NumberSquad’s Post

Navigating IRS forms can be tricky, but it's crucial for tax compliance Learn about Form W-9 for U.S. persons and the Form W-8 series for non-U.S. persons in this comprehensive guide. #TaxTips #TaxStrategies #TaxServices #Evolved #EvolveWithUs https://hubs.la/Q02wJ3pF0

Partnerships should consider these reminders about correcting already-filed #tax returns and late-election and penalty relief. My @Crowe colleagues Caleb Egli, CPA and Adam Silva discuss.

The IRS is intensifying its scrutiny on wealthy Americans and big corporations to combat tax evasion. It plans to significantly increase audit rates for individuals earning over $10 million and for large corporations with assets exceeding $250 million. The agency aims to triple audit rates for these entities, as well as increase audit rates for business partnerships with assets over $10 million by tenfold. This crackdown is part of a broader effort funded by the Democrats' Inflation Reduction Act, signed into law by President Biden in 2022. The IRS intends to hire 3,700 new agents and allocate billions of dollars to improve tax compliance among high-income earners and corporations, aiming to narrow the estimated $600 billion tax gap. Despite concerns from critics, including Republicans, about government overreach and potential harm to lower-income Americans, the IRS emphasizes that it will not increase audit rates for small businesses or taxpayers earning under $400,000 annually. The agency reassures that its focus remains on addressing tax evasion among the wealthiest individuals and corporations, with no plans to target middle- and low-income taxpayers.https://https://lnkd.in/g4Tz2-F4

Considering forming an LLC? 📑 Discover the tax advantages that can benefit your business via https://ow.ly/g4EN50S4PPu #LLC #taxbenefits #smallbusiness

Tax Compliance Tax compliance refers to a business’s ability to meet its tax obligations, including filing accurate returns and paying taxes on time. It also involves keeping accurate records, maintaining transparency in financial reporting, and being prepared for potential audits by tax authorities. The Risks of Non-Compliance Financial penalties: Missing tax deadlines or filing incorrect returns can result in costly fines. Audits and investigations: Businesses that fail to comply with tax laws are more likely to face audits from tax authorities. Reputational damage: Failing to comply with tax laws can harm relationships with clients, investors, and business partners. Legal consequences: In extreme cases, non-compliance can result in criminal charges. Tax compliance is more than just a legal obligation, it’s a key element in building a successful and sustainable business. By ensuring your business remains compliant with tax laws, you not only protect yourself from financial penalties and legal consequences but also build trust and credibility with your stakeholders. If your business needs help navigating the complexities of tax compliance, we’re here to help. Our team of experts can guide you through the process, ensuring that you meet all your obligations efficiently and on time. #PBSLimited#BusinessGrowth

A new study demonstrates that New York's addition of tax whistleblower claims to its False Claims Act deterred tax avoidance and had a ripple effect by promoting tax compliance at the federal level. Credit should go to authors for tackling this subject. #taxwhistleblower #NYFCA #NewYorkFalseClaimsAct #taxfca #taxnyfca

Find out why focusing on state and local tax issues is a strategic move when considering sell-side tax diligence if your business is contemplating a liquidity event. #duediligence #statetaxes #stateandlocaltaxes #taxstrategy

Do your clients understand the demands of making an R&D tax relief claim? Ironing out issues in your initial eligibility conversations can help you avoid problems further down the line. #rdtaxrelief #accountantsuk #researchanddevelopment #HMRC #randdtaxrelief

doing business as if income taxation was already ... not there sounds crazy? you devote enoigh resources into running your business you make critical decisions based on strategy that is already there have you ever considered how many resources you devote to tax compliance? when was the last time you remember you made a plan about income tax? when was the last time you decided to cross chexk your books as if you had a tax audit? or do.you expect to go through the process when you do actually face tax audit? or just hope this never happens to.your company? take action now! DM to start making proper planning!