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February 2013 Archives

What are the odds of a tax audit?

So what are the odds, overall, of the IRS targeting your return for a tax audit? The answer varies, of course, depending on certain factors. It's important to minimize your risks of an audit by taking common sense steps to protect yourself. As we discussed in our January 29 post, these can doing these like keeping records of charitable contributions and including all types of income.

Household employers and the 'nanny tax'

It's been 20 years now since two successive nominees for the prestigious position of U.S. attorney general had to withdraw due to "nanny tax" problems. Two decades is of course a considerable chunk of time. And yet the complexities of tax law for household employers continue to remain a challenge.

Filing season update: tax preparer regulation, IRS staffing

The IRS has now begun processing tax returns for early filers. But whether you have filed your taxes or not, it remains important to keep informed about tax issues. This year, one of those issues is the status of professional tax preparers. Another is the possibility that the IRS, along with other federal agencies, may experience significant budget cuts if Congress and the President do not reach an agreement to prevent them.

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