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The IRS is certainly going to want a word with you if you don't even bother to file a return — the bare minimum you have to do at tax season. What's more, if you owe the IRS and don't pay, you ...
You might need to report a foreign financial account — say, a bank account, brokerage, or mutual fund — when you file your federal taxes. You must file Form 8938 if the total value of your ...
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 ...
The best way to prevent an audit is to avoid tax scenarios that catches the IRS's attention in the first place. ... you may hear from the IRS if the claimed amount seems off based on your income ...
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 .
In fact, from 2010 to 2019, the audit rate for individual income tax returns dropped to a minuscule 0.25%. That popped up slightly to 0.41% for fiscal year 2021 -- i.e., for every 100,000 tax ...
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