You may feel understandable trepidation after finding out the IRS plans to audit your business. Try not to panic, though, as doing so may complicate things further. Instead, try to focus on gathering all the documentation and evidence you might need to explain why...
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Tax Audits
Information to know about tax audits in 2022
Tax audits remain one of the biggest fears taxpayers have it comes to dealing with the IRS. Increased scrutiny from the tax agency could require you to submit additional paperwork and possibly pay more in taxes. Information on audits can help you decrease your chances...
3 tax missteps that may increase your audit risk
Only a small percentage of California taxpayers wind up having the IRS audit them, and the vast majority of Americans who are the subjects of audits end up participating in the audits via mail, rather than in person. However, there are certain actions you might take...
Is forgiven debt taxable?
Debt settlement is a way to seek assistance when a person can not manage or make payments on their debt. Though this exists as a useful option for many people struggling financially, it is also a potentially complex matter, and it is important to understand as much...
How does the audit reconsideration process work?
When the IRS decides to audit the tax return you filed in California or another state, the chance of the audit changing something on your tax return is high. Most IRS audits result in one or more changes to your tax return, and in many cases, you may wind up owing...
What happens during an IRS audit?
No taxpayer wants to learn of an IRS audit. While intimidating, most audits have a relatively fast resolution. They are not always an indication of wrongdoing, just that the IRS would like more information. While every situation is unique, there is some general...
Who takes on tax debts after death?
When you owe money to the IRS, you should understand that this is not a debt that will end after your death. In fact, the IRS can and will go to excessive lengths in order to collect on the money you owe, even if it goes against stipulations in your will to leave your...