The Internal Revenue Service has issued several warnings about scamming tactics targeted toward taxpayers. Beware of phone, email, text, and social media attempts to obtain your sensitive data.
For 2016, the IRS has announced a decrease in the optional standard mileage rates for business use of a vehicle (car, van, pick-up truck, or panel truck), as well as a decrease for driving for medical or moving purposes.
When it comes to reasonable compensation, documentation is a key factor in mitigating IRS penalty risks for S Corporations.
Due to recent Kansas tax law changes, taxpayers that have paid Kansas City, MO earnings tax or earning taxes to districts outside of Kansas, may be eligible for a refund.
A possible refund? Did someone say refund? That’s great news – what are the details?
Although not widely publicized, taxpayers should know that they may be eligible for a one-time penalty amnesty (first time penalty abatement or FTA) – which can translate to a potential savings of hundreds or even thousands of dollars.