IRS Archives

What is the Schedule K-1 Tax Form for Businesses?

By 1800Accountant | Apr 21, 2016

According to the U.S. federal tax code, businesses can be arranged as pass-through entities. This designation means that instead of a business being taxed separately at the corporate level, its taxes, deductions, losses, and other activities pass through to the personal tax requirements of its owner(s). Some examples of these business structures include a general…

The Ultimate Guide to IRS Tax Audits & How to Avoid an Audit

By 1800Accountant | Feb 11, 2016

Most people cringe when they hear the word audit. Going through the ropes and ultimately resolving an audit is no fun and could be costly, so it’s important to determine a plan of action to avoid being audited in the first place. What is a Tax Audit? A tax audit takes place when the Internal Revenue…

2016 Tax Law Changes You Need to Know About

By 1800Accountant | Jan 20, 2016

After the giant ball drops in Times Square to signify a new year, the IRS is notorious for making some adjustments to the federal tax code. Some years have brought significant change, while other years remain very similar to previous years. For tax year 2016, there are some expected changes, but not much is dramatically…

1099 Filing Date Just Around the Corner

By TaxConnections | Jan 19, 2016

If you operate a business and engage the services of an individual (independent contractor) other than one who meets the definition of an employee and you pay him or her $600 or more for the calendar year, you are required to issue him or her a Form 1099 at the end of the year to…

Are Independent Contractors the Answer to Your Staffing Needs?

By Susan Solovic | Sep 29, 2015

I get a lot of questions from my community about using independent contractors and/or freelancers instead of going through the hassle and expense of actually hiring employees. It’s tempting to categorize workers as independent contractors (ICs) rather than employees, because ICs are people considered to be in business for themselves. Therefore, your business is not required to…

Mark Your Calendar: New Deadlines for IRS Business Taxes

By 1800Accountant | Sep 8, 2015

We all know April 15 has been the traditional American Tax Day for generations. Some business taxes have also commonly been due by this day. However, Congress recently announced that the IRS will change several key tax deadlines for small business owners who’ve been used to using the same tax calendars each year. These tax…

Should I Expense This? Business Expenses vs. Personal Expenses

By Toffer Grant | Jul 7, 2015

Even the best-intentioned employees can fall into the trap of mixing business expenses and personal expenses. Business expenses are deductible for federal tax purposes.

Be Ready to Protect Your Money When the IRS Audits

By Susan Solovic | Mar 9, 2015

We can all expect to get bad news occasionally throughout our lives and for most of us, the good news outnumbers the bad, so we shouldn’t complain too much. However, that’s hard to remember when you receive a letter from the IRS notifying you of an audit; an experience I was treated to not long ago.

8 Tax Scams to be on the Lookout for in 2015

By 1800Accountant | Mar 3, 2015

There seem to be more and more tax scams that rear their ugly heads each year. The IRS does its best to combat these issues that can result in billions of dollars being stolen from innocent taxpayers.

5 Payroll Tax Mistakes to Avoid

By TaxConnections | Dec 2, 2014

If you have at least one employee, you are responsible for payroll taxes. These include withholding federal (and, where appropriate, state) income taxes and FICA tax from employees’ wages as well as paying the employer share of FICA tax and federal and state unemployment taxes.