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?
Taxpayers often want to know how long the IRS has to audit and assess additional tax on their tax returns. For taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them.
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 that could trigger an IRS audit.
You’ve probably heard the expression that every cloud has a silver lining. Sometimes you can even find a silver lining in an IRS correspondence audit.
Your ability to deduct losses on Schedule C depends on whether the activity is a trade or business or a hobby operated primarily for your recreation and pleasure.
We recently received good news from the IRS that it reversed a tax assessment in excess of $200,000 for back taxes against our Boca Raton client.
IRS Tax Audit Defense and Representation Services For Taxpayers From Port St. Lucie to Palm City and Palm Beach Gardens
Have you received that dreaded letter from the IRS notifying you that your personal or business tax return will be audited?