Small businesses can often substantially reduce their federal income tax liability by claiming legitimate deductions. However, small business owners also need to be careful to avoid claiming invalid deductions and triggering IRS scrutiny. Learn more from Boston small business tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.

The IRS has announced a new automatic penalty relief program for eligible returns with due dates in 2024 or later. For returns due in 2023 or earlier, the IRS’ existing penalty relief structure will continue to apply. Certain aspects of the IRS’ existing penalty relief structure will continue to apply going forward.