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Tag: Tax Audit

Never Fight the IRS Alone

Fight the IRS

The Internal Revenue Service, popularly known as the IRS, is the revenue service of the United States federal government that is tasked with the collection of taxes and enforcing of the Internal Revenue Code (IRC). Annually, scores of citizens face an audit of their individual tax returns by IRS – sometimes randomly or often following any… Read more »

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 »

Appealing the Findings of Your IRS Examiner: Should You Appeal?

Appealing Audit

  All you need to know about appealing your IRS findings The Internal Revenue Service better known as the IRS is the governmental agency that ensures that you “give Caesar what belongs to Caesar”. In other words, it conducts the fundamental function of tax collection on a nationwide scale. And so given the importance of… Read more »

Statute of Limitations for IRS Audits

IRS tax audit

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. Before you breathe a… Read more »

Why You Need a Tax Attorney to Represent You in an Audit

Tax Representation During an Audit

Reasons why you Should Have a Tax Attorney Present During an Audit The IRS is no joke. The moment they knock on your door, chances are you will end up in a state of frenzy. This mostly happens when you were not prepared. Those who have all their records and tax affairs in order will… Read more »

Common Reasons The IRS May Audit You

Who Gets Audited?

Who Gets Audited? Contrary to popular belief, there is nothing inherently threatening or sinister about an IRS audit. During the audit, the agency will simply double-check your numbers to ensure that there are no discrepancies in your tax returns. Therefore, if you are truthful and conscientious, you do not have to worry. At times audits… Read more »

What you need to know when under a tax audit

Are you under a tax audit? Nothing is as gruesome as receiving a notice or letter from the IRS let alone being under a tax audit. Although most people envisage a tax audit as being approached by some scary government agents who are there to cause you anguish, you probably have no cause for alarm… Read more »

What To Do If You Are Being Audited By The IRS?

Tax Audit

If you receive a notice specifying that your tax records are being audited, you should know how to respond to it. A tax audit is a process where the IRS will examine and investigate your business or individual financial records to make sure your tax returns are filed accurately. If you establish that the initial… Read more »