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 law obligates every citizen to pay taxes to the IRS if their income satisfies a certain threshold. Only dependents are exempted from this rule. Similar to any other rule, filing tax returns is mandatory; there are no other ways about it. Failure to file tax returns at the stipulated time often has dire consequences,… Read more »
Filing a False Tax Return Filing a tax return with deliberate falsification carries stiff IRS penalties. The tax agency does not take kindly or lightly to fraud; therefore, if you are accused of filing false tax returns, take your situation seriously. The long-term and short-term ramifications of falsifying income tax returns could be severe.
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 »
Making a Case for IRS Innocent Spouse Relief We have tried to drill it in hard that when you sign a return, you are responsible for everything that is on that return, regardless of who prepared it. So it should come as no shock that the same applies for a joint return with your… Read more »
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