Improper claims of business tax credits has made IRS's list of “Dirty Dozen” scams for several years now, including last year. So, don't forget to dot your i’s and cross your t’s on this one. A research and development (R&D)…
Tax Planning
IRS’ backlog of paper returns to be processed has increased since the COVID-19 pandemic began. Meanwhile, taxpayers have continued to receive automated notices, sometimes for unclear reasons. Now, IRS says it has temporarily stopped issuing some notices. For example, the…
Here we go again! IRS has set the wheels in motion for revisions of Form 941 and its instructions – plus, the Schedule B instructions. Make sure Payroll has the updated info for filing employment tax returns for the first…
Your company may benefit from the temporary 100% business deduction for food or beverages from restaurants, and A/P and Payroll hold key information that can help. By way of reminder, the Taxpayer Certainty and Disaster Relief Act of 2020 bumped…
If you and your team have noticed issues with your correspondence with the Service lately, you aren’t alone. It’s been tricky to get in touch with IRS this past year, and some changes may be in the works to ease…
Several natural disasters have translated into federal disaster tax relief for employers in seven states. IRS has pushed back both filing and payment deadlines. First, for businesses hit hard by Hurricane Ida last summer, the Taxman recently handed out an…
Now that IRS has released Form 940 for 2021, employers can begin preparing their federal unemployment tax returns. Employers have until Jan. 31, 2022 to file the form and deposit or pay any FUTA tax due. For 2021, there’s only…
The early bird gets fewer B-Notices! IRS has shared critical test and usage dates for its FIRE system for information returns. To make year-end as smooth as possible and avoid any unpleasant surprises down the road, you'll want to file…
Your employment tax returns may have been among the millions of unprocessed forms identified in a recent audit of IRS (yes, even IRS gets audited). Topping the list of unprocessed business tax returns? Form 941 and other forms in the…
The ever-growing, ever-changing realm of online sales tax has made the waters so muddy compliance can seem like an impossible task. Your fellow CFOs confirm that in the Future of E-Commerce Compliance: Part 1, by TaxJar.It shows where the greatest…
If your company needs to file an amended Form 941-X to claim any new tax credits or correct a quarterly return, heads up: The IRS has released a new draft version of the form. Here’s a preview of the most…
Was your company impacted by any of the recent storms or natural disasters in several states? IRS is offering you some tax relief. Most recently, the Service announced deadline extensions for companies in Tennessee. Those impacted by the storms, tornadoes…
