But don't rush to hire a tax attorney for an audit. Not only will this likely be expensive, but it's generally an unnecessary step that early in the game. Remember, an audit is really just a more in-depth examination of your tax return; it doesn't mean you're being charged with a...
This guide will help you navigate a tax audit. We’ll share common audit triggers to be aware of, how to prepare for an audit, and how to mitigate your chances of a future audit. Please bear in mind that the information provided in this guide does not constitute tax or legal advice...
We know that you may not be familiar with some of the above-mentioned terms – so if you truly don’t know where to start, you have nothing to lose by contacting the Tax Debt Relief experts at TaxAudit. If nothing else, our free, no-obligation consultation is a great steppingstone to...
Did you make a mistake on your tax return or realize you missed out on a valuable tax deduction or credit? You can file an amended tax return to make the correction. Filing an amended tax return with the IRS is a straightforward process. This article inc
HOW TO HANDLE A TAX AUDIT.The article presents the author's perspective on how to handle a tax audit when it comes to the U.S. Internal Revenue Service (IRS).American Coin-OpScottHoward
Related:Tax Horror Stories That Will Make You Fear the IRS stevanovicigor/istockphoto 1. Deviate from the Norm The IRS freely admits that it needs only a single anomaly toaudit a return. Sometimes, audits are based solely on a statistical formula that your return had the misfortune of devi...
However, if they have reason to believe that you have filed a fraudulent return or no return at all, they can audit you at any time. Some states have a statute of limitations that is longer that 3 years as well. So, I personally recommend keeping 3 years of paper documentation, but th...
note for those new to accounting: ensure you never mix business expenses and profits with personal finances—even if you’re the only one working for your company. Mixing business and personal finances can quickly lead to messy, confusing accounts, incorrect records, and potentially a tax audit....
The word "audit" can make anyone break out in a sweat, but a little understanding about what it is and how theInternal Revenue Service(IRS) works may make you more comfortable. Some audits are no big deal; some can be onerous. Once you identify the type of tax audit that’s being co...
Personal service corporations can be costly and complicated to set up, and they are generally less flexible in their structure than other types of corporations. Failure to comply with IRS guidelines and regulations may also increase the risk of an IRS audit, and can lead to significant tax penal...