We have had many clients contact us regarding letters from the IRS requesting “identity verification.” Scammers often use stolen Social Security numbers to file fraudulent tax returns and collect refunds. To prevent this, the IRS scans every tax return for signs of fraud. If a suspicious tax return is found, the IRS reviews the return...
Many employers reward and recognize high performers with a bonus, especially toward the end of the year. If you award bonuses, there are several overtime and tax rules to consider. Here’s an overview to help you as you close out the business year in 2023. Bonuses and Overtime Pay Under the Federal Fair Labor Standards...
Getting an early start on tax planning instead of waiting until year-end gives you more time to meet with your TFG tax and wealth advisors and make the financial moves that can reduce your tax burden. And, the faster you file your return, the faster the IRS can process your return (and any potential refund)....
It’s never too early to start planning ahead to save money on taxes. The new inflation adjustments just announced are for tax year 2024, for which taxpayers will file tax returns in early 2025. With the brackets rising, some clients may get larger paychecks after taxes in 2024 as their effective rates go down for...
A partnership consists of two or more individuals who form a business relationship. As with any relationship, partners expect to encounter situations along the way that cause disagreements and disputes. Usually those disputes are resolved and the partners move forward. Sometimes, a partner will decide to work remotely, or stay invested but move to another...
