Facebook Linkedin Twitter

Internal Revenue Service (IRS)

The 2025–2026 “high-low” per diem business travel rates are here

Business Travel Expense, Employees, Internal Revenue Service (IRS), Small Business, Small Business Owners /

If you have employees who travel for business, you know how frustrating it can be to manage reimbursements and the accompanying receipts for meals, hotels and incidentals. To make this process easier, consider using the “high-low” per diem method. Instead of tracking every receipt, your business can reimburse employees using daily rates that are predetermined […]

The 2025–2026 “high-low” per diem business travel rates are here Read More »

Understanding the most common IRS notices

Federal Taxes, Income Tax, Individual Income Tax, Internal Revenue Service (IRS), State Income Tax, Tax Scams /

For many taxpayers, receiving a letter from the IRS can feel intimidating. The envelope arrives with the IRS seal, and immediately, worry sets in: Did I make a mistake? Am I in trouble? The truth is, IRS notices aren’t uncommon, and most of them can be resolved fairly easily once you understand what they mean. This article

Understanding the most common IRS notices Read More »

Receive $10,000 in cash at your business? The IRS wants to know about it

Cash Transactions In Your Business, Federal Income Tax, Internal Revenue Service (IRS), Small Business, Small Business Owners /

Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. Here are some answers to questions you may have. What are the requirements? Although many cash transactions are legitimate, the IRS explains that the

Receive $10,000 in cash at your business? The IRS wants to know about it Read More »

The amount you and your employees can save for retirement is going up slightly in 2025

401K, Contributions, Employees, Internal Revenue Service (IRS), Retirement, Savings Incentives Match Plans for Employees (SIMPLEs), Simplified Employee Pension (SEP) /

How much can you and your employees contribute to your 401(k)s or other retirement plans next year? In Notice 2024-80, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for retirement plans, as well as other qualified plans, for 2025. With inflation easing, the amounts aren’t increasing as much as in recent

The amount you and your employees can save for retirement is going up slightly in 2025 Read More »

Scrupulous records and legitimate business expenses are the key to less painful IRS audits

Bookkeeping, Internal Revenue Service (IRS), IRS Audit, Small Business, Small Business Owners /

If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled and you want to make sure you can defend the amounts reported on your tax returns in

Scrupulous records and legitimate business expenses are the key to less painful IRS audits Read More »

The tax deadline is almost here: File for an extension if you’re not ready

Federal Taxes, Individual Income Tax, Internal Revenue Service (IRS), State Tax, Tax Deadlines /

The April 15 tax filing deadline is right around the corner. However, you might not be ready to file. Sometimes, it’s not possible to gather your tax information by the due date. If you need more time, you should file for an extension on Form 4868. An extension will give you until October 15 to

The tax deadline is almost here: File for an extension if you’re not ready Read More »

Update on IRS efforts to combat questionable Employee Retention Tax Credit claims

Employee Retention Tax Credit (ERTC), Internal Revenue Service (IRS), Small Business, Small Business Owners, Small Business Tips, Tax Credits /

The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Even though the ERTC expired for most employers at the end of the third quarter of 2021, it could still be claimed on amended returns after that. According

Update on IRS efforts to combat questionable Employee Retention Tax Credit claims Read More »

What types of expenses can’t be written off by your business?

Business Deductions, Federal Income Tax, Federal Tax Deductions, Internal Revenue Service (IRS), Small Business Tax Tips, Small Business Tips, Tax Deduction /

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general

What types of expenses can’t be written off by your business? Read More »

That email or text from the IRS: It’s a scam!

Internal Revenue Service (IRS), Tax Scams /

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both individuals and businesses and often prey on the elderly. Important: The IRS will never contact you by email,

That email or text from the IRS: It’s a scam! Read More »

Why you might want to file early and answers to other tax season questions

2023 Tax Deadlines, Individual Income Tax, Internal Revenue Service (IRS), Tax Deadlines, Tax Identity Theft /

The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. Even if you typically don’t file until much closer to the mid-April deadline (or you file for an extension), consider filing earlier this year. The reason is

Why you might want to file early and answers to other tax season questions Read More »