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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.
But according to David Knecht, a partner at CPA-firm Milam, Knecht & Warner in Glendale, Calif., there are red flags the IRS looks for that increase your chances of an audit, no matter what your ...
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:
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 ...
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)
The IRS audit rate dropped to just 0.38% of all returns in 2022. And the most common causes of an audit can be avoided if you take your time while assembling your return—even if that means you ...
As you might expect, the law is a bit dated: According to the law, a government agency can read your email without a warrant as long as the email has been opened, or if it's been sitting in your ...
Flickr source Do you ever wonder how the IRS chooses which taxpayers it wants to audit?While the IRS audits only about 1 percent of all individual tax returns annually, you don't want to be one of ...