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Category: Audits

Tax Deductions: Home Office Rules to be Simplified

Many people work out of their homes. Nationally, the number is quite high. The number of taxpayers who took the home-office deduction was over 3 million in 2010, according to the Internal Revenue Service. The IRS is aware, however, that in the past the calculations required to claim the deduction […]

Audits

Tax deductions: home office rules to be simplified

Many people work out of their homes. Nationally, the number is quite high. The number of taxpayers who took the home-office deduction was over 3 million in 2010, according to the Internal Revenue Service. The IRS is aware, however, that in the past the calculations required to claim the deduction […]

Audits

Formalities Important in Claiming Gift Tax Exemption

After several years of post-bubble struggles, the housing market is finally trending upward again. The waves of foreclosures have subsided somewhat, and traditional buyers and sellers are entering the market again. One potential wrinkle in this improving picture, however, is the possibility of federal gift tax gift consequences for relatives […]

Audits

Small Businesses and IRS Audits

“Begin with the end in mind,” wrote Stephen F. Covey in his highly influential book, The Seven Habits of Highly Effective People. How would principle apply to small businesses seeking to minimize tax liability while avoiding IRS audits? For one thing, it’s important to consider how the IRS is likely to […]

Audits

Texas Sales Tax Audits: the Importance of Recordkeeping

Collecting sales tax from customers and making sales tax payments to the government can be a logistical challenge for many businesses. This is particularly true of small businesses, which do not always have the accounting personnel and other staff to handle sales taxes easily. The risk, of course, is that […]

Audits

Churches and Taxes: IRS Suspends Audits

Every field of activity has its own peculiar tax considerations. Churches are no exception. In fact, churches, and the clergy who serve them, probably have more unusual tax peculiarities to consider than many other fields. It is fair to ask whether this reasoning applies to tax audits. Are churches more […]

Audits

IRS Audits: Does Seeking Fast-Track Settlement Make Sense?

IRS audits are hardly an experience that anyone would seek out. For individuals and businesses alike, it can be time-consuming and laborious to satisfy the agency’s scrutiny. Naturally, it can also be stressful, with the potential risk of tax penalties or even criminal tax charges. If, however, an IRS audit is already […]

Audits

IRS Audits and Corporate Governance

The phrase “IRS audit” carries connotations that differ from taxpayer to taxpayer. If you’ve done all you can to file flawless tax returns, notice of an audit might seem like an outrage. Yet a different feeling – one of anxiety – could come if you fear you might have been […]

Audits