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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Tag: irs

categories: Tax

tags: gift giving // irs // tax benefits

Year-End Gift Giving with Tax Benefits

Article Highlights: Watch Out for Holiday Gift Scams Gifts with Tax Benefits Gift of College Tuition Qualified Tuition Programs Qualified Charitable Distribution Donor-Advised Funds Work Equipment Employee Gifts Monetary Gifts to Individuals Documentation Timing The holiday season is customarily a […]

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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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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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If You Have a Side Hustle, Be Advised: The IRS is Cracking Down

categories: IRS // Tax

tags: 2022 Tax Season // irs

If You Have a Side Hustle, Be Advised: The IRS is Cracking Down

Article Highlights: Form 1099-K Reporting Threshold Marketplaces Payment Processors (credit and debit cards) Online Service Providers Airbnb and VRBO Delivery and Other Personal Services Business Expenses Record Keeping For several years now, the IRS has required payments made to merchants […]

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Waiting to Hear Back From the IRS? You Aren’t Alone

categories: IRS // Tax

tags: backlog // irs // taxes

Waiting to Hear Back From the IRS? You Aren’t Alone

By: Kevin Newton, CPA Although the Internal Revenue Service was never known as the most efficient of agencies, the IRS operated in a regular and consistent manner prior to the COVID-19 pandemic. Refunds were issued swiftly and responses to calls […]

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categories: Audit // IRS

tags: audit // audit red flags // irs // irs audit

5 IRS Audit Red Flags

You probably did nothing wrong, but the prospect of an Internal Revenue Service (IRS) audit makes everyone sweat. Many things probably go through your mind as you’re preparing a tax return or looking at one that’s been completed for you. […]

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