Tag Archives: Internal Revenue Service
Form 1099 Requirements
Please ensure you are following the rules in regards to the issuance of 1099’s. Congress changed these rules in 2011; then later reversed some of those changes. This has led to a great deal of confusion as to the current 1099 rules. Basically, …
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 …
SBS CPA Group Client Letter
Each year we send out an informational client letter to each of our clients. In this letter we discuss our office hours, major changes to the tax code, etc. This letter is located in the “document depository” located on our website …
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 #7
Another item that increases your likelihood of an IRS audit is using round numbers on your return. For example you may claim $20,000 on itemized deductions. The IRS feels that if you use round numbers you may be “estimating” and that you …
IRS Audit Flags, Post #5
This is the fifth post in a series of posts explaining some of the common reasons why the Internal Revenue Service (IRS) chooses to audit specific tax returns. There are certain business and industries that are more likely to get audited …
IRS Audit Flags, Post #3
If your income fluctuates by large amounts from year to year your chances of being audited by the Internal Revenue Service increase. When the Internal Revenue Service sees these fluctuations (Or more likely when their software notices and flags these …
Series of posts illustrating common red flags that may lead to an IRS audit, Post #1
There are many red flags that increase the odds of your tax return being audited by the Internal Revenue Service. I will be discussing several of the more common “red flags” in a series of posts over the next couple of …
Internal Revenue Service increases mileage rates on July 1st, 2008
Yesterday the IRS announced that they were increasing the optional standard mileage rates for the last six months of 2008; this is obviously good news for business owners. The rate for business miles was 50.5 cents per mile in the …
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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 …