Tag Archives: irs audit

Don’t assume it’s correct, just because it’s the IRS

Quotes from actual IRS correspondence received by clients: “Our records show we received a 1040X…for the tax year listed above. We’re sorry but we cannot find it.” “Our records show you owe a balance due of $0.00. If we do … Continue reading

Posted in audit, Filing Taxes, Financial Planning, IRS Articles, Penalty, record keeping, Tax, tax advice, tax bill, Tax Return, taxes, Uncategorized | Tagged , , | Leave a comment

5 IRS Audit Red Flags

You may have done nothing wrong. But the prospect of an IRS audit makes everyone sweat. Many things probably go through your mind as you’re preparing a tax return or looking at one that’s been completed for you. Did I … Continue reading

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Get a Head Start on your Form 1099 Reporting

No matter what type of business you operate, January is busy. You’re trying to get your business off to a good start in the new year, you’re closing the books on last year, and you have to complete payroll and … Continue reading

Posted in 1099, Business, business help, Business Owner, customer, deductions, Employee Benefits, Investing, investment, IRS Articles, New Business, Operational Accounting, Operations, Payroll, record keeping, save money, save on taxes, saving money, tax advice, tax bill, Uncategorized | Tagged , , , , , , , , , , , , , , , , | Leave a comment

IRS tax audits cut by budget issues

The IRS reports that its enforcement budget has been cut by $254 million, a 5% reduction from the previous year. As a result, the Agency expects to cut the number of individual and business audits it conducts. In 2014 the … Continue reading

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Deductions for business travel expenses need support

If you intend to deduct business travel expenses on your income tax return, keep adequate records. If you are later audited, you will be able to substantiate your deductions. Your oral summary of your business expenses will not hold up … Continue reading

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8 Things You Should Know About IRS Audits

Yes, the word strikes fear in every taxpayer’s heart. Here are the basics. You may know someone who’s been through an IRS audit. You’ve at least heard that it can be a grueling, complex process. But how much do you … Continue reading

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What are your audit odds?

Do you wonder what your odds are of being selected for an IRS audit? Statistics just released for tax returns filed in 2011 and audited in 2012 show a 1% audit rate for individual tax returns. About 3.6% of business … Continue reading

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