by Steven J Weil, PhD, EA, LCAM | Oct 5, 2023 | Blog, Business Tax, Payroll Preparation
What is Reasonable Compensation and Why Should I Care? If you own all or part of a S-Corporation you are required to receive reasonable compensation as wages — subject to payroll taxes as an employee of that S-Corporation. Positions like President, Treasurer or... by Steven J Weil, PhD, EA, LCAM | Jun 2, 2023 | Blog, Business Tax, Personal Tax
In most cases the IRS has 3 years from the last day of the date your return was filed OR your return was due. However, this time limit, also known as the statute of limitations, can be extended under certain circumstances. The statute of limitations can be extended... by Steven J Weil, PhD, EA, LCAM | May 9, 2023 | Blog
With the IRS adding 87,000 employees, and many of these employees being assigned to compliance, the fact is you are going to be seeing more audits and more additional information requests for IRS. While this may make many taxpayers nervous, worrying will not help.... by Steven J Weil, PhD, EA, LCAM | Mar 13, 2023 | Blog, Business Tax, Personal Tax
What can an Enrolled Agent Do for You? Having an Enrolled Agent (EA) can benefit you in several ways, especially when it comes to your tax-related matters. Here are some of the key benefits of working with an Enrolled Agent: Tax Expertise: Enrolled Agents are licensed... by Steven J Weil, PhD, EA, LCAM | Mar 2, 2023 | Blog, Business Tax, Personal Tax
According to the GAO the audit rates for individual income tax returns from 2010 to 2019 went from 0.9 percent to .025 percent. Rates dropped even lower during Covid but this is getting ready to change. With the hiring of a projected 87,000 new auditors and a... 