You received a notice in the mail that the Internal Revenue Service intends to audit your taxes. Now what? Having the records to support your return organized and ready may help you resolve the issues quickly and favorably. Financial records According to the IRS, a...
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How does an IRS audit occur?
When it comes to the IRS, many people stress overpaying taxes and being correct on tax paperwork. If you receive notice about an audit, it can be overwhelming. How can you expect an audit to work? According to the IRS, there are a couple of different ways to perform...
The IRS found a deficiency in my tax returns: what can I do?
A letter from the Internal Revenue Service (IRS) can be alarming, especially if it’s a Statutory Notice of Deficiency. The IRS sends this when they find a difference between the amount you reported on your tax return and the amount they think you owe. Failure to pay...
IRS has a shortlist of common tax deduction scams
The Internal Revenue Service does a lot more than collect taxes and issues returns. One of its more helpful services is the annual “Dirty Dozen” list of tax scams. Amidst the twelve common scams is a shorter list of schemes that persuade taxpayers to engage in...
Report: Swiss Life conspired to evade taxes with offshore policies
Back in 2008, increasing offshore tax enforcement by the U.S. drove some Swiss banks to reevaluate or even terminate relationships with American clients. Apparently, certain personnel of the Swiss Life PPLI unit saw this as an opportunity to pick up customers who...
Tips to remember if you owe money to the IRS
While the IRS has historically cultivated a reputation for stern negotiation, the last two decades have seen a slight softening in this position. Certainly, they will take steps to recover money owed to them, but the IRS Restructuring and Reform Act of 1998 requires...
How does the IRS respond to years of unfiled tax returns?
When taxpayers fail to file tax returns for multiple years, the IRS has a variety of collection options. It’s important to remember that the IRS has sources that can tell the agency how much you made in wages and some other types of income. Here is an example of the...
Never play around with your payroll taxes
Recently, a plumbing executive from Great Falls, Montana, pled guilty to employment tax fraud. It’s all too easy to get caught up in employment tax fraud. People often do when their businesses are in temporary trouble and need some quick cash. Although employment...
Cash businesses should beware of underreporting income
If you operate a business with significant cash income, the IRS and state taxing authorities are always watching. These businesses offer the illicit opportunity to skim income or launder money, so your accounting practices must be thorough, or you could be charged...
IRS, 5 international tax heads target cryptocurrency tax evasion
The Joint Chiefs of Global Tax Enforcement, or “J5,” represent the U.S., Canada, the United Kingdom, Australia and the Netherlands. They meet annually to work out enforcement plans for common types of tax evasion and other challenges. This year, the J5 met to discuss...