Recently, the Internal Revenue Service (IRS) published a Tax Tip titled, Got a letter or notice from the IRS? Here are the next steps. In the Tax Tip, the IRS discusses seven steps to take after receiving correspondence from a revenue agent in the mail.

The Internal Revenue Service (IRS) recently released its Strategic Plan for fiscal years 2022 through 2026. The IRS’ Strategic Plan contains some important insights for both individual and corporate taxpayers—including insights regarding the IRS’ enforcement priorities over the next five years.

If your business has recently closed its doors for good, you are not alone. While the Paycheck Protection Program (PPP) and other pandemic relief programs offered short-term lifelines for many businesses, this often proved not to be enough. From soaring inflation to the unbalanced labor market, a variety of factors have come together to create an extremely challenging business environment in 2022.

The Internal Revenue Service (IRS) recently issued a Tax Tip reminding businesses of their obligations with regard to nonemployee compensation. As the IRS explains, while businesses generally are not responsible for withholding and remitting employment taxes when paying independent contractors, “business taxpayers who pay nonemployee compensation of $600 or more must report these payments to the IRS.”

While the employee retention credit established under the CARES Act (and extended under the Taxpayer Certainty and Disaster Tax Relief Act) provided much-needed financial relief for many businesses seeking to keep their employees on staff during the pandemic, businesses that claimed the credit are also at risk for facing IRS scrutiny. Combating COVID-19 relief fraud has become a top federal law enforcement priority, and this includes targeting businesses suspected of improperly claiming credits and other tax benefits.