Audits Increased for Individual, Corporate, and S Corporation Tax Returns
A Treasury Inspector General for Tax Administration Report (number 2011-30-071) reported that the number of audits increased for individual, corporate, and S corporation tax returns in the 2010 Fiscal...
View ArticleIRS Voluntary Worker Classification Settlement Program
Your business has grown substantially and you can no longer build it on your own. You investigate the cost of hiring help which reveals an employee is expensive. In addition to employer-provided...
View ArticleWhat to Do If You Get Audited… And Cannot Find Your Tax Files…
Help! I’m Getting Audited and Cannot I Find All of My Records! General speaking the IRS has three years to audit a tax return. It is not uncommon for the IRS to audit your return in the third and...
View ArticleA Common Mistake Among Rental Property Owners that Causes a Tax Audit
You’re Not the Real Estate Professional That You Think… At Least Not According to the IRS A Common Mistake That Leads to a Tax Audit… At least every couple of months a taxpayer who is being audited for...
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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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...
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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...
View ArticleAudits Increased for Individual, Corporate, and S Corporation Tax Returns
A Treasury Inspector General for Tax Administration Report (number 2011-30-071) reported that the number of audits increased for individual, corporate, and S corporation tax returns in the 2010 Fiscal...
View ArticleIRS Voluntary Worker Classification Settlement Program
Your business has grown substantially and you can no longer build it on your own. You investigate the cost of hiring help which reveals an employee is expensive. In addition to employer-provided...
View ArticleClik here to view.
What to Do If You Get Audited… And Cannot Find Your Tax Files…
Help! I’m Getting Audited and Cannot I Find All of My Records! General speaking the IRS has three years to audit a tax return. It is not uncommon for the IRS to audit your return in the third and...
View ArticleClik here to view.
A Common Mistake Among Rental Property Owners that Causes a Tax Audit
You’re Not the Real Estate Professional That You Think… At Least Not According to the IRS A Common Mistake That Leads to a Tax Audit… At least every couple of months a taxpayer who is being audited for...
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...
View ArticleClik here to view.
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....
View ArticleClik here to view.
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...
View ArticleClik here to view.
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...
View ArticleClik here to view.
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...
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