The Biden Administration has announced its proposition to hire 87,000 new IRS workers in a move to crack down on those cheating the tax system.

The newly released “tax compliance agenda” is part of a federal plan to bolster enforcement efforts and recover billions of dollars in uncollected tax revenue each year. The Administration has made it clear that enforcement efforts will focus on individuals and corporations with higher incomes and profits, but all taxpayers, particularly small businesses owners, must be aware of this initiative and understand how it affects them. 

For U.S. taxpayers who have fallen behind on tax payments due to neglect or refusal to pay, the IRS has the option to place a lien on your property.

While not as severe as a levy—where the IRS actually seizes your assets—a lien is still not something to take lightly. 

Bookkeeping is a necessary and inevitable part of running a business, but it’s not something you have to do yourself. Many small businesses decide to outsource the task to a professional. 

This post details outsourced bookkeeping services for small businesses and the benefits of delegating this task to a third party.

Unless you’re in the accounting or tax preparation business, doing the books and paying taxes probably isn’t what you love—it’s just part of the job.  But it’s essential. 

This post provides a general overview of small business bookkeeping and small business taxes and gives you tips for handling them effectively so you can spend more time doing what you do best.

If you’ve received an audit letter from the IRS, you’re not alone. More than 770,000 tax returns were audited in the 2019 fiscal year, according to the IRS,

With more than 140 million personal income tax returns filed, it's safe to say that most people will not be audited in a given year. But for those who do receive a notice of audit, there are important considerations to keep in mind. 

There are several steps to take when you are starting your business — including a well-thought-out and written plan, a solid business structure, a registered business name and website, and a budget.