A small business needs to get its tax right to avoid unnecessary headache with the IRS. The idea is simple – a plain and accurate disclosure of losses, revenues and deductions...
Posted by Jim McClaflin, EA, NTPI Fellow on 05/07/2021
What is an IRS audit?The IRS may choose to examine the taxpayer's accounts and financial information to ensure that all tax laws are followed. Even though the IRS only verified...
Posted by James Financial Services Inc on 04/09/2021
The only thing we want from Uncle Sam is our tax refund. Getting any other correspondence, especially for issues like audit, does not augur well with most people. Problems with taxes...
Posted by Income Taxes and Bookkeeping LLC on 01/26/2021
While the chances of being audited are slim, there is a possibility. The higher your income, the higher the probability of getting an audit. Many people dread an IRS audit; however,...
Posted by Abundant Wealth Planning LLC on 08/20/2020
A tax audit is the last letter many taxpayers want to get from the IRS. It is not surprising as tax issues can have a devastating effect on one's finances. The receipt of an audit...
Posted by BEST FINANCIAL GROUP LTD on 08/19/2020
There are times the IRS audit could just be random. According to history, no less than 1% of the American population is usually audited every year. While a handful of this is typically...
Posted by BEST FINANCIAL GROUP LTD on 03/27/2020
IRS audits, initially: IRS audits are uncommon. The IRS does the more significant part of them via mail. A full, timely response is vital. One-on-one IRS audits are the rarest...
Posted by Unifirst Financial & Tax Consultants on 05/01/2019
The Internal Revenue Service (IRS) has a lot of time to ensure your tax condition is on the up-and-up. The tax code grants the IRS three years to audit your tax return and ten years...
Posted by BEST FINANCIAL GROUP LTD on 05/01/2019
Before we go in to the discussion regarding how long can the IRS audit last, let us first look in to the concept or IRS audit and why it is necessary? So, an IRS audit or the appraisal...
Posted by Unifirst Financial & Tax Consultants on 12/13/2018
