A federal tax audit can involve a thorough review of one’s tax filings. The exact period of time the Internal Revenue Service (IRS) can “look back” through tax records is generally three years. But, like everything with taxes, the answer is not always as clear as we...
Audit breakdown: Myth or fact?
The end of the year is approaching, which means tax season is also on the horizon. As taxpayers make end-of-year tax preparations, they may find themselves questioning the audit process. What leads to an audit? Why do some tax filings move forward without question,...
IRS announces new payment option, skeptics voice concern
The Internal Revenue Service (IRS) recently announced a new payment option for taxpayers who are behind on their tax bill or who otherwise find themselves facing a large, unmanageable tax debt. According to the agency, taxpayers can now elect to have debit cards...