by Christina Minton | Oct 13, 2025 | The Audit
Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts....
by Christina Minton | Apr 21, 2025 | The Audit
Before you close this year’s tax file there is still some work to do. If the IRS or state revenue department selects your return for review, you will need to be prepared. Here is what you need to do now: Keep a copy of your Form 1040 indefinitely. Do not toss or...
by Christina Minton | Mar 10, 2025 | The Audit
Voluntary tax compliance is measured While more and more legislation is introduced that penalizes all of us for doing things wrong on our tax returns, please remember that at its origin, tax collection in the U.S. is voluntary. In other words, the tax code is defined,...
by Christina Minton | Feb 17, 2025 | The Audit
The tax code allows deductions for qualified miles driven for business, medical, moving and charitable purposes. But to claim this deduction you must keep adequate records of actual miles driven. During an audit, this is an often disallowed deduction, despite the fact...
by Christina Minton | Nov 25, 2024 | The Audit
If you were married, divorced, or changed your name for any reason during the past year, do not forget to file to change your name prior to preparing next year’s tax return. The IRS automatically conducts a name match on the first few letters of your last name....
by Christina Minton | Oct 21, 2024 | The Audit
Everyone needs to know what this means! If you have problems getting to sleep at night and you turn to the IRS tax code for help, you might find some vocabulary that is very foreign to you. One of the more uncommon words used by the IRS is the term...
