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Tag: IRS

IRS offers penalty relief for 2019, 2020 tax years

September 1, 2022 David M. Walters COVID-19, Tax Bites COVID-19, IRS, tax penalties, tax planning

The IRS is providing broad-based penalty relief to most taxpayers who filed certain 2019 and/or 2020 tax returns late due to the COVID-19 pandemic. Find out if you might qualify.

IRS Reaches Milestone on Paper Return Backlog

July 26, 2022 September 13, 2022 Gina Khawam Tax Bites backlog, IRS, tax filing

IRS reaches internal milestone for 2020 individual tax return backlog. National Taxpayer Advocate’s report shows that milestone may not be a significant accomplishment considering remaining paper return backlog and additional processing delays.

AICPA Releases Response to IRS Website Post Regarding Taxpayer Automated Notices 

February 3, 2022 March 1, 2022 Gina Khawam Tax Bites AICPA, IRS, tax filing

Have you been receiving excess automated notices from the IRS? Here is what the IRS is doing to mitigate these notices and what the AICPA is recommending for improvements.

Is the IRS a hot mess right now?

November 3, 2021 Christine Ulibarri Tax Bites child tax credits, economic impact payments, IRS, tax returns, transcripts

Can’t get through to the IRS on the phone? We’ve got some tips that may help you get your hands on the tax information you need.

M&A transactions: Be careful when reporting to the IRS

September 29, 2021 October 6, 2021 Tax Department Tax Bites acquisitions, IRS, M&A, mergers, reporting

Have you bought or sold business assets in an M&A deal in 2021 or are in the process of a transaction? If so, you must report the details to the IRS. The tax agency may then compare what both parties report to ensure they match.

The easiest way to survive an IRS audit is to get ready in advance

October 7, 2020 October 12, 2020 Tax Department Tax Bites IRS, IRS audit

Getting a letter from the IRS that your tax return is being audited may strike fear into the hearts of business owners. But the more you know about IRS audits, the better you can fare.

Employers have questions and concerns about deferring employees’ Social Security taxes

September 8, 2020 October 22, 2020 Tax Department Tax Bites IRS, payroll tax deferral, social security

The IRS has issued guidance to implement the deferral of the employee share of Social Security tax. But employers still have questions and concerns about whether, and how, to implement the deferral.

Good records are the key to tax deductions and trouble-free IRS audits

June 16, 2020 November 6, 2020 Tax Department Tax Bites business records, IRS, IRS audits

A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.

IRS releases 2021 amounts for Health Savings Accounts

May 27, 2020 October 22, 2020 Tax Department Tax Bites contribution limits, HDCP, HSA, IRS

There are many advantages to Health Savings Accounts (HSAs). Here are a few of them, along with the HSA inflation-adjusted amounts for the 2021 calendar year.

The chances of IRS audit are down but you should still be prepared

May 29, 2019 February 22, 2021 Tax Department Tax Bites audit, IRS, IRS audits, statistics

The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. However, even though a small percentage of tax returns are being chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics Overall, just[ … ]

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