More Small Businesses Need to Expect an Audit in 2021

If you thought the IRS was being lax on auditing small businesses in the past, they will be increasing their audits by 50 percent in 2021. Due to recent tax laws and the economic stimulus-response to COVID -19, business tax calculations will be much more complicated. This may involve more audits for businesses that range […]

Follow If you thought the IRS was being lax on auditing small businesses in the past, they will be increasing their audits by 50 percent in 2021. Due to recent tax laws and the economic stimulus-response to COVID -19, business tax calculations will be much more...

Expect More Tax Audits as the IRS Hires More Enforcement Workers

Do you think the IRS has been lax on enforcing tax audits lately? Well, think again.  They are in the process of hiring 700 new employees, which means there’s more of a chance you will find an audit letter in your mailbox. Kevin E. Thompson, CPA www.kevinthompsoncpa.com adds “it has been years since we have […]

Follow Do you think the IRS has been lax on enforcing tax audits lately? Well, think again.  They are in the process of hiring 700 new employees, which means there’s more of a chance you will find an audit letter in your mailbox. Kevin E. Thompson, CPA...

What the Government Shutdown of the IRS Means for You

Because of the government shutdown on October 1, 2013, the IRS will only be maintaining basic functions such as return processing.  All tax filing deadlines remain the same and must be turned in on time.   Operations that will be shut down include:   Refunds All audits and examinations Operation of taxpayer services and centers […]

Follow Because of the government shutdown on October 1, 2013, the IRS will only be maintaining basic functions such as return processing.  All tax filing deadlines remain the same and must be turned in on time.   Operations that will be shut down include:  ...