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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 ...
An IRS audit is a review of an individual, partnership or organization's tax return and financial information to verify that reported information is correct. Tax return audits are serious events ...
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:
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...
An IRS audit is not a judgment of how you run your finances. It's simply an examination by the IRS to make sure you've correctly reported all of your income, complied with tax laws and paid the ...
The IRS also plans to triple the audit rates of large corporations with assets over $250 million, as well as increase the audit rates of business partnerships with assets over $10 million by ...
And of those 659,003 audits, about 559,000 were correspondence audits conducted through the mail. This also means that only about 100,000 individual income tax returns were audited in person in ...
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.