Tag Archives: Tax Audit
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
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
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
IRS Levies
A levy is a legal seizure of property to satisfy a tax debt. The levy usually takes place after the following three requirements are met: • The tax is assessed, and a Notice and Demand for Payment is sent to … 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
Number Two of the Eight Small Business IRS Tax Audit Areas to Watch Through 2013
We are cognizant of the fact that many people, just like you, are often intimidated by the thought that they could possibly be audited by the Internal Revenue Service. As we talked about in our last blog post, the IRS … Continue reading