IRS

The Power of Receipts: Why Keeping Track of Every Expense Matters for Your Business

The Power of Receipts: Why Keeping Track of Every Expense Matters for Your Business

• • Business, IRS, Taxes

As a small business owner, maintaining meticulous records is essential to ensuring the financial health of your business, and one of the most critical elements of this practice is keeping your receipts. Why is it important to keep receipts? Best Practices for Managing Receipts: By implementing these simple yet effective habits, you can keep your […]

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Understanding the IRS Educational Assistance Program for Employees

Understanding the IRS Educational Assistance Program for Employees

• • Business, Investment, IRS

As an employer, offering educational assistance to your employees is not only a great way to support their professional development but also an opportunity to provide tax-advantaged benefits that benefit both your employees and your business. Under IRS guidelines, employers can offer an Educational Assistance Program (EAP), which allows employees to receive up to $5,250

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IRS Acknowledges Processing Delays Leading to Balance-Due Notices 

IRS Acknowledges Processing Delays Leading to Balance-Due Notices 

• • Business, IRS, Taxes

On June 12th, 2025, the IRS officially acknowledged processing delays that have caused some taxpayers to receive notices claiming a balance due—even when payments were made timely and electronically. Why It’s Happening: Who’s Affected IRS Guidance for Taxpayers Challenges Facing the IRS This issue highlights broader operational challenges: While the IRS works through its backlog,

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Cybersecurity for Small Business Owners: Why It Matters More Than Ever

Cybersecurity for Small Business Owners: Why It Matters More Than Ever

• • Business, Fraud, IRS

In today’s digital age, cybersecurity isn’t just a concern for large corporations—it’s a critical issue for small business owners too. In fact, small and medium-sized businesses (SMBs) are increasingly targeted by cybercriminals because they often lack the robust defenses of larger companies. Nearly half of cyberattacks are aimed at small businesses and whether it’s phishing

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Medzam Consulting - Cryptocurrency and Its Tax Implications

Cryptocurrency and Its Tax Implications

• • Investment, IRS, Taxes

Cryptocurrency has become an increasingly popular investment, but with it comes the responsibility of understanding its tax implications. Whether you have bought, sold, or simply traded cryptocurrency, it is essential to understand how the IRS views these transactions and what your reporting requirements are. The IRS treats cryptocurrency as property, not currency. This means that any

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Medzam Consulting - IRS Enforcement Activity on the Rise -- What You Need to Know

IRS Enforcement Activity on the Rise – What You Need to Know

• • IRS

The IRS has ramped up its enforcement efforts, and this means more letters and notices are being sent out to taxpayers. These communications may relate to a variety of matters, such as: unreported income, missing or incomplete tax filings, outstanding balances, verification requests, etc. The increase in IRS activity could mean you might receive one

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Medzam Consulting - IRS Offers Tax Relief for Those Affected by the California Wildfires

IRS Offers Tax Relief for Those Affected by the California Wildfires

• • IRS

Due to the recent wildfires affecting Southern California, the IRS announced on January 10th, 2025 that they would provide tax relief for individuals and businesses affected by the circumstances surrounding the wildfires and straight-line winds. The tax relief is offered to those residing within the designated areas established by the Federal Emergency Management Agency (FEMA),

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Check your mailbox: The IRS sent Letters 6419 and 6475 to all taxpayers who qualified for CTC and Stimulus Payment in 2021

• • IRS

The IRS (Internal Revenue Service) has already sent the Letters for the payments made in 2021 to all taxpayers who qualified Letter 6419 for “Advance Payments of the Child Credit” and Letter 6475 for “Stimulus Payments”.⁣ Important: These letters will be part of the documents necessary for the presentation of your 2021 Taxes.⁣

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