IRS to Step up Procedures on Audits of Sole Proprietors
If you are a sole proprietor, you need to take notice: the IRS is going to take a more aggressive approach to see if you are hiding sources of income. The Treasury Inspector General for Tax Administration (TIGTA) believes that IRS field agents should take further steps during an examination to see if all income [...]
Don’t ignore that 401(k) Compliance Check Questionnaire
The IRS’s Employee Plans Compliance Unit (EPCU) is sending a letter and instructions to a random sampling of 1,200 employers of the nearly half million employers that sponsor 401(k) plans and asking them to complete a comprehensive “401(k) Compliance Check Questionnaire.” The IRS said that the questionnaire was developed because of the critical role 401(k) [...]
