Tag: IRS Audit

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 IRS Audits Can Become Criminal Investigations

IRS Criminal Investigation Division In our day-to-day lives, one usually has to try to find himself (or herself) on the wrong side of Law Enforcement.  That is of course, not counting basic traffic infringements (which are hardly considered criminal).  But in all other respects, it is mostly pretty easy to go about our day and… 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 the IRS Audits Marijuana Dispensaries

IRS Marijuana Audit

What to Expect in an IRS Audit of Your Dispensary (or other cash business) Marijuana dispensaries are five times more likely to face an IRS cash business audit. In 1970, lawmakers approved Section 280E of the Internal Revenue Code as a punitive measure in the “war on drugs” which was just starting at the time…. Read more »

How the IRS Audits Income for Cash Businesses

The IRS Has Several Methods for Figuring Out Cash Income When treasury agents get the scent of unreported income in their nostrils, they always use a variation of the good cop-bad cop routine. Sometimes before they even drop the A-word, auditors begin asking seemingly friendly questions about perceived income discrepancies. If they do not get… Read more »

What Do I Need To Know About Paying FET Taxes?

FET Tax Overview Back in the day, paying FET taxes (the federal excise tax), along with tarriffs, was the cornerstone of the federal government’s revenue stream. Although the income tax, and especially source withholding of income taxes, changed the picture dramatically, the FET tax is still around, it is still high, and the Treasury Department… Read more »