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April 2015

IRS auditors place more focus on partnerships as use of the entity increases

IRS officials, including Faris Fink, then Commissioner of the Small Business and Self-Employed Division,  announced in 2013 that the IRS would increase its scrutiny of partnership entities. Indeed, the IRS’s audit statistics for 2014 have shown that Fink’s prediction was accurate. While the overall audit rate for all types of businesses fell from 0.61 percent in Fiscal Year (FY) 2013 […]

How do I . . . Change my tax withholding?

An employer must withhold income taxes from compensation paid to common-law employees (but not from compensation paid to independent contractors). The amount withheld from an employee’s wages is determined in part by the number of withholding exemptions and allowances the employee claims. Note that although the Tax Code and regulations distinguish between “withholding exemptions” and “withholding allowances,” the terms are […]

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