Category: IRS Audits

What is an Audit Reconsideration?

IRS Tax Audit dispute

Did the IRS audit your tax return and determine that you owe additional money?  Don’t worry – you have options.  With the help of a tax attorney, you can request an audit reconsideration.  Learn more about what this is and who may qualify below.

Being Audited by the IRS But Don’t Have Any Receipts?

being audited by the irs and no receipts

  IRS Record Keeping Guidelines The Internal Revenue Service generally advises taxpayers to retain copies of all tax returns and any relevant supporting documentation for at least the previous three tax years. The IRS also provides an extensive list of the types of records they may request if you are audited. These include: Receipts Bills… Read more »

How Long Does an IRS Tax Audit Take?

IRS tax audit time

Tax Audit Time Frame   The Internal Revenue Service regularly performs tax audits of both corporate taxpayers and individuals. Although tax audits are conducted year-long, they often spike during the few months after the tax season, especially when problematic or misleading returns come under the IRS microscope.  Irrespective of when an “examination” or audit commences,… Read more »

The Newest Threat to the Cannabis Industry: SEP Agents

IRS SEP agents

Since the legalization of medical and recreational marijuana use in several states, owners and operators in the industry have seen a decent amount of financial success in their respective trades. But now it seems as though the other shoe has dropped. These entrepreneurs have also become the target for police raids, IRS inquiries, and just… Read more »

7 Worst Things To Do In An IRS Audit

7 things not to do in an irs audit

We get it. Tax audits can be nerve-racking, to say the least. And while there is a lot of information out there on what is appropriate to do, there isn’t much on what not to do. So allow us to outline some of the things you should never do during an IRS audit.

The Steps You Should Take If You Want To Appeal A Tax Audit

The Steps You Should Take If You Want To Appeal A Tax Audit

Audits (which the IRS calls “examinations”) are the stuff of most taxpayer’s nightmares. When people think of tax audits, they automatically assume that some grey suit wearing IRS agent is there to increase their tax liability and take money from their wallets rather than give an accurate assessment of their taxes. This isn’t always the… Read more »

Statute of Limitations for IRS Audits

IRS Statute of Limitations: The Three Year Rule The IRS generally has three years from the date a return is filed or due to issue a Notice of Deficiency. If this period has expired, the IRS can’t assess additional tax against your return, which should alleviate any of your worries about an IRS tax audit…. Read more »

How International Wire Transfers May Trigger An IRS Audit

International Wire Transfer and IRS Audit Making wire transfers is a convenient and fast method of moving funds electronically from one bank account to another. The process generally ensures a recipient’s access to funds within just a couple of days of transfer. That being said, if you are a taxpayer with foreign income, remember that… Read more »

Marijuana Audits and Your Fifth Amendment Rights

marijuana audits

Can A Dispensary Claim Immunity to Avoid Future Criminal Prosecution? A Colorado medical marijuana company has refused to turn over documents to the IRS, citing fears that the records could be used against the company in a criminal proceeding. Standing Akimbo’s lawyer has said the Denver firm will claim the Fifth Amendment if it does… Read more »