to a study by Syracuse...Inflation Reduction Act: IRS Funding Explained
On August 19, 2022, President Biden signed the Inflation Reduction Act (IRA) in the summer of 2022. The Act had many objectives, including lower prescription drug pricing, reducing climate change, and reallocating the share of taxes. Along with its stated primary...IRS Announces New R&D Tax Credit Guidelines
The R&D tax credit was implemented in 1981 as a means to encourage businesses to increase innovation investments. However, the IRS recently announced new R&D tax credit guidelines that could have major implications for businesses hoping to claim this valuable...Book your session now!
How far back can the IRS audit?
Only a few other phrases in the English language can send a shiver of fear down one’s spine. One such phrase is “IRS audit.” The Internal Revenue Service (IRS) is a powerful branch of the government and enforces tax laws enacted by congress. They...Blog Archives
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