After you file your taxes, the IRS may decide to review what you submitted to ensure it is correct. This is the auditing process, and it can happen to anyone, no matter their situation or financial circumstances. According to the IRS, the purpose of the auditing...
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Tips to prepare for an audit
The more complex your tax return, the greater your chances that you may face an IRS audit. Most taxpayers selected for an audit will receive notice by mail. If you receive a letter from the IRS about an audit, you need to respond appropriately. Prepare for your audit...
What could happen if you fail to withhold taxes from employees?
Employment tax issues are a high priority for federal agencies to pursue. Not taking taxes out of paychecks when it is your legal requirement to do so could land you in a lot of trouble. There are several ways you could get into trouble for messing up or failing to...
Operation Hidden Treasure and virtual currency transactions
The IRS employs professional agents experienced in civil and criminal matters to track crypto or virtual currency transactions. Referred to as “Operation Hidden Treasure,” specialized agents review income tax returns to determine whether digital currency traders...
What tax penalties can you face?
Tax season is no walk in the park for any person. Going through the trouble of figuring out the amount owed serves as a difficult and stressful task for most, and on top of that, no one can ever fully predict whether or not they will undergo an IRS audit. On top of...
What to do if you have not filed your tax return
There are many reasons people do not file their tax returns. Whether you have not filed for one year or for many, the worst thing you can do is ignore the problem. Take steps to resolve your unfiled tax returns today. Reasons to file your taxes If you do not file your...
Who goes to jail for not paying taxes?
People end up not paying their taxes for a variety of reasons. Often, it is because they fear that they owe money they do not have or are confused about how to file. Some even forget. There is some good news: Making an honest mistake, such as innocently miscalculating...
Obstructing or interfering with Internal Revenue Laws
It is unlawful to interfere with the administration of the nation’s Internal Revenue Laws. As noted on IRS.gov, impeding an agent acting in an official capacity may result in facing allegations of a felony offense. The Department of Justice notes that an individual...
What reporting requirements must payment app providers follow?
Beginning in 2022, payment app providers must report to the Internal Revenue Service their accounts totaling $600 or more each year in transactions. If you accept credit card payments online through a peer-to-peer app, you could receive a copy of Form 1099-K, which...
Why would an IRS special agent want to visit my business?
Special agents typically represent the IRS Criminal Investigation Division. The Internal Revenue Service’s website notes the agency employs about 2,500 duly sworn law enforcement officials. Each CI agent has experience in high-profile tax and financial investigations....