In Notice IR-2009-91, dated October 13, 2009, the IRS announced the development and launch of the “IRS Retirement Plan Navigator,” a web-based tool designed to assist small businesses in evaluating pension plans, then selecting the plan that best meets their requirements. In addition, information on the site will assist businesses in keeping their retirement programs [...]

The IRS offers guidance to individuals on saving for the future and selecting a retirement plan. These initiatives include:

Expanding automatic retirement plan enrollment opportunities
Simplifying saving of tax refunds
Instructing employees on saving payments received in lieu of unused vacation or other leave time in their retirement plan
Assisting employees and employers understand both tax-favored rollover and other [...]

Taxpayers may ask why they should hire a CPA to assist with their tax returns and other business matters.
A Certified Public Accountant (CPA) is a highly qualified and experienced accountant who has passed a competitive examination, joining a selective group of certified accountants. In addition to passing the exam, CPAs have continuing education requirements that [...]

The IRS, in “e-News for Tax Professionals” Notice No. 2009-42, is reminding all tax practitioners that there will be a free webinar on October 27, 2009, on the IRS e-File Program.

The Information Reporting Program Advisory Committee (IRPAC) announced the Advisory Group’s recommendations for 2009 on a variety of tax administration issues (See IRS Newswire IR-2009-97).
IRPAC is composed of professional tax practitioners and IRS employees, with the purpose of publicly addressing systemic information reporting issues.

In March, the IRS announced that taxpayers with previously undeclared or unreported income from “hidden” offshore accounts would have under September 23 to voluntarily disclose their offshore holdings. However, in Notice 2009-84, dated September 21, the IRS extended the deadline for voluntarily filing the disclosures to October 15. They also noted that there will no [...]

Included in the Housing and Economic Recovery Act of 2008 is the “First-Time Homebuyer Credit” for a primary residence purchased between April 8, 2008, and December 1, 2009.
2008 Credit
First-time homebuyers can take a credit equal to ten percent (10%) of the purchase price, up to a maximum of $7,500, on the purchase of a primary [...]

The Internal Revenue Service has issued a number of consumer warnings and alerts on the fraudulent use of the IRS name or logo by scammers trying to obtain taxpayer’s confidential information to commit identity theft and fraud. Numerous emails and phone calls are being received by taxpayers claiming to being from the IRS when, in [...]

As announced by the IRS in Notice IR-2009-21, there was a scanning error at the IRS that resulted in some small businesses being sent notices to submit Form 941 Schedule B, even though these taxpayers already submitted these forms with their returns.

Here are a few ideas for small business owners to reduce their tax liabilities.
Maintain Complete Records
Given the economic downturn, business owners will seek every deduction, tax credit and income reduction they can legally take on their tax returns. Therefore, it will be important for businesses to have complete records of all their business expenses, revenues, [...]