The gig economy has transformed the way we work, creating a workforce of independent contractors who work for businesses on a short-term basis. However, California’s Assembly Bill 5 (AB-5) law, which took effect in January 2020, aims to make it
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ERC Credits and Your 2023 Tax Filings: A Business Owner’s Guide
The Employee Retention Credit (ERC) is a tax credit designed to help businesses affected by the COVID-19 pandemic. It encourages employers to keep their employees on the payroll by providing a credit based on a percentage of qualified wages paid…
2023 IRS Dirty Dozen: List of Tax Shelters Identified by IRS
Every year, the Internal Revenue Service (IRS) releases its “Dirty Dozen” list, which comprises the most common tax scams and schemes used by taxpayers to evade taxes. This year is no different, and the IRS has identified twelve tax shelters…
Understanding the New IRS Rules for Electric Cars
The use of electric cars is becoming increasingly popular due to its environmentally friendly nature. As a result, the government has put in place new IRS rules aimed at promoting the use of electric cars. The new rules have sparked…
What to Do If You Receive a Notice of IRS Audit
If you’ve received a notice from the Internal Revenue Service (IRS) informing you that you’re being audited, don’t panic. While an audit can be stressful, it’s important to stay calm and take the appropriate steps to respond to IRS. With…
The Consequences of Not Responding to an IRS Audit Notice
Receiving an audit notice from the Internal Revenue Service (IRS) can be a stressful experience. The audit process is designed to ensure that taxpayers are accurately reporting their income and claiming the appropriate deductions on their tax returns. IRS may…
Common Myths About IRS Audits and the Truth Behind Them
Despite being a common occurrence, there are many misconceptions about what IRS audits are and how they work. Whether you’re a small business owner, freelancer, or a salaried employee, it’s important to have a clear understanding of what to expect…
Common Causes of IRS Audits and How to Avoid Them
The Internal Revenue Service (IRS) is responsible for upholding federal tax laws and ensuring that individuals and businesses comply with them. One way the IRS carries out this duty is by conducting audits to verify that taxpayers have accurately reported…
IRS Audit Checklist: What to Expect and How to Prepare
The thought of an IRS audit can be daunting. IRS may select your tax return for various reasons, including random selection, suspicion of incorrect reporting, or because your return is different from others in your demographic. Regardless of the reason,…
What is an IRS Audit and How Does it Work?
An IRS audit is a review of your tax return to ensure that you have accurately reported your income, expenses, and other tax-related information. The audit is conducted by the Internal Revenue Service (IRS) to ensure compliance with tax laws…