Let’s say that you have just received the results of an IRS audit and they are not favorable. The auditor has assessed additional back taxes, and now, you are on the hook for additional interest and penalties as well. Do…
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IRS audits have been on the decline in recent years as a result of the reduction in IRS enforcement personnel. According to the IRS’s 2017 Data Book, the IRS audited just over 900,000 individual tax returns, or about 0.6%, of all tax returns…
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Often in an IRS audit, the tax examiner will ask for your mileage log at the beginning of the audit. If you do not have a mileage log, what should you do? (more…)
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An IRS audit is something no one ever wants to face. Audits mean gathering tax paperwork, answering personal questions about your income and expenses, and potentially facing a bill for back taxes, interest and penalties at the end of the…
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Tax season is upon us once again and many individuals and businesses are struggling to make sure that all of their obligations to the Internal Revenue Service are fulfilled. You not only need to be accurate and timely when filing…
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You've probably heard the expression that every cloud has a silver lining. Sometimes you can even find a silver lining in an IRS correspondence audit. (more…)
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Your ability to deduct losses on Schedule C depends on whether the activity is a trade or business or a hobby operated primarily for your recreation and pleasure. (more…)
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We recently received good news from our audit reconsideration request that the IRS reversed a tax assessment in excess of $200,000 for back taxes against our Boca Raton client. Needless to say our client was extremely happy with the outcome…
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The Internal Revenue Service just announced it has rolled out a streamlined program designed to help small businesses under audit to quickly resolve their differences with the IRS. (more…)
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If you're self-employed and file a Schedule C you should be aware of tax deductions that may cause an IRS tax audit. (more…)
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