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Posts tagged "Audits"

IRS admits it audits the poor just as often as the rich

In April, the nonprofit newsroom ProPublica reported on a surprising imbalance at the IRS. Although it would almost certainly be both more effective and bring in more revenue if it focused on auditing the rich, the agency does not do this. No, it audits the working poor at almost the exact same rate as it does the richest 1% of Americans.

Under audit for micro-captive insurance transactions? IRS offer

A captive insurance company is one that is created by a business as protection against certain risks. And, Section 831(b) of the Internal Revenue Code allows certain small insurance companies the option of paying tax on only their investment income. There are other tax advantages to captives, as well.

Joe versus the tax man: Do taxes need to be so painful?

Tax season is not an enjoyable time of year. Our current tax system forces taxpayers to navigate complex tax issues, fill in various forms and hope they did not mess the whole thing up. But does it have to be this hard? Other countries do not require such a difficult tax process. In Australia, taxpayers do not even know the date of Tax Day. There is no complex form to fill out and mail in, the whole process is simply easier.

Forget to adjust tax withholdings? You may be off the hook.

The United States government requires taxpayers to make tax payments throughout the year. Taxpayers often meet this obligation by withholding tax payments from their paychecks or making estimated tax payments throughout the year. However, if a taxpayer fails to pay a certain percentage of his or her tax obligation throughout the year, the Internal Revenue Service (IRS) will issue a penalty.

IRS to check social media for evidence of tax evasion

The Internal Revenue Service (IRS) has had to cut down significantly on the size of its workforce. Due to the reduced workforce, the agency has stated it struggles to keep up with investigations. As a result, the agency has needed to take steps towards increased efficiency.

Does the earned income tax credit increase audit risk?

Taxpayers who claim the Earned Income Tax Credit (EITC) are at an increased risk of an audit compared to those who do not. The reason: it is a tax credit often claimed in error. Last year alone the Internal Revenue Service (IRS) audited 381,000 taxpayers that claimed the EITC. This translates to over one-third of all audits conducted by the agency.

Four tax deductions for 2018

Recent tax reform has changed the way taxpayers will do taxes for the 2018 tax year. The new law increased the standardized deduction, meaning many taxpayers will prefer to use the standardized deduction instead of the itemized approach. Before you decide which is best for your family, take a minute to review some of the more popular deductions that remain applicable in 2018.

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