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...
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Tax Controversies
Tax controversies involving small businesses
Small business owners frequently multitask to keep their company afloat. This may result in taxes falling through the cracks or taking a back seat. Entrepreneurs and business owners should be aware of common tax controversies. Even the smallest errors could result in...
What do you do if the IRS erroneously says you owe back taxes?
What happens if you open your mailbox to find a letter from the IRS claiming you owe back taxes? If you believe you have been diligent in your tax responsibilities, you may feel some panic and wonder what you should do. Misunderstandings and clerical errors can occur...
Dealing with the surprise of owing back taxes to the IRS
Discovering that you have unpaid taxes can evoke a sense of dread. Fear, confusion and a sense of panic can swiftly set in. However, it is vital to remain calm and composed. There are many taxpayers who end up owing back taxes, and there are steps you can take to...
Claiming adult children on your taxes: what you need to know
Tax season brings with it a multitude of questions and considerations, including whether you can claim your adult children as dependents on your tax return. While claiming dependents is a common practice for many taxpayers, the rules surrounding adult children can be...
Do you qualify for an offer in compromise?
Few things have the potential to be more stressful than falling behind on your tax payments. After all, the Internal Revenue Service has many collection tools at its disposal. These include levying your bank accounts and seizing your home. In some cases, the IRS even...
When does tax evasion result in going to prison?
Punishable by steep fines and jail time, tax evasion has serious consequences. Understanding the difference between tax evasion and making errors when filing helps give you a better idea of who might face prison time. While the IRS does not pursue every situation of...
Can the IRS levy your bank account?
It is virtually impossible to exist nowadays without at least one bank account. Indeed, according to the U.S. Federal Reserve, more than 80% of American adults keep their money in banks. This makes sense, as keeping cash can be quite risky. If you have a bank account,...
When is a home office allowable as a deduction?
Like many other professions, you may have migrated more to working at home over the past few years. If you have spent most of your working day at home, you may have an allowable tax deduction on the horizon. A home office is something the IRS allows those working...
How can you avoid an audit this tax season?
Most taxpayers will go their entire life without having to worry about an audit from the IRS. However, it is important to avoid doing anything that an IRS agent may flag as suspicious regardless. Keep the chances of an audit low by understanding what they might look...