08/21/2024
Undeposited payroll taxes pile up so quickly, the IRS has a special name for it: pyramiding. Pyramiding is of such a concern to the IRS that it used to send revenue officers, unannounced, to employers falling behind on their deposits. A recent memo from the IRS’ Small Business/Self-Employed Division outlines the new procedure for ROs who are pursuing failure-to-deposit penalties.
08/21/2024
The quality of your records determines the outcome of a tax audit. Keep sloppy records—what IRS auditors call the dreaded “box of frogs”—and odds are you just talked your way into a large tax bill. Mileage apps can help employees neaten up their documentation chores when they seek reimbursement for their business miles.