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Tag Archives: Tax Audit Areas to Watch through 2013
What Are Your Audit Odds?
Do you wonder what your odds are of being selected for an IRS audit? Statistics just released for tax returns filed in 2011 and audited in 2012 show a 1% audit rate for individual tax returns. About 3.6% of business … Continue reading
Posted in IRS Tax Audit
Tagged IRS Problem Help, Tax Audit, Tax Audit Areas, Tax Audit Areas to Watch through 2013, Tax Problem Solutions
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Audit Target: The Sole Proprietor
A sole proprietor is someone who owns an unincorporated business by himself or her self. Each year the IRS publishes their activities in a publication called the Data Book. And each year for the past number of years the … Continue reading
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Tagged Business Tax Audit, IRS Tax Audit Areas, Irs Tax Audits, Tax Audit, Tax Audit Areas to Watch through 2013
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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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IRS has Another Swiss Bank to Find Unreported Foreign Accounts
If you still haven’t reported taxable foreign account income to the IRS, the IRS offshore voluntary disclosure amnesty program might be your final chance. If you fail to participate, you could be hit with stiffer fines and possible criminal charges. … Continue reading
Posted in IRS Compliance
Tagged IRS Problem Help, Tax Audit, Tax Audit Areas, Tax Audit Areas to Watch through 2013, Tax Problem Solutions
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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
Number Seven of the Eight Small Business IRS tax Audit Areas to Watch Through 2013
We are aware that for many of you, the thought of an audit can get your blood pressure racing. We want to help you by informing you of audit target areas that might likely come under scrutiny by the Internal … Continue reading
Number Six of the Eight Small Business IRS Tax Audit Areas to Watch Through 2013
An audit is an IRS examination of an individual or business tax return, to verify its accuracy. An IRS Tax Audit can be one of the scariest situations a person or business can face. Often times the IRS has a … Continue reading
Number Five of the Eight Small Business IRS Tax Audit Areas to Watch Through 2013
As we wrote about in our last four posts, the IRS continually analyzes compliance levels for entities, issues and industries by conducting hundreds of compliance projects and initiatives each year. Leading up to the start of the government’s fiscal year … Continue reading
Number Four of the Eight Small Business IRS Tax Audit Areas to Watch Through 2013
While statistically, the odds are in your favor not to get audited, there is always a risk that you can get audited. As we wrote about in our last three posts, the IRS continually analyzes compliance levels for entities, issues … Continue reading
Number Three of the Eight Small Business IRS Tax Audit Areas to Watch Through 2013
No one wants to be audited. That’s why we’ve decided to let all of you out there learn whom or what the IRS has declared “targets” of their audit ‘sting”. We wrote about in our last two posts, how the … Continue reading