News and Events

As the digital landscape evolves, the IRS has streamlined processes for businesses and self-employed individuals to file various returns electronically, including the 1099 and 1098 series, among others. This change not only enhances efficiency but also aligns with environmental goals by reducing paper use. Getting Started with FIRE To begin filing electronically, businesses must first […]

The IRS has introduced a new electronic portal, the Information Returns Intake System (IRIS), designed to make filing information returns like 1099 and 1098s, easier and more efficient. This system is accessible to businesses of all sizes and especially beneficial for small businesses that have traditionally filed paper forms. Key Features of IRIS: – Free […]

According to recent updates from the Internal Revenue Service (IRS), there is a strategic plan to significantly increase the audit rates for individuals with high incomes, large corporations, and complex partnerships. This initiative is driven by the goal to minimize the tax gap—the difference between taxes owed and those paid on time—and to promote a […]

In our increasingly digital world, the threat of scams, particularly those involving imposters claiming to represent the Internal Revenue Service (IRS), has become more prevalent. It is crucial for everyone to recognize the tactics these scammers use and understand how to protect themselves effectively. Recognizing Scam Tactics Scammers often impersonate IRS officials to intimidate individuals […]

The Internal Revenue Service (IRS) has recently heightened its review efforts for the Employee Retention Credit (ERC), revealing numerous discrepancies in claims. This development necessitates a thorough review of existing claims by businesses to confirm eligibility and avoid potential errors. Understanding Eligibility and Compliance It is crucial for businesses with pending or approved ERC claims […]

The Internal Revenue Service (IRS) has made several improvements to its services, but challenges remain, particularly concerning response times. As highlighted in a recent article by the Journal of Accountancy, while the IRS is becoming more efficient, getting detailed and accurate answers still takes time. Tax professionals responded to an annual American Institute of Certified […]

With the rise of the gig economy, many individuals find themselves balancing a traditional job with a side hustle. However, understanding how the IRS classifies your side hustle—as a hobby or a business—can significantly impact your tax obligations. This distinction affects how you report income and what deductions you can claim. Determining Your Side Hustle’s […]

As students prepare to head back to school this fall, it’s important to be aware of the tax credits available for education expenses. These credits can provide significant savings, helping to offset the cost of tuition, fees, books, and other related expenses. Here’s a guide to understanding and claiming these valuable tax benefits. Understanding Student […]

Disasters can strike without warning, impacting both businesses and individuals. Having a well-structured emergency preparedness plan is crucial for minimizing damage and ensuring quick recovery. For businesses, the IRS underscores the importance of including financial records in your disaster preparedness strategy. This involves creating electronic copies of key documents, such as bank statements, tax returns, […]

Starting at age 25, if you save $100 a month in a regular savings account for 40 years at the average interest rate of 0.47% annual percentage rate you would have just $52,367 in retirement savings. However, by contributing the same amount to a 401(k) plan, assuming a conservative rate of return of 6.5%, you […]