Expert Perspectives

Squire provides complete and personalized accounting solutions to meet your individual needs.

Expert Perspectives

Squire provides complete and personalized accounting solutions to meet your individual needs.

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Category: IRS

IRS Offering a Withdrawal Process for Ineligible ERC Claims

categories: IRS

tags: ERC // tax credit

IRS Offering a Withdrawal Process for Ineligible ERC Claims

Article Highlights: ERC Marketers and Promoters Potential Criminal Investigation and Prosecution About the ERC Who Can Withdraw an ERC Claim How to Withdraw a Questionable ERC Claim The IRS has created a withdrawal option to help small business owners and […]

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categories: IRS

Research Credit Potentially Doubled By The Inflation Reduction Act

The Inflation Reduction Act that President Biden signed into law back in August, has a lesser-known provision that could benefit many small business startups, allowing them to potentially double the amount of the research and development tax credit they can […]

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October Extended Due Date Just Around the Corner

categories: IRS // Tax

tags: tax deadline

October Extended Due Date Just Around the Corner

If you could not complete your 2021 tax return by April 18, 2022 and are now on extension, that extension expires on October 17, 2022. Failure to file before the extension period runs out can subject you to late-filing penalties. […]

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What Does The Inflation Reduction Act Mean To You?

categories: IRS // Tax

tags: Inflation Reduction Act // irs // Tax

What Does The Inflation Reduction Act Mean To You?

On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 which is a scaled-back version of the prior Biden administration proposals originally included in the Build Back Better Act. The legislation includes a variety of […]

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categories: IRS // Tax // Uncategorized

What Do You Do If the IRS Wants to “Audit” Your Tax Return?

The word “audit” tends to strike fear in the hearts of American taxpayers, but the truth is that not every audit is a result of a problem, or that the Internal Revenue Service suspects you of wrongdoing. There are several […]

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What businesses need to know about reporting nonemployee compensation and backup withholding to the IRS

categories: IRS // Tax

tags: irs // tax tips

What businesses need to know about reporting nonemployee compensation and backup withholding to the IRS

When a business hires an independent contractor, the employer is generally not responsible for withholding income taxes, Social Security, or Medicare taxes from their compensation. However, by law, business taxpayers who pay nonemployee compensation of $600 or more must report […]

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IRS Announces Mid-Year Optional Vehicle Mileage Rate Increase

categories: IRS

tags: gas prices // irs

IRS Announces Mid-Year Optional Vehicle Mileage Rate Increase

With gas prices soaring it has been expected the IRS would increase the mileage rate that business owners can deduct for vehicle use instead of keeping a record of actual expenses. Sure enough, the IRS recently announced a 4-cent increase […]

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categories: IRS // Tax

Owe the IRS Money? How Long Do They Have to Collect?

Have you ever wondered how long the IRS has to question and assess additional tax on your tax returns? For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to […]

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categories: IRS // Tax

The Tax-Filing Deadline Is Drawing Near

As a reminder to those who have not yet filed their 2021 tax returns, April 18, is the due date to either file a return (and pay the taxes owed) or file for an automatic extension (and pay an estimate […]

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