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What Triggers An IRS Audit?

What Triggers An IRS Audit?

The IRS (Internal Revenue Service) selects tax returns for audit through a combination of automated and manual processes. While there is no guaranteed formula for triggering an audit, certain factors may increase…
Can The IRS See Your Business Bank Account?

Can The IRS See Your Business Bank Account?

The IRS (Internal Revenue Service) has the authority to access certain information about business bank accounts under specific circumstances, typically related to tax compliance and enforcement. Here are some key points to…
Can The Irs Take Money From LLC?
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Can The Irs Take Money From LLC?

Yes, under certain circumstances, the IRS (Internal Revenue Service) has the authority to collect taxes owed by a limited liability company (LLC). The IRS can take various actions to collect unpaid taxes,…
Can The Irs Go After An LLC?
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Can The Irs Go After An LLC?

Yes, the Internal Revenue Service (IRS) can go after an LLC (Limited Liability Company) if the LLC owes taxes, has unpaid tax liabilities, or is non-compliant with tax regulations. While an LLC…
Does An LLC Get 20% Deduction?
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Does An LLC Get 20% Deduction?

Yes, some businesses structured as Limited Liability Companies (LLCs) may be eligible for a 20% deduction under the Qualified Business Income Deduction (QBI) provision of the Tax Cuts and Jobs Act (TCJA).…