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IRS Audits Are Declining for Most Individuals
According to the IRS, the overall revenue collected from tax audits increased year in FY 2013. The 2013 increase in revenue is in spite of the fact that tax examinations decreased. The IRS budget has...
View ArticleThe IRS Sends Out Notification of Possible Income Underreporting
The IRS is cracking down on the underreporting of cash transactions. Recently, IRS Letter 5036, IRS Letter 5039, and IRS Letter 5043 were sent to approximately 20,000 small business owners. The IRS...
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Watch out for Schedule-A Tax Audits (Tips for Filing in 2014)
The IRS has been decimated by budget cuts. Yet, despite its budget, the IRS has collected more in revenue. One reason for the increase in revenue was because the IRS focused on higher income earners....
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Real Estate Investors Watch Out When Preparing Your 2014 Tax Return. Audits...
A highly audited issue that often leads to US Tax Court litigation is whether or not real estate losses can be deducted as ordinary losses rather than having to classify the loss as passive. The...
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No Surprise, Tax Audits on the Decline with One Exception
A Slight Increase of Partnership Audits The IRS is reporting that partnership audits have increased during the 2014 fiscal year. According to the IRS, there was a slight increase from the 2013 rate of...
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What Should I Do If I Have Years of Unfiled Tax Returns?
The most common call during the tax season and immediately thereafter is from individuals and small business owners who have years of unfiled tax returns. People that call me are terrified that they’re...
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Resolving Your Back Taxes
Resolving Your Back Taxes: Why You Need to Call an NJ Tax Attorney Today If you have back taxes weighing you down, act now. The IRS is lifting its suspension on collection letters for back taxes owed....
View ArticleIRS Announces Audit Priorities for Fiscal Year 2024
On September 8th, 2023, the IRS announced 2024 audit priority areas in IR-2023-166. These priorities are a result of increased funding from the Inflation Reduction Act. While abusive micro-captive...
View ArticleIRS Summons Enforcement
What to do now if You’re Summoned by the IRS If you’re a NJ taxpayer who has been issued an IRS summons, then you must act now. The IRS uses its summons power as a formidable tool to gather information...
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Who’s Targeted by the Upcoming IRS Audit Wave?
IRS Audit Increase Announced An IRS audit is a crucial process for taxpayers to understand. It verifies the accuracy and compliance of a taxpayer’s financial information and tax returns with tax laws....
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