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Other correspondence audits simply request an additional amount due based on IRS calculations. While even getting a letter from the IRS can be nerve-wracking, the odds that you get called in for a ...
TaxBuzz's Reams says IRS Statistics of Income reports related to its audit activities show that audits increase as the taxpayer's income gets higher. "In other words, the IRS audits higher income ...
One audit trigger is if you exclude some income sources or report a smaller amount of income than you actually received. "Underreporting income would probably be the first red flag," Greene Lewis ...
To understand how it works, take a look at this mortgage interest deduction example: If you purchase a $400,000 home with a 20% down payment and take out a 30-year, fixed-rate loan with a 7% ...
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In most cases, if you’re audited and can’t defend your return, you’ll have to pay the taxes that you legally owe and some penalties and/or interest. While that’s never a pleasant ...
According to the Huffington Post in 2004, the Wall Street Journal reported that the IRS audited the liberal group Greenpeace at the request of Public Interest Watch, a group funded by Exxon-Mobil. [17] Exxon-Mobil said it was not aware of the IRS audit, nor did it have a role in initiating the audit. [18]
The IRS frequently warns the public of audit phone scams: If you receive a call demanding money, asking for personal information or threatening to have you arrested, report the incident to the ...
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