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...
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...
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...
IRS AUDITS MORE POOR TAXPAYERS BECAUSE IT'S EASIER, CHEAPER THAN TARGETING THE RICH You can remain under the radar by making sure your facts are accurate – that means double-checking your math, making sure your forms match your returns and making sure you entered the correct information for...
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 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,”… ...
audits are based solely on a statistical formula that your return had the misfortune of deviating from. The IRS develops those "norms" from audits of a statistically valid random sample of returns, as part of the National Research Program the IRS conducts. Basically, even some minor, unexplained...
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 ...