The reason is a rise in what are known as "correspondence audits," a review of a tax return that's typically handled by the IRS via letters and phone calls, as opposed to the typically more complex face-to-face audits. More than half of the correspondence audits initiated by the IRS la...
IRS Audits Focusing More on the Poor, Less on the RichByline: Lorilyn Rackl Daily Herald Staff WriterRackl, Lorilyn
The Inflation Reduction Act would invest $370 billion in fighting climate change and $64 billion to lower costs for people with Affordable Care Act health plans. To pay for that, Democrats want the IRS to step up audits and enforcement efforts to collect billions that currently get lost in th...
Reports that the Internal Revenue Service's audits of industrial development bonds supported by Federal Home Loan Banks' standby letters of credit will not pose a threat to the current ratings on the bonds ...
Before commencing audits for self-directed IRAs, it’s crucial to have an understanding of these accounts and their differences from traditional IRAs. A self-directed IRA is an individual retirement account which gives account holders the power to choose and manage their investments freely – in co...
…the idea is that if taxpayers fund the IRS to the tune of $40 billion over the next decade, the IRS will step up audits and collect an additional $100 billion in tax revenue, penalties, and interest. This is lauded as a good because of the supposed “tax gap,”… Apparently, it ...
The memo instructs examiners to generally request a copy of the taxpayer’s original software backup file but to use professional judgment when determining which records to request. For example, agents would likely request files in larger-scope audits (such as when verifying gross income), but th...
We provide affordable tax relief & resolve tax debt, unfiled tax returns, & IRS audits. Our tax attorney team are experts in IRS tax relief and tax resolution.
The sad story in full at “IRS admits it audits poor people because auditing rich people is too expensive.” Pair with “The Rich Really Do Pay Lower Taxes Than You.” * Leona Helmsley ### As we shake our heads, we might recall that it was on this date in 2011, a Saturday, that...
The auditor's review isn't always the last word. Many taxpayers who are audited successfully appeal their audits and save thousands of dollars. To get a reduction approved, the taxpayer must prove that the total amount owed is incorrect, the probability of being able to pay back the full am...