Nobody wants to be audited by the IRS, but most taxpayers have had nightmares of an agent showing up at their door, asking a lot of questions about their tax returns. While it is natural to worry about an audit, the reality is that audits are increasingly rare.
In the first part of this post, we posed the question of how far the IRS can go back into your past when conducting tax audits.
Tax Day has come and gone, and usually comes the time of the year when people start to worry about their taxes potentially being flagged by the Internal revenue Service. An audit is possible, though the likelihood of such a reality is very low. Still, it is good to be knowledgeable of the subject, and last week we wrote a post about audits and some of the timetables for a person being audited.
"Don't look back" is a memorable line in literature. It is the title, for example, of a notable documentary from the 1960s about a high-profile British concert tour by the enigmatic singer Bob Dylan.
There has always been a gray area between core government functions and the use of private enterprise. With IRS regulation changes allowing private contractors to participate in tax audits, the tension in this gray area has already begun to increase.
Most banks have some type of customer loyalty points program where you earn a certain number of points based on dollars charged each month. In some cases, the bank may offer a certain number of points for opening an account.
As part of a recent settlement between Bank of America and the U.S. Department of Justice, almost seven billion dollars will be available to provide relief for homeowners struggling with “underwater” mortgages.