Posts tagged "Audits"

These red flags can result in a tax audit

It may be tempting to attempt to reduce your tax burden by rounding some numbers up and rounding some numbers down when filing your tax returns. However, getting too loose with your numbers in your return can increase the risk of an audit. Common red flags that tend to increase the risk of an audit by the Internal Revenue Service (IRS) or local state agency include:

The hidden cost of an audit

Taxpayers may be aware of some of the common triggers that lead to an audit by the Internal Revenue Service (IRS). These can include a large amount of wealth, having foreign assets and small business ownership.

Avoid these common tax penalties in 2019

The United States tax code is a complex beast. A failure to abide by the rules outlined in the code can result in serious consequences. Depending on the details of the allegations, the consequences for a failure to follow this code can range from relatively minor financial penalties to serious prison sentences.

Think the IRS can only look-back 3 years? 2 times you are wrong.

If there are questions about your tax returns, the Internal Revenue Service (IRS) can generally look back three years — but there are some exceptions that allow the agency to look back even longer. Two of the most common reasons for an extended look-back period: omission of income and a failure to file returns.

How does the IRS substantiate charitable donations?

The Internal Revenue Service (IRS) may not take your claim of a charitable donation at your word. In some cases, the agency may require additional information to substantiate the claim. Just how the agency goes about substantiating the claim can vary, but three specific things the IRS tends to expect in these situations include:

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