The IRS has a way of initiating audits at the worst possible times — during family emergencies, for example. Unfortunately, procrastination is never an option when the IRS comes calling. It may seem impossible to work through both personal crises and audit nightmares, but you can and will make it through the storm if you […]
Paperwork nightmares strike the best of us. Unfortunately, those messy or missing records can prove a real liability when the IRS comes calling. If your records are in shambles, you may struggle to prove to the IRS that any deductions you made or credits you took advantage of are valid. All hope is not lost, […]
You’re planning to file an FBAR (Reports of Foreign Bank and Financial Accounts). Will this action automatically get you audited by the IRS? Short answer: no. However, not filing an FBAR may increase the risk of an audit. Here’s what you need to know. What Actually Triggers IRS Action? The possibility of an IRS audit […]
Nothing may make your heart pound and your head throb like the notice of an IRS audit. Even if you know the precise location of every form, receipt, and file folder, an audit can have negative financial implications that affect you for years to come. But what if your tax records are in less than […]
This time of year, most Americans are gathering income statements and preparing to file their returns. The good news for both businesses and individuals is that the risk of being audited is low and continues to drop. Last year, the number of people and organizations the IRS audited dropped again—to just over one million. However, […]
An IRS audit can monopolize your time, attention and emotions. But the process takes time—from gathering the documents to that actual office appearance. You still have a business to run, though. How do you keep yourself sane and productive in the meantime? Hire Professional Help for the Audit Preparation Instead of handling your audit alone, […]
The 2014 IRS Data Book reports that 1.9 percent of sole proprietors with income under $100,000 and 2.3 percent of sole proprietors with income over $100,000 had an IRS audit in 2014. If you’re one of those businesses, you know the frustration and stress an audit entails, and you definitely want to avoid the experience […]
To complete your IRS audit, you must provide supporting records that prove you filed an accurate tax return. But what if you tossed the supporting records in the trash, misplaced them when you moved or watched them float away during a flood? Take these steps as you recover your records and prepare for your audit. […]
Only one percent of all tax returns undergo an audit, reports The Motley Fool. If you’re one of the unlucky few, however, the process can be stressful, particularly if you’re self-employed. Take these steps immediately to handle the audit in a professional manner. Verify The Audit’s Legitimacy You may receive a phone call claiming you’re […]
Even accomplished business owners will want to bring an expert into a Schedule C IRS audit. The process can be scary and intimidating, and it can make all the difference if you have an experienced tax professional at your side. Hire the right help and avoid the wrong help with these tips. Hire The Right […]