Will YOU Get Audited in 2012?

Will YOU Get Audited in 2012?

The probability of being selected by the IRS for a federal income tax audit this year is going up. Overall audit rates for 2010 were 7.4%. This meant 7 out of 100 tax returns were picked for audit. At the recommendation of the Treasury Department the IRS is updating their relationship databases in M [...]

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IRS Audits to Hit Small Business Harder in 2012

IRS Audits to Hit Small Business Harder in 2012

Feb 14, 2012 in Business Tax, New Tax Issues
The Treasury Inspector General for Tax Administration (yes, even the IRS has a big brother!) performed an audit on IRS procedures for conducting audits of corporate tax returns in 2011. This procedural audit showed that Small Business/Self-Employed Division IRS examiners could do a better job of ens [...]

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2012 Unemployment Tax Increases Affect Florida Businesses

2012 Unemployment Tax Increases Affect Florida Businesses

For 2012 Florida businesses will see tax increases over 2011 in three distinct areas. This is all related to the poor economy and high unemployment of the past few years. Simply stated, the state of Florida’s Unemployment Compensation (UC) Trust Fund is in debt to the Federal Government, and i [...]

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Extended Payroll Tax Cut Could Benefit Small Business Owners

Extended Payroll Tax Cut Could Benefit Small Business Owners

We’ve discovered some good news for the savvy small business owner. The IRS has extended a 2011 payroll tax cut through the end of February 2012. This tax cut is a 2% reduction in Social Security tax from 6.2% o 4.2%. (which they assure us will have no effect on our Social Security benefits in [...]

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