The Internal Revenue Service (IRS) is stepping up its enforcement game, setting its sights on specific taxpayer groups with a renewed focus on combating tax evasion and generating additional revenue for the U.S. government. But according to IRS Commissioner Danny
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Latest from Milikowsky Tax Law
How to Prepare for an IRS Audit in 2025: A Comprehensive Guide
Preparing for an IRS audit can be a daunting task, but with the right strategies and tools, you can navigate the process smoothly and confidently. As we approach 2025, it’s important to stay ahead of potential changes in tax regulations
IRS Strategic Plan: Increased Audits on Wealthy Taxpayers, Corporations, and Partnerships
The Internal Revenue Service (IRS) is making a significant shift in its approach to tax audits, focusing more intensively on high-income earners, large corporations, and complex partnerships. This new direction is outlined in the IRS’s updated Strategic Operating Plan and
2025 Tax Audits: What to Expect
As we approach 2025, the landscape of tax audits is evolving rapidly. With changes in technology, tax laws, and enforcement practices, staying informed about what to expect from tax audits in the coming years is crucial. Whether you’re an individual
IRS ERC Audits & Voluntary Compliance Program
What Is the Voluntary Compliance Program (VCI)?
The IRS has introduced the Voluntary Compliance Program (VCI) for businesses that filed for the Employee Retention Credit (ERC) and believe their claim was inaccurate. This program allows companies to correct mistakes, whether
ERC Credit Explained: 3 Requirements IRS Will Look For
The Employee Retention Credit (ERC) was designed to support businesses affected by government and business closures during COVID-19. To qualify, businesses must meet three main requirements: being a qualified business, having qualified wages, and experiencing a partial or full suspension
For CPAs: Once Tax Season is Over, Audit Season Begins (We’ve Got You)
As a Certified Public Accountant (CPA), you know that the end of tax season doesn’t mean a break from the action. Just as the dust settles from tax filings, audit season kicks off. At this important time, having a robust
IRS ERC Crackdown: 9 Red Flags Business Owners Must Review
The IRS is intensifying audits of Employer Retention Credit (ERC) claims. With over a million ERC applications received, totaling $86 billion in credits, the IRS is carefully scrutinizing each claim. Here are nine red flags that could trigger an audit
4 Consequences of Unpaid Business Taxes
Millions of dollars in penalties are doled out by the Internal Revenue Service (IRS) each year. With the majority of which are attributed to businesses that failed to file taxes or pay payroll taxes. It’s important to understand compliance to
Don’t Be Duped Into Filing Unfounded ERC Claims (You Could Open Yourself Up to Criminal IRS Investigation)
As part of its annual Dirty Dozen campaign, the Internal Revenue Service (IRS) is warning businesses and individuals to steer clear of aggressive promoters offering questionable claims for the Employee Retention Credit (ERC).
These dubious claims not only put businesses