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Posts tagged "audits"

Will Earned Income Tax Credit claims result in an IRS audit?

For most people, filing taxes is a frustrating technicality each year with the potential benefit of a refund check. However, for a small percentage of people, tax season doesn't just culminate in the acceptance of your tax return. It results in a pending audit.

How to avoid being targeted for an audit by the IRS

There are few life experiences that inspire as much fear as learning that you are being audited by the Internal Revenue Service. While only one percent of the tax returns filed by taxpayers in the United States get flagged for audits, when you are in that number, it can be seriously uncomfortable. It's definitely not the elite one percent group to which anyone aspires to belong.

3 reasons not to fear the Internal Revenue Service

Many people fear the Internal Revenue Service auditing them, and as an independent, single woman, you might not know what to expect if you are asked to go through an audit, too. You have a right to work with an attorney while this process is taking place, but understand that the IRS isn't accusing you of any crime. Instead, it's trying to make sure that any mistakes that have been made can be corrected.

What are the big audit triggers?

When the IRS decides to give your tax filings a deeper look, they will send a letter indicating you have been selected for audited on either your personal or business tax returns. They will also request information that could span a couple of years. Good thing you held onto copies of your returns for 7 years.

New IRS audit tactics could spell trouble for you or your business

Like many other federal agencies, the IRS has seen its budget slashed in recent years in response to the economic woes of the country. Because those budget cuts meant a corresponding cut in resources (and staff), the agency has been forced to find new ways of accomplishing one of its main purposes and corresponding sources of revenue: auditing tax returns to sniff out errors and potential fraud.

Are you ready for an audit?

If you operate a small business, you have a great deal on your mind most days. You may be ultimately responsible for much of the day-to-day operations of your business, and you may be the principle point of contact with many or all of your customers. But you may also have some employees, so staffing issues, ranging from hiring and pay to training and other management activities can also occupy your day.

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