19 Aug IRS Audit Rates Don’t get complacent…resurgence is underway
The IRS reported audit rates continue to be low...
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The Audit
25 Oct To Amend or Not Amend? Is it always a good idea to amend your tax return if you find an error?
There's usually an element of relief after your annual tax return has been filed. But what do you do if you find an error on your tax return? Should you always file an amended return? Here are some things to consider. Errors in the IRS's favor Errors...
21 Aug State Taxing Authorities Are Coming After Your Money States are creating laws that snag taxpayers everywhere
New state tax laws are making more and more taxpayers tax cheats without them realizing it is happening. Think it can’t happen to you? Here are some examples. Your small business registers for sales tax in Texas and you receive a letter from some obscure...
08 Jun Common Tax Filing Mistakes
With the tax filing extension giving you until July 15th to file your return, it is easy to overlook ways to avoid receiving a letter from the IRS. Here are some of the most common tax filing mistakes: Forgetting a W-2 or 1099. The IRS does an...
20 Dec Missing a Form? Not an Excuse.
If you don’t receive a W-2 or 1099, is this a defense to protect yourself from not reporting the income during an audit? In short, the answer is no. You are required to report your income whether your employer or customer filed the correct form or...
05 Jul Don’t Fall for These 5 Audit Myths
When it comes to the perception of IRS audits, conjecture reigns supreme. The combination of the complex tax code and a government agency with the full authority to enforce it leads to some pretty wild ideas. Separating truth from fiction is an important exercise for...
08 Mar Save Those Receipts! These tips are money in your pocket
When it comes to taking qualified deductions on your tax return, having proper documentation to prove your expense is a must. Here are some typical areas that taxpayers often fall short, costing them plenty during tax filing season and during IRS audits: Cash donations to...
09 Feb Audit Proof Your Tax Return
No one likes the stress involved when your tax return is under the audit spotlight. Here are some ideas to avoid some of the more common audit triggers. Report everything that has an informational tax return. If you are like most Americans, you will receive numerous...
14 Sep What Does the IRS Have on You? Here is how you can find out…
There are multiple situations where you need to find out what the IRS knows about you. It could be for the purpose of obtaining a loan, refinancing your house, or continuing your citizenship status. Possibly you are a few years behind on filing tax returns...
25 Apr Audit Rates Decline for Sixth Year in a Row. But don’t get complacent…
The IRS reported audit rates declined last year for the sixth year in a row and reached their lowest level since 2002. That’s good news for people who don’t like to be audited (which is everybody)! But don’t get complacent. A closer look at the IRS...