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 […]
Category: Audits
Summer is coming to an end. This becomes apparent whenever you enter a big box store and see the shift of stock away from swimsuits and beach umbrellas towards backpacks and winter coats. But did you know that warm weather is not the only thing about to come to an […]
The Supreme Court of the United States (SCOTUS) has agreed to take on the issue of sales tax for online transactions. SCOTUS will decide whether or not a business is required to collect a state’s sales tax when the business has no physical connection to the state. When does a […]
The new tax law has left taxpayers with many questions. One issue: how will the new tax law impact the business interest expense deduction? The Treasury Department and the Internal Revenue Service (IRS) recently provided some guidance. What is the business interest expense deduction? The business interest expense deduction essentially allowed […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]