June 3, 2011About 1% of unlucky Americans receive notice via the mail or by phone that their tax return is being given a second look by the IRS. In other words…they are being audited. Clearly, one’s first reaction is fear, and this may simply be a reaction to the unknown. But that doesn’t have to be the case. The government itself publishes a significant amount of information regarding audits—including defining the term, offering frequently asked questions, discussing your rights during an audit, and offering guidance on what to do if you DISAGREE with findings. The Internal Revenue Service has even produced a video series, Your Guide to an IRS Audit, which follows three taxpayers through the complete audit process. The absolute worst thing you can do is ignore an IRS audit notice—facing it head on is your best course of action. Ignoring a notice only leads to penalties and potentially more tax years going under the microscope advises Jim Buttonow, a former IRS Agent and Large Case Audit Team Coordinator who worked in the Service for 19 years. Visit his site www.irsmind.blogspot.com to see his 5 rules to follow if facing an IRS audit. As your trusted advisor, we are here to offer the support you need. We can work with the IRS on your behalf.
Our most precious commodity is time—and our attention is a close second. That’s why everyone can use some help on how to tune out daily distractions. We compiled the following helpful tips from copyblogger.com to get you started on dialing down distractions:
The April 15 filing deadline is rapidly approaching, so we encourage you to send us your tax documentation as soon as possible to expedite the filing process. Here are four important reasons why you should file your return sooner rather than later:
This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community: