Know the Facts: IRS Wage Garnishment and How It Works IRS wage garnishment is one of the most serious enforced collection tools the federal government uses against taxpayers with unpaid tax debt. It allows the IRS to instruct an employer to withhold a portion of a taxpayer’s paycheck and send those funds directly to the […]
IRS Process Explained: Bonus Depreciation Audit Risk and Why It Matters Bonus depreciation audit risk is the elevated IRS scrutiny businesses face when claiming accelerated asset deductions under IRC Section 168(k). The IRS flagged over 1.1 million business returns for examination in fiscal year 2023, with depreciation-related issues among the most common triggers, according to […]
Key IRS Concepts: Common Bonus Depreciation Mistakes Businesses making common bonus depreciation mistakes risk losing significant deductions and triggering IRS audits. Under IRC Section 168(k), bonus depreciation allows businesses to immediately deduct a large percentage of qualifying asset costs — but errors in application can result in costly tax liabilities and penalties. Common bonus depreciation […]