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.
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.
Like the old paraphrased saying goes: In this world, two things are certain—death and taxes. The recent federal tax overhaul changed a lot of rules, so it’s as important as ever to understand your tax obligations, including those on Social Security benefits.
Unfortunately, cyber scammers never take a vacation. In fact, the IRS has issued a warning of a surge in fraudulent emails that bait potential phishing victims with fake tax transcripts. Links within these emails lead recipients to documents containing the well-known malware, Emotet.