2021 – 10/11 The IRS’s “People First Initiative” was launched in 2020 to help taxpayers by extending tax deadlines during the early days of the COVID-19 pandemic. Recently, the Treasury Inspector General for Tax Administration (TIGTA) assessed these efforts. The IRS, also impacted by the pandemic, “potentially caused confusion and undue burden to numerous taxpayers” because they received erroneous collection notices, TIGTA stated. More than 89,000 premature Demand Notices were issued that showed balances due. But because of deadline extensions, the money wasn’t yet due. However, TIGTA noted the IRS “was effective in providing relief to taxpayers” in many areas. Here’s the audit:
Similar Posts
Inflation Reduction Act provisions of interest to small businesses
2022 – 08/29 The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy and taxes. There has been a lot of media coverage about the law’s impact on large corporations. For example, the IRA contains a new 15% alternative minimum tax on large, profitable…
Estimated Quarterly Tax Payments
2022 – 05/05 The IRS is reminding all businesses, including self-employed and gig workers, to make estimated tax payments quarterly. Individuals and businesses are required to pay taxes as income is earned or received throughout the year, either through withholding or estimated tax payments. That’s why those who are self-employed or in the gig economy…
Getting a divorce? Be aware of tax implications if you own a business
2021 – 08/23 If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. Tax-free property transfers You can generally divide most assets, including cash and…
What are the tax implications of buying or selling a business?
2021 – 02/16 Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or selling another business, it’s important to understand the tax implications. Two ways to arrange a deal Under…
IRS Get My Payment Tool
2021 – 04/06 The IRS’s Get My Payment tool provides taxpayers with information about the status of their 2021 Economic Impact Payments. So, what information can you expect to receive when using the tool? Among other things, a payment status will inform you of whether your payment has been processed and whether it will be…
Self-employed? Build a nest egg with a solo 401(k) plan
2022 – 08/22 Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan? Consider a solo 401(k) if you have healthy self-employment income and want to contribute substantial amounts to a…