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Posts Tagged ‘Tax Audit’

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They audit people and business, why not our politicians and our tax dollars?

I received in the mail an audit from the IRS asking me to mail in some supporting documents for my deductions. I have the info they want. Should I hire a tax attorney to help with the audit or will I be ok mailing everything in on my own?

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1. Be PreparedTechnically, every single taxpayer is eligible for a tax audit. While some audits are selected because the taxpayer?s return flagged the system, many are conducted entirely randomly. This means that as a taxpayer you should be prepared for the possibility of an audit at all times. You should make sure to you keep all financial documents, W-2?s, receipts, etc., in one safe place. That way if you are audited, you can easily find everything you will need to verify your income and deductions. Although there is no way to fully avoid being audited, you can follow some of these tips while preparing your next return to try to reduce the odds. 2. Read and Respond to NoticesGenerally, when the IRS notifies you of an audit you must respond within 30 days. If you do not, then you risk having the IRS review and adjust your total tax liability without getting your input. In addition to responding quickly, you will also want to take a thorough look over the notice. It will give you specific information on what is being examined, so that you can prepare for your audit knowing exactly what is being scrutinized. 4. Know your RightsDo not let yourself get intimidated by aggressive IRS agents, as a taxpayer you have a set of rights designed to protect you and your money. You have the right to select where the audit takes place, when it takes place, etc. Do not let an auditor intimidate you in to having an audit at your place of business unless that is where you want it. To learn more about your rights during an audit, check out IRS.gov.

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A young Hollywood couple (JUDY GREER and MICHAEL KELLEY) undergoes a jaw-dropping IRS audit in which a lecherous secretary (the wonderfully off-kilter SALLY KIRKLAND) and vengeful auditor (the fabulous ALEXIS ARQUETTE) demand they pay much more than just tax…AUDIT Special Editions Dvd BONUS FEATURES:Director Commentary / InterviewsOver 50 minutes of NEVER BEFORE SEEN AUDITIONS, REHEARSALS, & OUTTAKES of Judy Greer, Sally Kirkland, Michael Kelley & Alexis Arquette (in his … More >>

Audit

The legend of the brutal IRS audit is one we’ve all heard about. Somebody will one up by mentioning the friend of a friend who was audited two years in a row! So, is there any truth to this? How often can the IRS audit you?

The IRS uses tax audits for a couple of reasons. The first is simple. The IRS estimates there is a $345 billion dollar tax gap every year. This means we, the taxpayers, are shorting the agency on this amount. The tax audit is designed to try to close that gap. This is done by making individuals and businesses prove their deductions and such.

The second purpose of the tax audit is to “motivate” taxpayers to comply with the tax rules. Frankly, the IRS is happy you and I are terrified at the prospects of being audited. Why? Because we are much more likely to pay every penny we owe each year. Put another way, fear equals revenues!

Regardless of the purpose, is it true the IRS can audit you two years in a row? Unfortunately, the answer is yes. In fact, the agency can do it three, four and five years in a row. At this point, even the IRS will invoke a mercy rule. It has announced it will not audit a taxpayer on the same issue five years in a row. Of course, it could look at something else!

Isn’t that great news? Well, not really. Can you imagine being audited FIVE YEARS in a row. It is hard to imagine things getting much worse than that. While the IRS might let you go after five years, it is hard to imagine a scenario where you would come out in good shape. Even if you ended up owing nothing, you’re nerves would be frazzled beyond belief!