“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both individuals and businesses and often prey on the elderly.

Accrual-basis financial statements are considered by many to be the gold standard in financial reporting. But with the increasing cost and complexity of today’s accounting rules — in particular, the updated lease guidance that went into effect last year — some private companies are seeking a simpler alternative to U.S. Generally Accepted Accounting Principles (GAAP). The solution for some is to switch from accrual to income tax-basis reporting.

The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audits these days, that will be little consolation if yours is one of them.

Many people travel for their job — some for an occasional conference and some travel year-round. Whatever their time on the road, business travelers should know how and when to deduct business travel expenses.

The composition of today’s workforce has evolved significantly compared to a decade or two ago. With the emergence of the gig economy in the early 2000s, there has been a notable shift, as nearly one-third of employed Americans now operate as independent contractors or are employed by self-employed individuals. While self-employment presents an enticing prospect for individuals seeking autonomy, freedom from rigid hierarchies, and the ability to shape one’s professional trajectory while enjoying a more flexible work schedule, it’s important to recognize that this newfound independence comes with its own considerations, particularly in the realm of taxation, which uniquely affects self-employed individuals and distinguishes them from traditional W-2 employees.

As they’ve promised, the IRS is stepping up enforcement of ERC claims and sending out examination letters to companies who claimed ERC credits in 2020 and 2021. Wondering what information the IRS is looking for if your company is selected for examination? We have the details here.

If your profitable business has trouble making ends meet, it’s not alone. Many business owners mistakenly equate profits with cash flow, leading to shortfalls in the checking account. The truth is that there are many reasons these numbers might differ.

President Biden has signed into law the new debt ceiling agreement that he reached with U.S. House of Representatives Speaker Kevin McCarthy (R-CA). The Fiscal Responsibility Act (FRA) suspends — as opposed to raising — the debt ceiling until 2025, after the next presidential election.

Financial statements are central to understanding any business. A public company’s balance sheet, income statement and cash flow statement enable investors, lenders, the media and other stakeholders to value the company, forecast short- and long-term performance, and determine potential credit risk, among other purposes. To ensure analysis of a company is accurate and insightful, financial statements must be reliable.