If you’re concerned about a tax audit and its consequences, you’re not alone. Failing an IRS audit may lead to penalties related to your tax return. Though it can be a stressful situation, the impact of a tax audit doesn’t always result in disaster. The...
Tax Day arrives quickly each year. As you start preparing and filing your taxes, remember that audits are a possibility. Furthermore, the IRS can scrutinize your last three years of tax returns. These returns fall within the statute of limitations, which gives the IRS...
When searching for a tax preparer, always ask for their credentials and conduct a background check. If you’ve worked with a tax preparer before, did you inquire about their professional qualifications? Many people neglect to do so, even though tax professionals...
A tax audit can be a nerve-wracking experience, even for the most diligent taxpayers. The idea of facing the Internal Revenue Service (IRS) for a detailed review of financial records can feel overwhelming, whether it involves an office visit or an IRS agent coming to...
No matter if you’re a business owner or an individual taxpayer, receiving a tax audit notice from the IRS can be an unsettling experience. In the 2023 fiscal year alone, the IRS audited 582,944 tax returns, uncovering nearly $31.9 billion in additional taxes....
Filing taxes is a responsibility that depends on your income level, filing status, and eligibility for certain tax credits. If you earn below a specific threshold, you may not be required to file a tax return. However, even if you’re not legally obligated, filing... 
Recent Comments