‘Must we agree to have this hanging over our heads that long?’ Dear Tax Guy, My husband owns his own business. The Internal Revenue Service audited his 2021 income-tax return. There were some small mistakes. The amount due was paid. However, he received notice at the end of 2023 that he was also being audited for 2022.
Students, faculty, and staff at Bryant University have a new resource for accessing information, receiving guidance, and keeping up with campus events.
The IRS should substantially increase the number of employee retention credit claims it processes in order to help businesses with legitimate claims, National Taxpayer Advocate Erin Collins said.
The IRS will deny billions of dollars’ worth of claims for a pandemic-era tax break while working to process lower-risk filings, the agency said on Thursday afternoon.
The Internal Revenue Service’s intended ramping up of enforcement on wealthy people, large corporations and complex partnerships may not have a meaningful impact in the short term because of challenges in hiring and training people to do the work.
In a rapidly evolving tech landscape, businesses are constantly seeking competitive advantages, and generative AI has emerged as a catalyst for innovation, efficiency and market leadership.
The line between charity and politics can be extraordinarily blurry. This is problematic, as politics is inherently quarrelsome and divisive, and these are words that very few would use to describe charity.
During a pilot phase this spring, 140,000 participants received a total of $90 million in refunds. Nine in 10 users rated the software as “excellent” or “above average,” according to a government survey.
The Internal Revenue Service announced in March that its compliance efforts related to the Employee Retention Credit had exceeded $1 billion, with the agency specifying that “more than 12,000 entities filed over 22,000 claims that were improper and resulted in $572 million in assessments.”
Companies take IRS budgets into consideration when developing their year-to-year tax strategies and take more aggressive tax positions when IRS budgets are smaller, and retreat to less risky tax positions when IRS budgets are higher, according to a new study.