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Audits Archives

Reality TV star indicted for tax evasion

The Department of Justice (DOJ) recently released an indictment for Todd and Julie Chrisley, from the show Chrisley Knows Best. The government has charged the couple with tax crimes including bank fraud and tax evasion. According to the government, the reality television stars would fraudulently obtain bank loans and failing to pay their tax obligations.

Texas Governor extends state tax benefits for solar panels

Solar power is one form of energy that can help to reduce greenhouse gas emissions. Local and federal taxing agencies offer tax abatement programs to help offset the high initial cost that comes with converting to solar power. Lawmakers use these programs to reduce or eliminate property taxes for those who partake in the program.

Small business tax audits: A primer

Business owners must balance their passion for their market with business logistics. Owners must manage their budgets and, at times, navigate human resources issues. In some cases, the owner may even need to navigate a discussion with the Internal Revenue Service (IRS). This conversation would occur if the agency decides to conduct an audit on your business.

Gifts and taxes: Recent case questions whether gift was income

The line between a gift and income in the eyes of taxpayers is not always clear. A recent case, Felton v. Commissioner, provides an example. In this case, the Internal Revenue Service (IRS) argues a taxpayer’s claimed gift was actually income. As such, it would be subject to a higher tax rate.

How far back can the IRS investigate during an audit?

Getting audited by the Internal Revenue Service (IRS)? You likely have a number of questions. The first may be along the lines of: is this for real? If you got a phone call stating you are getting an audit, it may be a scam. If, however, you received a letter from the IRS stating the agency is going to review your tax filings, the correspondence is likely legit.

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