The Latest

The Internal Revenue Service audited 0.96 percent of individual tax returns in fiscal 2013, declining for the second straight year and reaching the lowest rate since 2005.

Small businesses, generally those organized as S corporations or partnerships, can run afoul of IRS guidelines governing “reasonable compensation” for individuals who are both owners/shareholders and employees of these companies.

Tostevin Accountancy Inc. has merged with PMB Helin Donovan, Consultants & CPAs.

The Internal Revenue Service has released draft instructions for Form 8960, the Net Investment Income Tax that was mandated as part of the Affordable Care Act.

Online payroll provider SurePayroll said it is seeing a significant increase in optimism among small business owners, indicating a better year ahead for small businesses, despite recent declines in hiring and paycheck size.

Senators Elizabeth Warren, D-Mass., and Tom Coburn, R-Okla., have introduced bipartisan legislation to increase transparency around settlements reached by federal enforcement agencies, including disclosures of any tax deductions and tax credits.

Employment at small businesses in the U.S. increased in December, although the amount of compensation and the number of hours worked indicated slight declines, according to figures from QuickBooks maker Intuit.

Employers in the private sector added 238,000 jobs from November to December, according to a report released Wednesday by payroll giant ADP, with jobs added across most company sizes and industries as the economy continues to strengthen.

Infor has purchased cloud-based human capital management analysis product maker PeopleAnswers for an undisclosed sum.

Bill.com has signed an integration deal with tax filing solutions creator TechAtlantis and its Tax1099.com product to automate the process of creating and e-filing 1099-MISC forms.