Tax 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 [...]

IRS Announces 2018 Estate And Gift Tax Limits: $11.2 Million Per Couple

It’s official. For 2018, the estate and gift tax exemption is $5.6 million per individual, up from $5.49 million in 2017. That means an individual can leave [...]

How Long Can IRS Audit? It All Depends On You

In most cases, the IRS has three years after you file to audit. If the IRS shows up after that, you may be able to point out that the statute of limitations [...]

What Are the Odds of Being Audited?

The words "IRS audit" strike fear into the hearts of many taxpayers. We've all heard horror stories about "audits from Hell" that leave taxpayers exhausted [...]

Shhh, Home Office And Other IRS Audit Trigger Secrets

People have worried for decades that home office deductions flag their returns for audit. Yet more than half of working Americans work for a small business or [...]

When Your Business Expenses Are Really Personal

If an employee is sued on the job, the employer will be too. Say a delivery driver has an accident on his route. The company and the driver will be sued. But [...]

Income tax send 23 lakh letters for non filing return

Some sort of last-ditch effort to satisfy revenue targets, the Income tax Department will always be sending out text letters to 23 lakh assessees that have not [...]

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 [...]

Insider Tips: The Most Common Reasons Tax Returns Get Audited

For its Insider Tips From the Pros package, Kiplinger’s spoke with dozens of experts in fields ranging from college aid to travel to glean insights they [...]