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Category Archives: Audits
Navigating CP2501 Notices: What You Need To Know
If you’ve ever received a CP2501 letter from the IRS and wondered why, read on. It’s not just any letter; it’s an invitation to explore discrepancies they’ve noticed. This might sound like navigating through a maze blindfolded but don’t worry. We’ll walk through this together,…
You Received An Audit Notice, So How Soon Should You Hire A Tax Audit Attorney?
Received an IRS Audit Notice? How a Tax Lawyer Can Guide You For an American, few phrases inspire instant anxiety quite as effectively as “IRS audit“. The popular notion of an audit is that of an unsmiling, robot-likeIRS auditorturning your life or business upside-down, looking…
Form 4549 IRS Audit Reconsideration: The Full Guide
Key Takeaways: 1. Act Promptly and Decisively: Upon receiving Form 4549, indicating IRS audit adjustments, it is imperative to respond swiftly to request reconsideration, providing compelling evidence or documentation to counter the proposed changes. 2. Comprehensive Documentation is Key: Successfully contesting an IRS audit decision…
Underreported Income To The IRS? Here’s 4 Simple Steps To Take
Key Takeaways: Under reported income includes any earnings subject to tax that are left off of a tax return The largest portion of the tax gap tracked by the IRS is made up of underreported income Taxpayers may underreport income due to a desire to…
Are Tax Audit Defense Services Worth It? (5 Options Compared)
Going through a tax audit is a fear for most taxpayers — especially business owners. The process involves the Internal Revenue Service (IRS) or state taxing authority figuratively and literally digging through your income tax returns and IRS documents to look for reasons to assess…
How Long Do IRS Audits Take? (4 Audit Types & Timelines)
How long do IRS audits take? It’s a question that can keep many taxpayers up at night. Dealing with an Internal Revenue Service (IRS) audit letter is stressful, and dealing with tax audit timeframes can be overwhelming. You have no idea how long your time…
8 Major Trends In IRS Audits
Key Points: The Changing Landscape of IRS Audits: What You Need to Know Audits by the IRS are declining overall, with only 0.06% of tax filers being audited currently. This is due to limited IRS resources and staffing. Mail audits are much more common than…
What To Expect During An IRS Correspondence Audit
The IRS only audited 0.6% of individual tax returns from the 2016 tax year. That means that for 2016, your chance of being audited was 1 in 160. There are many cases, however, considered as “unreal” audits. In these cases, taxpayers may receive a letter…
The IRS Certified Letter Guide: Why Did I Receive This?
Receiving a certified letter from the IRS can be a frightening experience for many taxpayers. A routine trip to the mailbox shouldn’t make you do a double-take, nor should it fill you with apprehension. Yet, that’s exactly what might happen if you find a certified…
How To Avoid An IRS Audit – Document, Document, Document Your Business Expenses
The thing that strikes fear in the hearts of entrepreneurs across the US, especially this time of year, is the specter of an IRS audit hanging about like the Ghost of Christmas Yet To Come. There is such widespread fear and loathing of such a…
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