The AB&P journal
Useful answers for the decisions owners make every week.
Clear guidance on the financial, payroll, and people questions that tend to become urgent when no one explains them early.
IRS · 2 min read ·
IRS Enhancements: Improvements for Small Business Owners on the Way
Small business owners have some good news on the horizon. The Inflation Reduction Act is bringing improvements to the IRS phone service and online options. These changes will make it easier for your business to file o…
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IRS · 2 min read ·
Beware of Unexpected IRS Home Visits
The IRS has always emphasized that they won't contact you through text or email as their first point of contact. However, recently, residents in Floyd County, Georgia, were surprised when a man claiming to be from the…
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IRS · 3 min read ·
How to Verify IRS Visits are Legitimate
Today, I want to share some important news from the Internal Revenue Service (IRS) that will have a significant impact on both taxpayers and IRS workers. The IRS made a big announcement, and it's going to affect how t…
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IRS · 2 min read ·
Understanding Unclaimed Property Notices: A Guide for Companies
As a business owner, you may receive important letters regarding compliance requirements for your company. Among these, unclaimed property notices are significant and should be handled carefully to avoid legal issues.…
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IRS · 2 min read ·
IRS Funding and Potential Audits
Through the Inflation Reduction Act, the IRS is slated to receive nearly $80 billion in agency funding over the next decade. According to the Morning Consult/Politico Poll, it was found that a majority of voters are n…
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IRS · 2 min read ·
Understanding the Work Opportunity Tax Credit
If you are looking to hire new employees, consider taking advantage of the work opportunity tax credit. This incentive is meant to encourage you to hire individuals facing difficulties in finding employment. The credi…
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IRS · 2 min read ·
Backup Withholding: What is It?
As an entrepreneur, you are required to report certain payments to the IRS made to vendors each year on Form 1099. To do so, you must ask them to submit a form W-9 Request for Taxpayer Identification Number and Certif…
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IRS · 7 min read ·
2023 Dirty Dozen Schemes
The Internal Revenue Service has released its annual "Dirty Dozen" list, highlighting the top twelve tax scams and schemes you should know about that target individuals, businesses, and tax professionals alike. I’ll e…
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IRS · 2 min read ·
The IRS's Plan of Improvement Over the Next 10 Years
The IRS has recently released their 10-year strategic operating plan, which outlines their goals and objectives for the next decade. Let’s take a closer look at what the plan entails and what it means. The plan, which…
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IRS · 3 min read ·
How to Determine a Reasonable Compensation
Are you an officer of a corporation and need to know what the IRS considers reasonable compensation? It is important to note that reasonable compensation doesn’t apply to partnerships or sole proprietorships because t…
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IRS · 2 min read ·
IRS Warns that Tax Refunds May Be Smaller
The IRS recently announced that taxpayers may notice a smaller tax refund beginning in 2023 compared to the last two years. This is primarily due to the lack of government financial support in 2022. In the previous ye…
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IRS · 2 min read ·
IRS Issued CTC and EIP Letters
If you are an advanced Child Tax Credit recipient, you most likely received a previously issued Letter 6419. The Internal Revenue Service mailed out letters to the recipients of the Advance Child Tax Credit as well as…
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