The Internal Revenue Service (IRS) is reviewing tax returns and preparing to move forward with audits. How will I know if the IRS is auditing my business? First, it is important to note that the audit notice will most likely come in the form of a letter. Any phone call from […]
Category: Audits
The United States Department of Justice (DOJ) continues to crackdown on tax preparation fraud. The government takes the threat so seriously that the Internal Revenue Service (IRS) has listed return preparer fraud as one of its Dirty Dozen Tax Scams. What is the most recent case? The DOJ recently filed a case against […]
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 […]
As we enter tax season, it is good to keep in mind some common red flags that can trigger an audit by the Internal Revenue Service (IRS). Things that can increase the risk of an audit include: Filing unusual returns. Any tax return that includes large or questionable items that are […]
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 […]
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 […]