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There are few things that strike more fear into the heart of the average taxpayer than the words "IRS audit." The thought of facing down an IRS auditor and having to explain your entire financial ...
In the United States, an income tax audit is the examination of a business or individual tax return by the Internal Revenue Service (IRS) or state tax authority. The IRS and various state revenue departments use the terms audit, examination, review, and notice to describe various aspects of enforcement and administration of the tax laws.
It's no secret that the IRS is ramping up the number of audits in an attempt to close the "tax gap." That's the term the IRS is using to account for the difference between the taxes it believes it ...
H&R Block, for example, provides tax audit support with in-person representation for those who’ve purchased its tax software. And while an audit may seem like a stroke of very rotten luck ...
Under the current tax law, taxpayers are allowed to deduct qualified unreimbursed medical expenses that are above and beyond 7.5% of one's adjusted gross income. But taxpayers need to be careful ...
A sales tax audit is the examination of a company’s financial documents by a government's tax agency to verify if the proper amount of sales tax has been remitted to the proper authority. [1] Bob Meighan, writing for Huffington Post , stated that "only 1.1 percent of individual taxpayers receive an audit letter every year", and out of them ...
The best way to prevent an audit is to avoid tax scenarios that catches the IRS's attention in the first place. Here are five ways to do that. Photo: Getty Creative (LPETTET via Getty Images)
America uses what is known as a self-reporting tax system. This means that at the end of each year, you calculate your income, assets and liabilities, then tell the government what you owe. The ...
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