When facing a tax audit, you may feel overwhelmed and uncertain about your rights. It can seem as though the IRS is invading your privacy and searching for an excuse to raise a red flag. It is important to understand how to navigate this situation, especially if you...
Large Firm Skills
With Small Firm Service
Tax Controversies
How far back can an IRS audit go?
The idea of a tax audit by the IRS can be daunting. It also brings up many questions. A common concern by many people is how far back the IRS can go when looking at past tax returns. Understanding the statute of limitations for tax audits can help you navigate your...
4 potential ramifications of hiding assets from the IRS
In the realm of finance and taxation, transparency is necessary. Businesses operating in the United States must report their income and assets to the Internal Revenue Service, ensuring a fair contribution to the nation's financial well-being. However, some entities...
Changes to tax law in 2024
January brings not just resolutions, but also the annual rendezvous with the IRS. While tax season often elicits groans, 2024's filing landscape boasts some significant alterations. Understanding these updates is important for ensuring accurate returns and potentially...
4 pitfalls that could lead to unintentional tax evasion
In the intricate landscape of business operations, unintentional missteps can lead to serious consequences. That is particularly so when it comes to tax matters. Despite the best intentions, businesses may find themselves inadvertently entangled in tax evasion...
Inaccurate deductions can land you in hot water with the IRS
Filing taxes is a responsibility that comes with its own set of challenges, especially when it comes to deductions. Deductions are a great way to reduce your taxable income, but they can also be a minefield if not handled correctly. When you file your taxes, you might...
How can a business avoid tax fraud accusations?
Accusations of tax fraud can have serious consequences for businesses, including hefty fines and damage to their reputation. That is why business owners must do their best to avoid possible tax issues, which can sometimes result from simple oversights or errors. To...
Protecting yourself against charges of tax fraud
Tax season can be a stressful time, but you must still ensure that you accurately report your income and expenses. Otherwise, you run the serious risk of facing tax fraud charges and the harsh consequences that come with them. Tax fraud can lead to hefty fines,...
IRS is cracking down on the top 1% not paying taxes
CNBC reported the baseline for the top 1% in the United States in 2023 were earnings of at least $652,657. However, the IRS has recently set its sights on a specific group within the United States' top earners: those who make over $1 million annually and have a tax...
Understanding your rights as a taxpayer during an IRS audit
Undergoing an IRS audit can be a daunting experience. As a taxpayer, the law entitles you to certain rights during an audit. If the IRS has contacted you about performing an audit, know your rights so you can navigate the audit process with confidence and ensure fair...