If you're facing the prospect of an IRS audit, you may be tempted to go through the process alone. However, enlisting professional audit representation is an excellent way to reduce the stress of an audit and avoid unnecessary taxes. Here are five reasons to have audit representation.
Despite having millions in the bank, celebrities are just like everyday taxpayers and sometimes experience their fair share of tax woes. These 10 celebrities are well-known for their work on the big screen or in concert as well as the fact that they were charged with tax evasion.
ered several forms of income tax assistance to taxpayers over the years. These aids are designed to help individuals understand, prepare, and pay their taxes. Here are 10 cool tools available from the IRS this tax year.
An IRS audit reconsideration is a review that the IRS grants to taxpayers who have already completed an audit. The reconsideration is basically a re-examination of the case to look for errors that may have been committed while assessing the individual's tax liability. There are only a few situations in which the IRS will consider re-examining the results of a completed audit. As a result, it's important for taxpayers to know which circumstances qualify for reconsideration and how they can begin the process of requesting the review.
Receiving a written notice from the IRS may trigger feelings of fear or concern. Receiving an IRS audit letter in particular can be a scary experience. What's in an IRS audit letter? Can you do anything about an impending audit? What should you do if you disagree with the findings in an audit letter?
If you find out that you have been selected for an IRS examination, you may easily become nervous about what to expect. An IRS examination, commonly referred to as an audit, is a detailed review of your financial situation. In most cases, the agency will only discuss specific matters that relate to a certain tax year. Do you know what exactly happens at an IRS examination? Do you need to do anything to prepare for it?
The Affordable Care Act (ACA), which is commonly referred to as "Obamacare", allows U.S. citizens to purchase health insurance at a reduced rate. Those who do not buy health insurance by the deadline are subject to a tax penalty. For those who cannot afford the insurance, though, there is an Affordable Care Act hardship exemption that allows them to escape liability for the tax penalty.
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f you're dealing with financial uncertainty, you may be tempted to dip into your 401k to boost your bank account. If you don't meet the IRS age requirements, though, you'll likely face tax penalties for early 401k withdrawal. What are these penalties? Is there any way you can avoid paying a 401k withdrawal penalty?
The words "IRS audit" may be downright frightening to the average taxpayer. News reports of taxpayers who've had to pay back thousands or even millions of tax dollars doesn't do much to ease that fear. Since taxpayers are often afraid of audits, they may avoid learning the truth about the IRS audit process. Here are a few common audit misconceptions that can ensnare taxpayers.
As the filing deadline draws closer, many taxpayers realize that they won't be able to submit their returns on time. These individuals often turn to filing a tax extension to have more time to prepare their forms. Is this a wise thing to do? Does filing a tax extension make it more likely that the IRS will audit you?
