As a business owner, are you worried about an IRS audit? The good news is that the odds against being audited are in your favor. The IRS audited 0.6% of individuals in fiscal year 2018. Businesses and high-income people are more likely to be audited, but audit rates are historically low. However, some tax return items may raise red flags with the IRS, such…Read More
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Welcome to the MSL Blog! A resource that offers guidance and thought leadership on issues to help your organization navigate the financial landscape in an ever-changing environment
Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses…Read More
Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused about how they work and how to report transactions on their federal tax returns. And the IRS just announced…Read More