Article Highlights: Matching SeasonIRS LettersFake LettersDemand for Immediate Payment Every year, the vast majority of taxpayers file their returns with the IRS between the end of January and the April due date. However, the IRS does not just take taxpayers’ word regarding the information on their returns. For this reason, tax season is followed by “matching season,” … [Read more...] about Watch Out for Those Fake IRS Letters
Foreign Account Reporting Requirements (FBAR)
Article Summary: Foreign Account Reporting RequirementFinancial Crimes Enforcement NetworkPenalties for Failure to FileType of Accounts AffectedForm 8938 Filing Requirements U.S. citizens and residents with a financial interest in or signature or other authority over any foreign financial account need to report that relationship by filing FinCEN Form … [Read more...] about Foreign Account Reporting Requirements (FBAR)
The IRS Has Cryptocurrency on Its Radar
Article Highlights: IRS FocusAbout CryptocurrencyTax Treatment IRS Compliance ProgramLetters Being Sent If you own cryptocurrency, you need to know that the IRS has owners of cryptocurrency in its sights because many cryptocurrency owners are not reporting or paying taxes on their cryptocurrency transactions. In fact, the IRS is so focused on this issue that it recently … [Read more...] about The IRS Has Cryptocurrency on Its Radar
The Checklist Every Small Business Owner Needs for New Hires
Growing your business to the point that you need to start hiring employees is exciting. It’s also rife with administrative burdens that you don’t want to be unprepared for. When taking on a new hire, you need more than 1) the assurance your cash flow is sufficient to support your payroll expenses and 2) that the talent is the right fit for the role. There are governmental … [Read more...] about The Checklist Every Small Business Owner Needs for New Hires
Is It Time for a Payroll Tax Checkup?
Article Highlights: Tax ReformUnderpayment PenaltiesW-4 Modifications for 2020Withholding EstimatorPenalty Abatement Was your 2018 federal tax refund less than normal, or – worse yet – did you actually owe tax despite usually getting a refund? If so, this was primarily due to the last-minute passage of the Tax Cuts and Jobs Act at the end of 2017. Because the law was … [Read more...] about Is It Time for a Payroll Tax Checkup?