Audit

5 Benefits of filing taxes early that will blow your mind!

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  From the New Year to April 15 -  the three and a half month period, known as tax season is the busiest time of the year for accounting [...]

Think IRS Can Audit Three Years? Now, You Better Worry About Six

If you are hiding income from the taxman, are you at risk three years, six, or more? Even if you did your best with your taxes, you might be worried. Taxes [...]

How to Decide Whether Your Business Needs an Audit

Audits provide the opportunity for a second set of eyes (usually those of a certified professional accountant) looking over your business’s accounts. An [...]

Tax Deduction Audit Risk

When is an itemized deduction high enough to catch the attention of IRS auditors? The tables below give you an idea. Many things can make a tax return look [...]

Be Prepared: Automobile Expenses are a Common Red Audit Flag

Almost all business owners use their personal vehicle for business purposes. And there’s nothing wrong with that, as long as they keep proper records. If [...]

4 IRS Audit Red Flags

Short on personnel and funding, the IRS audits less than 1% of all individual tax returns annually. We expect the audit rate to fall even lower as resources [...]

IRS Audits of Individuals Reached Lowest Rate Since 2005

The U.S. Internal Revenue Service audited 0.96 percent of individual tax returns in fiscal 2013, declining for the second straight year and reaching the [...]

14 IRS Audit Red Flags

Short on personnel and funding, the IRS audits only slightly more than 1% of all individual tax returns annually. We expect the audit rate for 2013 to fall [...]

IRS Audit Red Flags: The Dirty Dozen

Ever wonder why some tax returns are eyeballed by the Internal Revenue Service while most are ignored? The IRS audits only slightly more than 1% of all [...]

An IRS Letter: What It Means and What to Do About It

  Getting a letter in the mail from the IRS can trigger feelings of panic and horror in taxpayers. But don’t let this happen to you. Instead, take [...]