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Archive by Month: July 2022

IRS Issues Tax Tip for Businesses On Nonemployee Compensation

Offshore Account Update

Posted in on July 29, 2022

The Internal Revenue Service (IRS) recently issued a Tax Tip reminding businesses of their obligations with regard to nonemployee compensation. As the IRS explains, while businesses generally are not responsible for withholding and remitting employment taxes when paying independent contractors, “business taxpayers who pay nonemployee compensation of $600 or more must report these payments to the IRS.”

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5 Reasons for IRS Audits Related to the Employee Retention Credit

Articles/News, Offshore Account Update

Posted in on July 22, 2022

While the employee retention credit established under the CARES Act (and extended under the Taxpayer Certainty and Disaster Tax Relief Act) provided much-needed financial relief for many businesses seeking to keep their employees on staff during the pandemic, businesses that claimed the credit are also at risk for facing IRS scrutiny. Combating COVID-19 relief fraud has become a top federal law enforcement priority, and this includes targeting businesses suspected of improperly claiming credits and other tax benefits.

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