Category Archives: Internal Revenue Service
Form 1099-K
We prepare small business tax returns for almost 300 Fort Wayne businesses every year. In fact, our firm specializes in small business tax preparation. A greater percentage of our clients are small business owners than any other firm I know of! The Internal …
2009 Internal Revenue Service notices
Many taxpayers are just now getting tax notices concerning their 2009 Federal income tax returns. Most of these notices are matching notices. A matching notice is when the records the IRS has do not agree with the tax return filed. …
Email scams targeting businesses in Fort Wayne, Indiana
Scam artists have increased their efforts to steal money from Fort Wayne business owners over the last few weeks. One increasingly common scam is one in which the business owner receives an email stating that there was a problem with …
IRS mileage deduction substantiation
Many taxpayers claim a mileage deduction on either their individual or corporate income tax returns for business miles driven using personal vehicles. This tax deduction can be quite substantial and can often significantly lower income tax liability at both the …
US House of Representatives approves Bill that will increase taxes on many small businesses
The House of Representatives recently passed a Bill (HR 4213) that would raise taxes on many small business owners who are treated as a sub-chapter S corporation for tax purposes. It is disheartening that the US House of Representatives wants …
Expansion of 1099 rules for business to business transactions
The new health care legislation has made tremendous changes to existing laws. Many of these changes phase in over the next five years. The National Federation of Independent Business (NFIB) has a timeline listing many of the provisions in the new health …
IRS Form 2848, Power of Attorney
I have an IRS power of attorney for many of my clients. I am currently working on an issue for one of my business clients. To make a long story short the IRS eventually faxed me a power of attorney they …
IRS Audit Flags, Post #9
Another item that increases the chances of Internal Revenue Service scrutiny are large changes in deductions from year to year. For example if you claim $100,000 in charitable contributions one year, the next year, zero, and the next you you …
IRS Audit Flags, Post #8
Another item that increases you chances of IRS audit is a return that shows far more expenses than income. This shows that you spent more than you made and often makes the IRS wonder where that money came from. If …
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Paying your business payroll taxes electronically
The various governmental agencies are encouraging and sometimes forcing companies to pay their payroll taxes electronically. Prior to January 1, 2011, businesses could pay FICA and other taxes with Form 8109 and 8109-B taken to a financial institution. However, after January …