Anthony Sykes & Company

         Almost 72% of all the revenue collected by the Internal Revenue Service ( IRS ) comes from Payroll Taxes . With this understanding, it easy to see why they put so much effort into making sure that every business pays their fair share. This is done in a variety of ways.           First, there is usually some educational outreach if it is determined that a business is not meeting its obligations. The IRS uses years of experience combined with data analytics to pinpoint which businesses need help. It would be wise to accept and apply the information they provide, because the next steps are not as pleasant.           Since the IRS considers payroll tax an essential part of the tax system, it will use any and every method at its disposal to make sure that this obligation is paid. This can include lawsuits, seizures of property, and criminal prosecution by the...

         The filing deadline for many tax-exempt organizations is coming soon. They normally need to file Informational Returns of the 15 th day of the 5 th month after their accounting period has finished. For those who operate their fiscal year on the calendar year, the time for them to file is May 15 .           This year the Internal Revenue Service ( IRS ) want to make sure that filers know what is and is not required. By law, most parts of these forms must be made available to the public . These organizations are strongly cautioned against using Social Security Numbers or any other personally identifying information on these forms, schedules, or attachments. Doing so will prevent their donors, clients, or benefactors from having their identities compromised.           There are a wide variety of Forms 990 that are used for tax-exempt organizations. Not...

         In this Tax Season, there have been many adjustments from previous years. One of which is related to the claiming of dependents. It came as a surprise to some that the tax filer, spouse, or dependents can no longer be claimed as personal exemptions. This has been suspended. However, dependents can still be claimed if they meet qualifying criteria.           For any dependent claimed, their name and Social Security number must be listed in the Tax Return. The Internal Revenue Service ( IRS ) is taking these steps to combat fraud. In recent years, the Child Tax Credit has been a target of criminals. A Taxpayer cannot claim any dependents, if they themselves, or even their spouse, have been claimed as a dependent. Making sure that a child or relative still qualify to be claimed as a dependent is not the same as it was a year ago. Talk to your Qualified Tax Professional to understand the nuances of this...