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But though the IRS is way behind on its checklist in a way it wouldn’t tolerate among late tax filers, its audits are right on schedule. Call it efficiency in action, even if it is the wrong kind.
IRS audits are big business. The whole point of an audit is not to strike fear into the heart of American taxpayers -- although it succeeds in doing that -- but rather to raise revenue for the ...
One of the reasons that the thought of a tax audit strikes fear into the hearts of many Americans is that the process seems so mysterious. Read: Billionaires vs. the Middle Class: Who Pays More in...
The IRS has a bad reputation as an agency that seeks to squeeze more money out of taxpayers. But the truth is as long as you are reporting your income appropriately -- taking only legitimate...
Business expenses It’s easy to take advantage of reporting business income and deductions on Schedule C, to your benefit. So, the IRS looks for the following red flags on the form:
[16] Although the IRS maintained that the audit was an attempt to determine whether the NAACP had involved itself in a political campaign, the NAACP and Democratic Party representatives characterized the audit as an attempt to stifle criticism of Bush, intimidate NAACP members, and harm the NAACP's get-out-the-vote campaign.
Nobody wants to face an IRS tax audit, but even if you do everything according to the rules, you could be subject to one. The good news is that the chances of being audited are very low. The IRS...
The best way to prevent an audit is to avoid ... Mixing business and personal expenses can also be a red flag for the IRS. Some small business tax deductions that could pose a problem if ...