Before We Get Started, See How Much You May Know About Taxes & Take The Tax Quiz Below! Compare how long the US Tax Code is in comparison to the Bible at around 1600 pages long, and you’ll understand why people have a lot of questions about the IRS and its tax code. It’s not …
How Far Back Can the IRS Audit? 8 IRS Questions & Answers For 2019 Read More »
Gone are the days of the stereotypical CPA – visor, glasses, hunched over an adding machine with a stack of documents close at hand. For decades, people have been using computers and increasingly sophisticated programs to aid in tax preparation, risk analysis and auditing. Now, emerging technologies such as artificial intelligence (AI), machine learning and …
The IRS provides a large amount of advice to taxpayers concerning what certain matters arise. The agency also at the same time sends out notifications to taxpayers concerning a large number of concerns. A notification could concern an audit, or a changed or corrected return. It could indicate a tax deficiency, meaning that you owe …
It is always a good idea to revisit why individuals get audited. Generally, the IRS can audit returns filed in the past three years. The penalties that result from an audit can be severe. It can be as much as 20 percent of the amount of an “erroneous claim.” If the IRS decides a return …
On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, April 19, 2018. While the number of IRS audits has gone down in recent years, taxpayers still need to take care when filing returns. This is especially true with the passing of the Tax Cuts and Jobs Act. Even tax professionals remain unclear about a number …
On behalf of Silver Tax Group posted in IRS Tax Audits on Wednesday, April 11, 2018. While there have been less IRS tax audits since 2010, there are still a large number of things that can trigger an audit. In 2017, there was still over a million tax audits. An audit does not by itself mean you are guilty …
On behalf of Silver Tax Group posted in IRS Tax Audits on Wednesday, April 4, 2018. While the IRS conducted fewer audits in 2017 than in the prior year, this does not mean that the numbers of audits are insignificant. During the year, there were 934,000 audits throughout the United States. The IRS continually conducts its business. During 2017, …
On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, March 8, 2018. Due to possible underreporting of income, the IRS is taking a close look at bitcoin transactions. This is in part because Bitcoin values increased over 20 times in 2017. Also, many bitcoin transactions take place outside of the public light. While such IRS crackdowns are …
On behalf of Silver Tax Group posted in IRS Tax Audits on Monday, March 5, 2018. It’s worth repeating that many things can trigger an IRS audit. Obviously, inaccuracies on forms, claims for deductions which you do not qualify, or the failure to report certain income will result in problems. But it would be difficult to list every type …
On behalf of Silver Tax Group posted in IRS Tax Audits on Tuesday, February 20, 2018. For close to 17 years, the IRS has had a program in place allowing for penalty abatements. These abatements are available for individuals with a history of complying with reporting requirements. The policy behind the first-time penalty abatement program (FTA) was to give …
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