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How Long Does the IRS Have to Go After You?

How Long Does the IRS Have to Go After You?

IRS Statute of Limitations Vary If you’re hiding on significant assets that aren’t reported to the government, or are hiding a nice amount of income from the feds, you might be up at night wondering how long you have to play hide and seek with your income and the IRS. It’s a sure thing thatContinue Reading

How Large is the IRS’s Criminal Division?

How Large is the IRS’s Criminal Division?

IRS Conviction Rate Higher Than 90%! The IRS has a reputation for being the most aggressive collection agency the world has ever known. And part of that reputation is due to its agents who pursue criminal convictions for tax delinquents and back tax debtors. How good is the IRS at getting criminal convictions for delinquentContinue Reading

What Triggers an IRS’s Audit?

What Triggers an IRS’s Audit?

Red Flags Abound for Potential IRS Audits Let’s face it. Getting audited by the IRS is about as pleasant an experience as going to the dentist. Which is why you should know which red flags trigger the IRS audit process. The IRS chooses its audit targets for a variety of reasons. Sometimes they’re chosen becauseContinue Reading

The Audit Process

The Audit Process

Nobody wants to be audited- who wants to dig through their paperwork for receipts, bank statements, ledgers and logs from years ago? Who wants to take time off from work to go meet with the IRS for a “one hour appointment” that will easily turn into several hours? And if they are not happy with your answers, you could have multiple appointments with the IRS! It is much more cost effective to get Audit Representation…Continue Reading

Keeping Good Records

Keeping Good Records

Keeping Good Records Saves You Money and Protects You in an Audit! Why Should I keep Business Records? To help monitor your business progress, prepare tax returns, and prepare financial statements. The burden of proof is on the taxpayer to prove that they had the expenses they claimed on their tax return. 1. Monitor yourContinue Reading

Being Audited? Don’t Make the Mistake of Hiring a CPA

Being Audited? Don’t Make the Mistake of Hiring a CPA

Blue Tax Dishes on Why Certified Public Accountants are the Worst People to Represent Tax Payers in an IRS Audit Anyone that has ever been audited by the IRS knows that if they ever have to do it again, they would do things much differently. Initially, receiving the notice in the mail and knowing thatContinue Reading

Audits: IRS Agents’ Common Complaints

Audits: IRS Agents’ Common Complaints

Common Complaints of IRS Agents- And How You Can Use them To Your Advantage 1. “You Never Call Me!” IRS Agents are required to make diligent, scheduled attempts to reach you to set up an appointment or get necessary information for your audit. If you hinder them from doing their job, you are creating aContinue Reading

Why Have Audit Representation?

Why Have Audit Representation?

How Audit Representation Can Save You Time and Money If you remember, in another article, we talked about how to avoid a full blown income tax audit: respond in a timely manner in the beginning, be prepared, satisfy the sampling requirements, and there is a good chance the IRS may be satisfied. Although some casesContinue Reading

Top 5 Audit Facts – 2

Top 5 Audit Facts – 2

Now that we have covered the basics in Top Five Audit Facts Part 1, we can get to more advanced issues that most people don’t know about. If you didn’t read Part 1, go back and read it now! This is important stuff! 1. Clearly Define Your Business and Business Activities as Ordinary and Necessary:Continue Reading

Top 5 Audit Facts – 1

Top 5 Audit Facts – 1

If you are one of the many individuals selected for an Income Tax Audit, you need to know these important facts 1. It is Nothing Personal. Your return was randomly selected based on a mathematical formula. Schedule C (Business Expenses) and Form 2106 (Employee Business Expenses) are the most commonly audited areas, but Schedule AContinue Reading

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