As a budding entrepreneur, your dream has always been to form your own company. Well, now, this dream has come to fruition and you’re running your own small business. This has brought numerous benefits. You have job satisfaction every day and you’re starting to make...
Tax Audit
3 things you should know about tax audits
Finding out that you’re being audited by the Internal Revenue Service on your income tax return is a disheartening experience. Whether you’re dealing with this as a wage earner, independent contractor or a business, you have to ensure that you’re handling the...
How social media posts may lead to a tax audit
Social media seems like something completely separate from your taxes; however, this can change quickly if you post the wrong thing. The IRS is facing a huge tax collection gap year after year. This has spurred the agency to engage in more creative forms of finding...
CHALLENGING THE FINDINGS OF A GDOR TAX AUDIT
The Georgia Department of Revenue may audit any Georgia taxpayer or business. Taxpayers who disagree with the GDOR’s findings, are not without recourse and may challenge these findings alone or with professional assistance and guidance. A professional experienced in...
ABOUT GEORGIA DEPT OF REVENUE BUSINESS TAX AUDITS
Businesses in Georgia, like anyplace else, must fulfill their filing and payment obligations related to taxes pursuant to Georgia state law. The Georgia Department of Revenue (GDOR) examines tax returns to review whether the amounts for various items, such as...
BUSINESS RELATED IRS AUDIT TRIGGERS
The mere act of placing the envelope that contains a tax return into a mailbox may be a cause of stress for most taxpayers. None of us want to do anything that will alert the IRS to take a closer look at our tax returns. IRS examinations, or “audits” as they...
SOME FACTS ABOUT IRS AUDITS
The IRS audited approximately 1.0 million tax returns in Calendar Year 2017. This was less than 1% of all returns, approximately 0.5 percent. The IRS conducted 74.8 percent of Fiscal Year 2018 through correspondence audits. Of these 1.0 million audits of tax...
HOW THE IRS USES AUTOMATION TO REVIEW TAX RETURNS
While the IRS does not have the manpower that it had 20 years ago, there are certain taxpayer actions that can trigger an audit by the Internal Revenue Service. As technology continues to evolve at a significant rate, the IRS has increased its use of automated...
IRS UNDERSTATES COMPLIANCE EFFORTS USING “REAL” AND “UNREAL” AUDITS
The National Taxpayer Advocate (NTA) has published several opinions about the issue of “real” vs. “unreal” audits. Under Internal Revenue Code (IRC) § 7602(a)(1), the IRS has the authority to examine any books, papers, records, or other data that may be...