How to handle the growing risk of an IRS auditMcGill, John K
IRS audits are a fairly rare occurrence for ordinary taxpayers. They can be triggered by discrepancies in your tax return, or they can be conducted randomly. However, the IRS is not permitted to subject you to unnecessary examinations, and if the IRS does audit you for a particular tax year...
The word "audit" can make anyone break out in a sweat, but understanding 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 being conducted, you'll know—or...
It’s important to remember that these timeframes represent the IRS’s window for initiating an audit. If the IRS does not begin an audit within the applicable statute of limitations, it generally loses the right to do so. However, it’s worth noting that the statute of limitations can be ...
While the IRS doesn’t specifically say what will be a red flag when choosing to audit someone, there are some things that may potentially be seen as a red flag: 1) Too Many Charitable Donations Making significant charitable donations will make you eligible for some substantial deductions during...
You may not know when or if an IRS audit is coming, but you can always be prepared. In late 2020,the IRS announcedthat it planned to increase tax audits of small businesses by 50% in 2021. At a time when many small business owners are trying to keep track of pandemic-related loans,...
How do you file and pay FUTA taxes? You’ll make your FUTA tax filings via Form 940 annually but will likely need to make quarterly payments via the IRS’ Electronic Federal Tax Payment System (EFTPS). You need to file a Form 940 if you meet either of these conditions: You pay ...
How do I track my amended tax return? There are a few different options to track your IRS amended tax return status: Go tohttps://www.irs.gov/filing/wheres-my-amended-return Click “Check your amended return status” Wait at least three weeks to check the status of the return ...
by a member of Congress or those in which a taxpayer is suffering a severe economic burden. But because of high demand, it generally sticks to cases in the main categories. The "Get Help" section of the service's website,taxpayeradvocate.irs.gov, has answers to many common tax questio...
interest, penalties, and sometimes even criminal sanctions. If you're unhappy with the findings, you have several avenues forrecoursethrough the IRS’s Office of Appeals. In many cases, the IRS Office of Appeals will adjust or even overturn the findings of an audit in the taxpayer’s favor....