Though federal tax law has allowed a deduction for expenses associated with a home office for a long time, the fact that so many professionals began working from home for the first time in 2020 means that the deduction is receiving more consideration than usual....
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Month: January 2021
What tax mistake could get you in criminal trouble?
Failure to pay your company’s payroll taxes. Time and again, business owners and chief financial officers take liberties with payroll taxes only to end up under criminal investigation by the IRS. Moreover, you could be personally liable for the taxes. Here are a...
Will a home office deduction trigger an IRS audit?
Everyone loves saving money, and we regularly look for new ways to be able to do it. Recently, more and more of us have been able to work from home. This unique work situation may qualify you for a tax deduction for your home office, but should you take it? Many...
TIGTA: American taxpayers default on over half of payment plans
The Treasury Inspector General for Tax Administration (TIGTA), the IRS’s watchdog, has issued a report on the state of tax collections through private debt collectors contracted by the IRS. The IRS has assigned private collection agencies over $30 billion in unpaid...