There are tax law changes you need to keep in mind as you prepare your 2011 return, and steps you can take to avoid hassles. The tax experts at Grant Thornton are pleased to offer these tips to help you successfully get through the 2011 filing season.
1. Understand what the IRS knows about your business. A new law took effect last year that gives the IRS more information on what business owners earned in 2011. Banks and credit card companies must begin telling the IRS how much your business received in total payment card (and PayPal) receipts during the year. So, keep this in …