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Category Archives: IRS Tax Audit
Tips for an IRS Audit
While most of us are never audited, when it happens it can feel a lot like a lamb thrown in the room with a lion. The IRS auditor does these audits every day. They know what to look for … Continue reading
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Audit Rates for S Corporations and Partnership Returns
Having a small business is itself a flag of sorts. Some people use small businesses as a tax dodge, a way to write off expenses, and so the IRS keeps a close eye on small-business owners. Other factors that may … Continue reading
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Tagged Business IRS Tax Areas to Watch, Business IRS Tax Audit, IRS Problem Help, Irs Tax Audits, Tax Problem Solutions
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What can Trigger a Tax Audit?
A lot of people are curious to know who the IRS audits. Audit activities are likely to increase as the IRS continues to utilize enforcement to provide revenue. At Lefstein-Suchoff CPA and Associates we have years of experience defending taxpayers … Continue reading
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IRS Examination of Return
Have you been selected for an IRS Examination or Audit? Our blog can provide you with some information that may help in the process. The IRS examines a taxpayer’s books and records either at the place of business, or where … Continue reading
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Tagged File Returns, IRS Problem Help, IRS Relief, Tax Audit, Tax Audit Areas, Tax Problem Solutions
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IRS Audits of Independent Contractors
It is very important to make the proper decision about employee classification. If an employee is incorrectly identified as an independent contractor you may be liable for the self-employment taxes that you should have paid plus penalties. If you … Continue reading
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Under Barack Obama, Audits of Small and Medium-Sized Businesses Have Skyrocketed
The Internal Revenue Service (IRS) recoups $702 in taxes for every hour it spends auditing small businesses, versus $9,173 an hour for auditing large corporations. But under Barack Obama, audits of small and medium-sized businesses have skyrocketed. According to IRS … Continue reading
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Tagged Business IRS Tax Areas to Watch, Business IRS Tax Audit, Business Tax Relief, IRS Problem Help, Tax Audit, Tax Audit Areas to Watch through 2013
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Charity Scrutiny & Potential IRS Audits Forthcoming
Tax-exempt groups will face extra audit heat from IRS on several fronts: Organizations offering aid on mortgage foreclosures. Examiners will check whether these groups are helping people or just generating income for their owners. A similar project involving credit counseling … Continue reading
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Tagged Business IRS Tax Areas to Watch, Business IRS Tax Audit, Business Tax Audit, IRS Tax Audit Areas, IRS Tax Problems, Tax Audit
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IRS Practice and Procedure Change: Examinations
In 2012, the IRS continued to focus on correspondence (mail) examinations, which contributed to an overall audit coverage rate of slightly more than 1% for individual taxpayers. This rate dropped slightly in 2012 due to a reduction in examination personnel. … Continue reading
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Form 1099-K & Income Matching; Potential Audit Troubles?
Form 1099-K is an information return that reports payment card and third party network transactions. Previous reports along with speculation supported that the IRS may conduct specific matching of Forms 1099-K to business returns in 2012. If the business income … Continue reading
IRS Increases Audits by Mail
If the Internal Revenue Service is going to audit you, it will most likely conduct a mail audit. In 2011, the IRS conducted 1.2 million mail audits, representing a 124 percent increase from ten years ago. In fact, the IRS … Continue reading