Internal Revenue Service (IRS) – Page 2

Businesses may receive notices about information returns that don’t match IRS records

(TIN) Taxpayer identification Number, Financial Institutions, Internal Revenue Service (IRS), Matching IRS Records, Small Business, Tax Return / Douglas Freeman

The IRS has begun mailing notices to businesses, financial institutions, and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a year to payers who filed information returns that are missing a Taxpayer Identification Number (TIN), have an incorrect […]

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2022 deadlines for reporting health care coverage information

Affortable Care Act (ACA), Applicable Large Employer (ALE), Employees, Health Care, Health Care Insurance, Health Insurance Marketplace, Internal Revenue Service (IRS), Small Business, Small Business Owners / Douglas Freeman

Ever since the Affordable Care Act was signed into law, business owners have had to keep a close eye on how many employees they’ve had on the payroll. This is because a company with 50 or more full-time employees or full-time equivalents on average during the previous year is considered an applicable large employer (ALE)

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Keeping meticulous records is the key to tax deductions and painless IRS audits

Business Deductions, Business Expenses, Business Travel Deductions, Deductable Expenses, Income Tax, Internal Revenue Service (IRS), US Tax Court / Douglas Freeman

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

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Smooth sailing: Tips to speed processing and avoid hassles this tax season

2021 Tax Return, Child Tax Credit, Economic Impact Payment (EIP), Form 1099, Form W-2, Internal Revenue Service (IRS), Social Security / Douglas Freeman

The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles. Tip 1. Contact us soon for an appointment to prepare your tax return. Tip 2. Gather all documents needed to prepare an accurate return.

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Help safeguard your personal information by filing your 2021 tax return early

2021 Tax Return, Child Tax Credit, Economic Impact Payment (EIP), Form 1099, Form W-2, Individual Income Tax, Internal Revenue Service (IRS), Tax Identity Theft, Tax Refund / Douglas Freeman

The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until much closer to the April deadline (or you file for an extension until October), consider filing earlier this year. Why? You can potentially protect yourself

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IRS announces adjustments to key retirement plan limits

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

In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights: Elective deferrals. The annual limit on elective deferrals (employee contributions) will increase from $19,500 to $20,500 for 401(k), 403(b) and 457 plans, as well as for Salary Reduction Simplified Employee Pensions (SARSEPs).

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M&A transactions: Be careful when reporting to the IRS

Amortization Assets, Assets, Depreciation, Internal Revenue Service (IRS), Merger & Acquisition, Small Business, Tax, Tax Planning / Douglas Freeman

Low interest rates and other factors have caused global merger and acquisition (M&A) activity to reach new highs in 2021, according to Refinitiv, a provider of financial data. It reports that 2021 is set to be the biggest in M&A history, with the United States accounting for $2.14 trillion worth of transactions already this year.

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Want to find out what IRS auditors know about your business industry?

Audit Techniques Guide (ATGs), Internal Revenue Service (IRS), IRS Audit, Small Business / Douglas Freeman

In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” A little-known secret is that these guides are available to the public on the IRS website. In other words, your business can use

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IRS additional guidance addresses COBRA assistance under ARPA

(COBRA) Consolidated Omnibus Budge Reconciliation Act, American Rescue Plan Act, Internal Revenue Service (IRS) / Douglas Freeman

In Notice 2021-46, the IRS recently issued additional guidance on the COBRA premium assistance provisions of the American Rescue Plan Act (ARPA). Under the ARPA, a 100% COBRA premium subsidy and additional COBRA enrollment rights are available to certain assistance eligible individuals (AEIs) during the period beginning on April 1, 2021, and ending on September

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IRS extends administrative relief for 401(k) plans

401 K, Internal Revenue Service (IRS) / Douglas Freeman

As mitigation measures related to COVID-19 ease, it will be interesting to see which practices and regulatory changes taken in response to the pandemic remain in place long-term. One of them might be relief from a sometimes inconvenient requirement related to the administration of 401(k) plans. A virtual solution. In IRS Notice 2021-40, the IRS

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