In Notice 2020-71, the IRS recently announced per diem rates that can be used to substantiate the amount of business expenses incurred for travel away from home on or after October 1, 2020. Employers using these rates to set per diem allowances can treat the amount of...
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re...
IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits. And so can small business owners. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in IRS audits, such as executive compensation and fringe...
If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing. Here’s what every business owner should know about the audit...
IRS data indicate that fewer than 1% of all individual income tax returns are audited each year. That’s true, but some taxpayers are more vulnerable than others to an IRS audit. For starters, the IRS is more likely to audit taxpayers who report high incomes because...
During the tax preparation season, business owners, individual taxpayers, and CPAs often have questions for the IRS. If you need to call the agency, be prepared for a long wait. Increased tax code complexity plus budget cuts have resulted in frustrating experiences...
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