Audits

what lead to tax audits

Why Tax Audits Occur

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 …

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tax audits avoiding

Ways to Avoid Tax Audits

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 …

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request an appeal when necessary

Appealing of Tax Audits

On behalf of Silver Tax Group posted in IRS Tax Audits on Monday, February 12, 2018. Michigan taxpayers can request an appeal when there are disagreements regarding the result of an audit. The appeal involves filing a written protest. Generally, you will only have 30 days to appeal the determination once receiving a letter from the IRS. The IRS …

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digital currency and taxes

Cryptocurrency Gains and the IRS

On behalf of Silver Tax Group posted in IRS Tax Audits on Friday, December 1, 2017. Cryptocurrency or digital currency is a relatively recent creation. Bitcoin is probably the most familiar type of cryptocurrency. In any case, reporting of cryptocurrency gains continues to be a tax issue. IRS can investigate cryptocurrency gains While one particular company, Coinbase Inc., is challenging …

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trigger tax audits by credit card

Use of Credit Card Data to Trigger Tax Audits

On behalf of Silver Tax Group posted in IRS Tax Audits on Wednesday, October 11, 2017. Reasons for tax audits There are already lots of reasons why the IRS audits returns of taxpayers. This can include irregularities in accounting, willful and even non-willful mistakes, failure to submit proper forms, and questionable deductions. There is also another reason for tax …

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new bill regarding digital currency

Congress Introduces New Bill Regarding Digital Currency

On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, September 21, 2017. As digital currency is not the same as real currency, taxing of digital currency transactions is complex. Since digital currency can go up and down in value, exchanges and sales of digital currency trigger capital gains tax treatment. Because the price of digital currency has …

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congressional bill

Congressional Bill Designed to Curb IRS Abuses

On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, September 14, 2017. There have been a large number of complaints from farmers and business owners facing unjust IRS prosecution. Such complaints involve the IRS accusing farmers and small business owners of making transactions under $10,000 to avoid the Bank Secrecy Act rules. Congressional bill In …

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IRS and gas station audit

4 Things The IRS Will Examine Closely During a Gas Station Audit

When it comes to IRS audits, gas stations owners are often at a disadvantage. Not only is a great deal of their business transacted in cash — making it more difficult to accurately track — but with few employees, owners often don’t have the resources or time to maintain perfect financial records. Even when records …

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reporting of micro-captive transactions

The Reporting of Micro-captive Transactions

On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, May 18, 2017. The IRS is always looking for ways to collect more revenue. One method is to target micro-captive transactions. A micro-captive transaction is one where a taxpayer attempts to reduce their taxable income through the use of insurance contracts. Micro-captive transactions Under micro-captive transactions, …

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a bill of rights for taxpayers

A Bill of Rights for Taxpayers

On behalf of Silver Tax Group posted in IRS Tax Audits on Tuesday, January 24, 2017. Taxpayers often are subject to tax audits and other agency actions taken by the IRS. The notice of an audit can cause understandable concern. Mistakes and findings of wrongdoing can lead to tax penalties and criminal charges. However, even the IRS recognizes that taxpayers have …

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the IRS is everywhere in florida

The IRS Is Everywhere in Florida, and They WILL Come for You.

On behalf of Silver Tax Group posted in IRS Tax Audits on Sunday, January 22, 2017. Florida has more IRS offices than all but four other states, and many of these offices are in South Florida. That alone makes it more likely that Florida residents and Florida businesses will be selected for an in-person IRS audit (called field audits) …

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tax planning

When It Comes to Taxes, It Never Hurts to Plan ahead

On behalf of Silver Tax Group posted in IRS Tax Audits on Saturday, December 31, 2016. In today’s tax world with its complicated rules and reporting requirements, it never hurts to plan ahead. The preparation process can take time, however. More importantly, such preparation requires great care as mistakes can result in harsh tax penalties and asset seizures. As another …

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What will happen to deductions under President Trump?

What Will Happen to Deductions under President Trump?

On behalf of Silver Tax Group posted in IRS Tax Audits on Tuesday, December 6, 2016. With every new presidential administration, there will be changes to tax policy. While President-elect Donald Trump proposed that tax cuts will take place, it’s still unclear what the tax consequences of any cuts will be. It’s likely that any actual tax cut will reduce the value …

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retirement and tax audit

Retirement and the Possibility of a Tax Audit

On behalf of Silver Tax Group posted in IRS Tax Audits on Monday, November 28, 2016. The last thing any retiree wants to encounter is a tax audit. Unfortunately, actions taken regarding a retirement account can bring you to the attention of the IRS. This is particularly true for retirees with significant incomes. Retirement and tax audit A Kiplinger report lists ways …

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virtual currency and tax

Virtual Currency and the IRS

On behalf of Silver Tax Group posted in IRS Tax Audits on Friday, November 18, 2016. Virtual currency and bitcoins are popular subjects on tax blogs. As this involves online transactions, regulations regarding this area are relatively new. It is also a difficult area to regulate because individuals involved in bitcoin transactions are usually anonymous. Finally, the amount of …

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IRS considers changes to appeals rules

IRS Considers Changes to Appeals Rules

On behalf of Silver Tax Group posted in IRS Tax Audits on Monday, October 17, 2016. Michigan residents will understandably be concerned regarding possible changes in the manner in which the IRS handles tax appeals. Currently, the IRS provides 35 Appeals team case leaders (ATCLs) settlement authority regarding these cases. However, the IRS may in the future place the resolution …

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IRS can look back in fraudulent transfer cases

How Far Can the IRS Look Back in Fraudulent Transfer Cases?

On behalf of Silver Tax Group posted in IRS Tax Audits on Friday, September 16, 2016. The number of fraudulent transfer cases prosecuted by the IRS since the financial meltdown in 2007 has dramatically risen. This is especially true concerning individuals who filed for bankruptcy protection. Forbes.com notes that a recent cases document the power the IRS has in pursuing …

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sharing economy and requirements

1099s in the Sharing Economy: What Are the Requirements?

On behalf of Silver Tax Group posted in IRS Tax Audits on Tuesday, June 7, 2016. A recent report finds entrepreneurs in the sharing economy are not always receiving the forms needed to complete their taxes properly. Misunderstandings are also common when it comes to self employment taxes and tax deductions. More than 2.5 million people work (generally part-time) …

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reconsideration to the rescue

Reconsideration to the Rescue

On behalf of Silver Tax Group posted in IRS Tax Audits on Tuesday, May 3, 2016. Reconsideration is, in some ways, an appellate process. You are asking the IRS to “reconsider” their previous determination of your tax liability. Reconsideration is most often filed by people who: Have missed a tax return and were subjected to a substitute form being …

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