Each year, millions of dollars in tax credits go unclaimed, even though employers are hiring workers every day from the target groups designated by the Work Opportunity Tax Credit Program (WOTC). The Work Opportunity Tax Credit provides credits ranging from one-time credits of up to $2,400 to two-year credits of up to $9,600 per qualified individual.
The IRS recently issued a new alert about form W-2 email scams targeting payroll and human resource departments. These email scams use a corporate officer’s name to request employee Forms W-2 from company payroll or human resources departments.
The most common audit mistake is providing copies of your other years’ tax returns. Doing so greatly expands audit risk by giving the auditor many things to look at that he otherwise would not see, like patterns of income and deductions amounts over multiple years.
You need only tune into the news to see that cybercrimes are a very real threat. From viruses to malware, everyday computer use and online browsing can leave you vulnerable to hackers who want your valuable information. If you have a small business, your risk of a cyberattack is likely even higher, especially if you do not have the resources or know-how to enact effective security policies.