Individuals and businesses struggled during COVID, and many were unable to keep up with their tax obligations. Thanks to a federal court decision in Kwong v. United States, taxpayers may be able to obtain refunds or penalty abatements for IRS penalties and interest attributable to the 2019 through 2021 tax years. Critically, for taxpayers
The “Income Tax Trap” Behind Employee Discount Perks
Employee discount programs are a popular way to reward and retain talent. In some industries, such as veterinary and medspa, offering a discount program is expected. Whether the business provides services, sells products, or both, offering employees a reduced price can feel mutually beneficial and low risk. From a tax perspective, however, these programs are
What to Expect from an IRS Audit
An IRS examination is an administrative process in which the IRS evaluates a tax return for the taxpayer’s reported positions, determines whether the underlying facts support those positions, and decides whether to propose adjustments. Understanding the IRS examination process from return selection through the stages of an audit provides taxpayers who are considering how to