The mention of an IRS tax audit has long been a cause for concern for taxpayers. Sometimes the concern is justifiable, while other times it’s a fear arising from mythologies created about the agency. People both overestimate and underestimate the IRS’ abilities. Unfortunately, not being well versed in IRS procedures…
Unfortunately, there is no concrete answer to the question, “How long does an IRS audit take?” There are many factors that determine how long a specific tax audit takes. No two IRS audits are the same, which means predicting how long the process will take depends on the situation. However,…
Tax time can be one of the most hated times of the year. Just preparing the forms is enough to be an irritant, and if you owe the government money there’s a good chance that you’re downright annoyed. But neither of those things compare to the feeling that accompanies a…
Have you received an IRS audit letter or notice and don’t know what you should do next? Sometimes the response you need to provide might be simple, while other times it can be extremely complex.
When filing your 2019 partnership tax return you need to remember that IRS procedures for auditing partnerships changed in 2018. The new audit rules can result in a partnership-level tax of 37 percent.
Let’s say that you have just received the results of an IRS audit and they are not favorable. The auditor has assessed additional back taxes, and now, you are on the hook for additional interest and penalties as well. Do you have any recourse against these findings?
IRS audits have been on the decline in recent years as a result of the reduction in IRS enforcement personnel. According to the IRS’s 2017 Data Book, the IRS audited just over 900,000 individual tax returns, or about 0.6%, of all tax returns filed in calendar year 2016.
Often in an IRS audit, the tax examiner will ask for your mileage log at the beginning of the audit. If you do not have a mileage log, what should you do?
An IRS audit is something no one ever wants to face. Audits mean gathering tax paperwork, answering personal questions about your income and expenses, and potentially facing a bill for back taxes, interest and penalties at the end of the process.
Tax season is upon us once again and many individuals and businesses are struggling to make sure that all of their obligations to the Internal Revenue Service are fulfilled. You not only need to be accurate and timely when filing tax returns, but you also cannot afford to make errors…