by Christina Minton | Jul 24, 2023 | The Audit
Not always needed or wise There’s usually an element of relief after your annual tax return has been filed. But what do you do if you find an error on your tax return? Should you always file an amended return? Here are some things to consider. Errors in the...
by Christina Minton | Jun 5, 2023 | The Audit
Getting audited is no one’s idea of a good time, yet you can minimize the stress if you take the right approach. Step 1: Understand why and when. While it’s possible you were selected randomly, it’s more likely you were selected for a specific reason. One...
by Christina Minton | Mar 20, 2023 | The Audit
Each year the IRS publishes their activities in a publication called the Data Book. And each year for the past number of years the number one target of audits are those tax returns with a Schedule C for small business activity. So how can you prepare yourself for a...
by Christina Minton | Aug 29, 2022 | 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...
by Christina Minton | Aug 22, 2022 | The Audit
Don’t get complacent…resurgence is underway The IRS reported audit rates continue to be low…very low. But that is now changing with thousands of auditors being hired for a post-pandemic scale-up of their reviews. So don’t get complacent. A closer...
by Christina Minton | Jul 18, 2022 | The Audit
Each year, the IRS audits over 1 million tax returns. With agency resources shrinking, the IRS is more selective when choosing which tax returns to audit. Knowing what the IRS is looking for can help you understand and reduce your audit risk. Here are five of the...
