The IRS admits that it sent out thousands of faulty tax bills in July. The mishap resulted from a program matching the income shown on Forms 1099 with information reported on taxpayer returns. If you received a CP2000 notice, it may include an incorrect interest calculation. Be patient: The IRS says it is scrambling to send out corrected notices.
Payroll tax audits are increasing at both the state and federal levels. And the IRS has launched what experts are calling “the most significant audit initiative in decades” aimed at fringe benefits, exec comp and payroll taxes....Click here to find out more.