You have likely heard the adage "innocent until proven guilty." Although this holds true in most criminal cases, it does not apply to investigations by the Internal Revenue Service (IRS). How are investigations by the IRS different? Taxpayers generally bear the burden...
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tax audits
Restaurants accused of tax fraud, face state and federal charges
The Department of Justice (DOJ) has accused five restaurants to tax evasion. The charges include claims the restaurant owners made use of software called “tax zappers” to remove revenue from their books. Instead of properly claiming proceeds from their restaurants on...
You have mail: What to do when the IRS asks about a foreign asset
Those who are savvy in their financial planning efforts likely have diversified their investments. For many, this includes the use of financial assets. When done wisely such planning is legal and beneficial. However, a simple misstep could result in a failure to...
Investment strategy leads to allegations of tax fraud
Investing assets is a complicated business. As such, it is not uncommon to hire a financial planner or to seek advice from investment professionals to aid in creation of an investment strategy. In many cases, this can lead to a strategy that minimizes risks while...
Partnership tax audit rules: Is your business ready?
The rules regarding how the Internal Revenue Service (IRS) can conduct tax audits of partnerships have changed. It is important for business owners to review the rules and have a basic understanding of the impact on their business. In some cases, business owners may...
How likely is it that the IRS will audit your tax returns?
The thought of getting a notification that your tax filings are under review by the Internal Revenue Service (IRS) may cause you to break out into a cold sweat. But how common are these reviews? How worried should you be? Overall, the IRS only audits approximately 1...
Rumors of low audit rates exaggerated
Article after article on the Internet states that the odds of a federal audit by the Internal Revenue Service (IRS) are extremely low. Unfortunately, these stories overestimate the rate of audits conducted by the IRS. The stories often quote the follow statistic: only...
Quarterly tax filers beware: Double the bill & headache in April
Those who choose to pay their taxes in quarterly installments will face double the bill, and double the headache, on April 17, 2018. Why? In addition to paying for the final quarter of 2017, you will also need to pay the Internal Revenue Service (IRS) for the first...
Quarterly tax filers beware: Double the bill & headache in April
Those who choose to pay their taxes in quarterly installments will face double the bill, and double the headache, on April 17, 2018. Why? In addition to paying for the final quarter of 2017, you will also need to pay the Internal Revenue Service (IRS) for the first...
Millennials are making these three tax mistakes
Long stereotyped as the generation too coddled to leave home, Millennials are finally growing up as they as they gain employment, pay rent, buy homes, get married and have kids. That is to say: they're making adult decisions and contributing to the economy in new ways...