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Category: Audits

Tips to avoid two common audit triggers

Filing taxes is often a frustrating process. This frustration can grow exponentially in the event that a tax return triggers an audit by the Internal Revenue Service (IRS). You can mitigate the risk of becoming the target of an audit by becoming familiar with common triggers. When does the IRS […]

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Audits

When is a Texas Automotive Oil Sales Fee due?

On behalf of Brown, PC posted in Audits on Tuesday, December 5, 2017. If you sell oil in Texas, you likely need to pay the Texas Automotive Oil Sales Fee. The application for the Automotive Oil Sales Fee states that everyone that either manufacturers and sells automotive oil in the state, imports oil into […]

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Audits

Understanding Disaster-Based Tax Credits and Deductions

We are now in the thick of the Atlantic hurricane season, something many of us in Texas have to be concerned about, particularly if we own property along the Gulf. Of course, summer also frequently brings severe thunderstorms to our state, complete with damaging hail, straight-line winds, tornadoes and devastating […]

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Audits

Tax Filing Discrepancies Could Lead to An Audit

In many cases, if someone is told that they will be audited, it can lead to a lot of stress. Not only was the whole process of filing taxes stressful and tedious, but now you have to go through all of the numbers again and be able to prove that they […]

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Audits

Tax preparers: How to Avoid IRS EITC Due Diligence Audits

The Earned Income Tax Credit, known as the EITC, is an important tax benefit for working taxpayers with low or moderate income levels. But complicated rules, regarding income limits and in many cases, qualifying children, must be closely followed. Because the EITC has a direct impact on the amount of […]

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Audits

Tax Preparers Need to Know About Earned Income Credit Audits

The IRS announced on Monday that it had started accepting and processing returns. You are probably starting to get appointments from early filer – refund clients. Preparing tax returns with Earned Income Tax Credit (EITC) refunds comes with delays this year. The IRS has taken a multi prong approach to […]

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Audits

If Not With Audits, What Will IRS Use to Collect?

Audits by the taxman are scary things. No Texas business or resident likes the idea of facing off with the IRS. However, what readers may be surprised to learn is that the IRS doesn’t much care for audits, either. Its own studies reveal that audits are time consuming for the agency […]

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Audits