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Posts tagged "IRS"

IRS called to increase small business audits

The Treasury Inspector General for Tax Administration (TIGTA) recently reported that small businesses and merchants who make use of platforms like Uber or Etsy are not properly reporting their income. This accusation is supported by discrepancies that were found between numbers filed on Form 1099-K and individual tax returns. These discrepancies are likely to trigger audits to dig into the issue.

Two ways to help determine if a nexus is present

Entrepreneurs are always looking for ways to expand their businesses. Some attempts are successful and yield results. Others are what are best referred to as learning opportunities. In some cases, the two can overlap. One example involves expanding a business into another state.

IRS to crack down on unreported employment tax

The United States Treasury Inspector General for Tax Administration (TIGTA) recently released a report finding “billions of dollars of employment taxes are uncollected.” As a result, the Internal Revenue Service (IRS) is focusing in on businesses that have allegedly unreported and underreported their employment taxes. 

Win big at the casino in MN? Don’t forget about Uncle Sam’s cut.

Winning big at a casino is cause to celebrate. But, before celebrations get too out of hand, be sure to keep in mind that a chunk of those winnings will go to Uncle Sam. A failure to pay these taxes can result in an audit, which could lead to penalties and fees that may exceed the winnings. 

Entrepreneurs can use this tip to maximize their bottom line

Entrepreneurs are go getters. These business men and women have that extra grit that’s needed not just to get ahead in the business world, but to forge their own path. As such, these canny business experts are always looking for new ways to maximize their bottom line. One news source that is dedicated to this group, Entrepreneur, recently published a piece with some advice on how to mitigate costs and maximize a business’ bottom line.

Rely on IRS.gov FAQs at your peril

If you have questions about immigration to the United States, you go to USCIS.gov, the official website for the Citizenship and Immigration Services. They have a Frequently Asked Questions area you can turn to and hopefully get straight answers to specific questions. The same goes for most of the major departments.

Gig economy growth has serious business tax implications

It's hard to know how large the so-called gig economy is and how fast it is growing. The federal Bureau of Labor Statistics says current data sheds some light on the subject, but the agency admits it's unreliable because it's so old. One report by the Brookings Institution's Metropolitan Policy Program, credited by some as the most trustworthy, says the number of workers in the gig economy has grown by about 27 percent in the past 20 years. But who really knows?

In taxes, IRS gets first call on what's a frivolous argument

What is silly? What is frivolous? To call the sky yellow on a clear day surely fits the bill. Someone might try to make an argument for yellow skies, but most people will write it off as nonsense. At best, it might be dismissed as that person's opinion.

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