Taxes are a certainty of life. No matter how one feels about having to pay taxes each year, it is unavoidable. If a person experiences a tax audit, it can be a stressful event. Fortunately, there are some measures that Minnesota families can take to minimize their chance that they will be audited and there are ways to manage an audit if it does occur.
Does receiving an audit notice from the IRS equate to an allegation by the tax agency that you've done something wrong in filing your taxes?
As an individual or business owner, notification of a tax audit is the last thing you want to see. Even if everything is on the up and up, audits conducted by the Internal Revenue Service are still a tremendous imposition. After all, this is not something people should simply ignore; rather, it must be addressed.
The deadline for getting those taxes in is quickly approaching, with April 15th right around the corner. For those in Minnesota who have yet to file, this is the time many are doing a mad dash trying to get all their paperwork in order. However, while the deadline is approaching, don’t let the stress of wanting to get everything in deter you from making the right decisions when it comes to filing your taxes.
Every year at this time, millions of Americans are preparing to submit a tax return to the Internal Revenue Service with the hope that everything will be processed as expected. The unfortunate reality is that well-intentioned people can receive a notice of audit from the IRS, rather than the refund check they were expecting.
Divorce can be a very difficult process for couples to complete, so imagine the stress and anxiety that a tax audit would add to the situation. The unfortunate reality, however, is that certain aspects of divorce could pique the interest of the Internal Revenue Service, particularly if a couple is splitting a large amount of assets.
When a company is growing into international markets, it's a sign of success. At the same time, however, businesses must work within a patchwork of laws when expanding business operations into a new country. Of course, this also means companies must take steps to adapt to differences in tax liabilities between nations.
Receiving notice of an Internal Revenue Service audit can create anxiety for individuals and businesses, no matter the value of their assets. Even if a person or organization has not knowingly provided inaccurate information to the IRS, it is definitely something to take seriously.
Becoming the subject of an audit is nerve-wracking for any individual or business -- no matter the circumstances. Although many of these tax questions can be resolved through correspondence with the Internal Revenue Service, there is always the possibility that an in-person audit will take place. Knowing this, many readers might be wondering how far back the tax officials can go when conducting an audit.
For any number of reasons, a person may not be able to complete his or her income tax filing in time for the standard April 15 deadline. If this is the case, then the Internal Revenue Service may be willing to allow a 6-month extension, which would require individuals to file by October 15. As the extension deadline approaches, many may be wondering what impact the modified due date will have.