IRS Tax Definitions of Negligence Vs. Fraud

August 26, 2011 by  | Leave a Comment Filed under: Taxes 

An IRS audit is mainly carried out on taxpayers who are suspected to have understated their taxes in a given tax season. The IRS has up to 3 years to initiate an audit on a given taxpayer. If the taxpayer has understated their incomes by at least 25% in a given tax year, the IRS’s time (read on...)



IRS Correspondence With Taxpayers

August 26, 2011 by  | Leave a Comment Filed under: Taxes 

Each year, the IRS sends out over 200 million correspondence letters to taxpayers and receives about 20 million correspondences from taxpayers. The correspondence quantity has greatly increased in the recent past due to significant changes in the tax code that result in many taxpayers’ (read on...)

IRS Proposes Using Internet To Implement Major Changes In How Taxes Are Filed To Reduce Penalties

April 30, 2011 by  | Leave a Comment Filed under: Taxes 

If you are self-employed or work as an independent contractor, you are likely familiar with the US Internal Revenue Service’s Form 1099, which serves a purpose similar to that of a W-2. Even though Congress recently repealed an expansion of the Form 1099 reporting requirement, that would (read on...)

The Dread Tax Audit: Triggers and Tips

March 29, 2011 by  | Leave a Comment Filed under: Taxes 

The horror, the horror: I’m being audited!Summertime… and the living sure seems easy. You’ve fired up the grill. The dog has just relieved himself on your mother-in-law’s prized azaleas leaving you with feelings that strangely mingle distress and satisfaction. March and (read on...)

Tips for Your IRS Audit

February 18, 2011 by  | Leave a Comment Filed under: Taxes 

When you are picked for an IRS audit, one has no choice but to follow through with it. Two things you may want to strive for during the review are to minimize the monetary impact and also to discourage the Internal Revenue Service from searching beyond the scope of the original records picked to (read on...)

Is There a Correlation Between Tax Extension and Tax Audit?

January 27, 2011 by  | Leave a Comment Filed under: Taxes 

April 15th is here almost even before you could have notices and as usual you are not ready with your Form W-2 or Form 1099 to file your income tax return. Now what should you do tackle such a situation? Few people think that this is too small a thing to be noticed by IRS and rest other think (read on...)

Contacted by the IRS and Confused – A Basic Primer on Audits, Tax Appeals, and Collections

November 30, 2010 by  | Leave a Comment Filed under: Taxes 

Taxpayers often receive audit notices from the IRS and it can be confusing to know what all these letters mean. With that said, below is a general overview of an audit of a taxpayer’s tax return, the options available to the taxpayer, and a discussion of IRS collection procedures for (read on...)

Tax Audit Do’s and Don’ts

November 13, 2010 by  | Leave a Comment Filed under: Taxes 

A tax audit can be very stressful for companies of all sizes. It is so easy for what should be a simple process to be dragged out because of companies being ill prepared. Needless-to-say but the best form of preparation is making sure that your books are always up to date. A monthly or yearly (read on...)

10 Tips to Survive a Tax Audit

September 30, 2010 by  | Leave a Comment Filed under: Taxes 

Surviving an audit may be difficult for you if do not know what you are supposed to do. Here are some top ten tips on how to survive an audit. 1. Whenever you are getting audited, you must give an assurance to the IRS that you have reported all your income and all credits, deductions and (read on...)

5 Essential Tips on a Sales Tax Audit That You Do Not Want to Miss

September 23, 2010 by  | Leave a Comment Filed under: Taxes 

If you are an entrepreneur, payment of taxes is an inevitable duty. The government will check regularly and evaluate if you have paid the correct amount of taxes. This is the reason that a tax auditor might visit you for a sales tax audit. If you have not kept your records well, you may have (read on...)

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