If you are facing a tax audit and are unable to pay the full amount owed, you may wonder if there is a way to settle your tax debt for less than what the IRS claims. One possible solution is an Offer in Compromise (OIC), a program that allows taxpayers to settle their...
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Tax Audits
How can taxpayers prepare for evolving IRS audit methods?
Tax audits can be stressful, but preparation makes the process manageable. The IRS has updated its audit selection methods, incorporating advanced technology and data analytics. Taxpayers can stay ahead by adopting strategies that ensure compliance and readiness....
How can self-employed individuals prepare for a potential audit?
Self-employed individuals face unique challenges when preparing for a potential audit. By staying proactive and organized, they can reduce the stress and risks of a tax audit. Maintain thorough documentation The most important aspect of preparing for an audit is...
How far back can the IRS audit you?
Dealing with the Internal Revenue Service (IRS) can be daunting, especially if it involves an audit. One common question many taxpayers have is about the extent of the IRS's reach into past tax years. Understanding how far back the IRS can audit can help taxpayers...
What is a tax audit?
Receiving a notification for a tax audit can naturally cause some anxiety. Understanding what a tax audit involves can help alleviate your concerns and prepare you for the process ahead. If the IRS has notified you of an audit, it’s helpful to understand the process...
Can you be reaudited by the IRS?
Being audited can be a nerve-wracking experience. After getting through the process, many individuals wonder about the likelihood of facing another audit in the future. It is wise to explore the factors that may influence the chances of a reaudit and to learn what you...
Tips for avoiding a tax audit
Tax audits are a daunting prospect for anyone. They can be time-consuming and may result in financial consequences. To minimize the chances of a tax audit, various strategies help maintain your financial security and ensure you comply with tax laws. Deliver accurate...
Navigating a tax audit for the first time
IRS audits can be a daunting experience, especially if you have never been through one before. Tax audits can happen at random or due to discrepancies in your tax returns. When you receive an audit notice, carefully read it to determine the type of audit and the...
Why would the IRS want to audit your taxes?
Correspondence from the IRS that they plan to audit your taxes could cause uncertainty and angst. Knowing some of the reasons why they might do this can help you prepare a defense. The good news is, even if the IRS finds something concerning, you can eventually remedy...
Understanding the 3 types of tax audits
Not many California taxpayers wind up becoming the subject of a tax audit, but it does happen. Most of the time, it happens because something a taxpayer does when filing taxes attracts the attention of the IRS, prompting the service to take a closer look at the...