by Joan Buchman Miller | Oct 14, 2024 | Accounting, tax records
The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. By 2026, it plans to nearly triple its audit rates for large corporations with assets exceeding $250 million. Under these plans, partnerships with assets over...
by Joan Buchman Miller | Oct 8, 2024 | Accounting, tax records
Does your business require real estate for its operations? Or do you hold property titled under your business’s name? It might be worth reconsidering this strategy. With long-term tax, liability and estate planning advantages, separating real estate ownership from the...
by Joan Buchman Miller | Feb 5, 2024 | Accounting, employees, home office, tax planning, tax records
When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here are nine considerations: You may qualify for the pass-through deduction. To...
by Joan Buchman Miller | Nov 20, 2023 | Accounting, income tax, LLC, S Corporation, tax records
The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and brackets If you run your business as a sole proprietorship or pass-through...
by Joan Buchman Miller | May 30, 2023 | Accounting, tax planning, tax records
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation...
by Joan Buchman Miller | May 2, 2022 | Accounting, tax planning, tax records
The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a year to payers who filed...