Month: April 2012

President Obama and Vice President Biden Release 2011 Tax Returns

President Obama and the First Lady managed to do something that many taxpayers haven’t yet done: they have filed their  federal income tax returns for [...]

Does Going On Return Filing Extension Increase IRS Audit Risk?

Audit risk is a worrisome topic. See More IRS Audits Coming Your Way. This tax filing season you have a precious few more hours to file, until the end of [...]

Lessons from my IRS audit

Who panics when being audited by the IRS? Apparently, even the professionals. Just ask Brad F., a former CPA and current tax attorney whose 30 years [...]

Eleven Things Your Tax Pro Doesn’t Want to Hear From You This Month

It's T minus 13 days until Tax Day and tax pros everywhere are scrambling to get returns prepared on time. It's easy to get carried away since everyone is [...]

11 tax audit red flags

Sometimes your tax preparer is to blame for an audit. If a preparer promises unusually high refunds without asking to see proper documentation for [...]

Virtual tax audits coming soon?

NEW YORK (CNNMoney) -- The dreaded process of getting an audit could soon take place over a computer screen in the comfort of your living room. In what [...]

Tax record-keeping tips

Nothing lasts forever, but you wouldn't believe it by looking at some people's record-keeping systems. Prolific pack rats insist on keeping every scrap of [...]

The People vs. the IRS

Micah Andrews opened his first notice from the IRS a week before Christmas in 2010. He was standing in the kitchen of the house in the Atlanta suburbs that he [...]

Odds favor IRS in Supreme Court tax cases: study

(Reuters) - The odds are stacked against corporations whose disputes with the tax-collecting Internal Revenue Service go all the way to the Supreme Court, a [...]

Eight Tips to Determine if Your Gift is Taxable

If you gave money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but the IRS offers the following [...]