Business Growth

Thank you to IRS- Internal Revenue Service for providing content on Know the difference between a hobby and a business. FS-2022-38, October 2022 Most people take up hobbies for personal enjoyment, not to make a profit. Sometimes, however, the line between hobbies and businesses isn’t clear cut. There are several different factors people should consider…

Thank you to IRS- Internal Revenue Service for providing content on IRS updates tax gap estimates; new data points the way toward enhancing taxpayer service, compliance efforts. IR-2022-192, October 28, 2022 WASHINGTON — The Internal Revenue Service today released a new set of tax gap estimates on tax years 2014 through 2016 showing the estimated…

Thank you to IRS- Internal Revenue Service for providing content on IRS seeks comments on upcoming energy guidance. IR-2022-193, November 3, 2022 WASHINGTON — The Internal Revenue Service today issued three notices asking for comments on different aspects of extensions and enhancements of energy tax benefits in the Inflation Reduction Act. The IRS anticipates that…

Thank you to IRS- Internal Revenue Service for providing content on IRS-CI releases FY2022 annual report highlighting more than 2,550 investigations, 90% conviction rate; enforcement actions focused on tax fraud, money laundering, cybercrimes. IR-2022-194, November 3, 2022 WASHINGTON — In fiscal year 2022, IRS Criminal Investigation initiated more than 2,550 criminal investigations, identified over $31…

Thank you to IRS- Internal Revenue Service for providing content on IRS Independent Office of Appeals’ priorities for 2023 focus on taxpayer service   IR-2022-195, November 4, 2022 WASHINGTON — Today, the IRS Independent Office of Appeals released its focus guide for fiscal year 2023. Appeals is taking important steps to expand communications with external stakeholders and…

Thank you to IRS- Internal Revenue Service for providing content on Nine million people who missed expanded tax benefits still have time to file. COVID Tax Tip 2022-166, October 31, 2022 More than nine million people may qualify for tax benefits but didn’t claim them by filing a 2021 federal income tax return. Many in this…

Thank you to IRS- Internal Revenue Service for providing content on Taxpayers in declared disaster areas have more time to file tax returns to get COVID penalty relief COVID Tax Tip 2022-167, November 1, 2022 Taxpayers in areas covered by certain Federal Emergency Management Agency disaster declarations may have more time to file their returns…

Thank you to IRS- Internal Revenue Service for providing content on Not too much, not too little – taxpayers should check if their tax withholding is just right COVID Tax Tip 2022-168, November 2, 2022 There are good surprises and there are bad surprises. Generally, a tax-related surprise is probably unwanted. To avoid tax surprises,…

Thank you to IRS- Internal Revenue Service for providing content on Under the Taxpayer Bill of Rights, all taxpayers have the right to finality of IRS matters IRS Tax Tip 2022-169, November 3, 2022 By law, taxpayers interacting with the IRS have the right to finality. This right comes into play for taxpayers who are…

Thank you to IRS- Internal Revenue Service for providing content on Employers: beware of third parties promoting improper employee retention credit claim. COVID Tax Tip 2022-170, November 7, 2022 Employers should be wary of third parties advising them to claim the employee retention credit when they may not qualify. Some third parties are taking improper…