The IRS Is Tackling Tax Evasion With AI
As the current tax season continues, the Internal Revenue Service (IRS) has ushered in a new era of tax enforcement thanks to the power of artificial intelligence (AI). AI tools have taken nearly every industry by storm recently, and even federal tax authorities have realized that these resources can be invaluable in catching tax evaders.…
New Employee vs Independent Contractor Rule Effective March 11
The U.S. Department of Labor (DOL) announced on Jan. 9, 2024, the issuance of its final rule regarding whether a worker is an employee or an independent contractor under the federal Fair Labor Standards Act (FLSA). The new rule, which becomes effective March 11, 2024, rescinds the 2021 independent contractor rule issued under former President Donald Trump…
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Rachel Brouwer, Mercedes Latulippe, & Angela Harr Promoted to Partners
We’re excited to announce a significant milestone here at Moss Krusick – the promotion of three outstanding individuals to Partners within our firm. Please join us in extending a warm congratulations to Mercedes Latulippe, Rachel Brouwer, and Angela Harr, who bring a wealth of talent, experience, and dedication to their new roles. Let’s take a…
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Common IRS Audit Triggers for Small Businesses: How to Avoid Them
As a small business owner, the word ‘audit’ can be a source of anxiety. However, understanding the common triggers for an IRS audit and taking proactive steps can significantly reduce the likelihood of facing one. This article explores the factors that could lead to an IRS audit for small and medium-sized businesses (SMBs) and provides…
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Great Navigating the Tax Implications of Remote Work for SMBs: A Comprehensive Guide
In the wake of the pandemic, remote work has become the new norm for many American workers and with it comes tax implications for SMBs to avoid potential penalties and ensure compliance with tax laws. Understanding the concept of a tax nexus is one of the most significant challenges for many business owners. A tax…
Information on the ERC Voluntary Disclosure Program
On Dec. 21, 2023, the IRS announced the details of the Employee Retention Credit Voluntary Disclosure program (ERC-VDP) for employers who claimed and received an ERC refund for a quarter but were not in fact eligible for the credit. Please see below the repayment terms, benefits, and eligibility for this program: You need to repay…
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