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audits Archives

New IRS rules aimed at partnership audits

Maryland businesses that operate as partnerships or as limited liability companies will face new IRS rules starting with all tax years commencing on or after Jan. 1, 2018. In some cases, this may require changes to an existing partnership or member agreement. It may also require partners to communicate better in general to avoid potential consequences. One of the goals of the new auditing rules is to simplify the role of the IRS in conducting audits as well as to level the playing field between corporations and large partnerships.

Bill seeks return of collaboration to IRS audits

Business owners in Maryland may be pleased to learn about new legislation designed to protect their rights and eliminate some common sources of frustration in IRS audits. The bill targets a number of worrisome developments in recent years, such as the outsourcing of audits and use of litigation to stop appeals. The Preserving Taxpayers' Rights Act currently has support from both Democrat and Republican officials in the House of Representatives.

Preparing for a tax audit

Taxpayers in Maryland might find the prospect of a tax audit to be a cause for panic. However, experts recommend some strategies to make an audit easier, and they say that preparation is the key to avoiding a negative experience with the IRS.

When audited, follow simple steps to get through it

Audits are not necessarily the end of the world for the person being audited, though you would be justified in feeling so. Audits can be incredibly punishing, and they can also be a massive time-sink for the individual under audit. So how do you survive an audit and what are your options during the process?

Some common mistakes to be aware of as Tax Day approaches

With just two weeks to go until Tax Day, it is important for everyone who hasn't filed their taxes to get to work. Doing your taxes isn't a fun exercise, nor is it a task that anyone really looks forward to, but you have to do it. Simply letting the deadline pass without filing your taxes is unacceptable, and it can lead to serious consequences for both individuals and businesses when they fail to file.

Link between company's proximity to IRS office and an audit

A study performed by four professors at a variety of U.S. universities has found that the closer a company is to an IRS office, the more likely it is that the company will be audited. This may seem obvious at first, but you would think that the Internal Revenue Service would use their uniform rules in a uniform manner -- thus negating any proximity effect when it comes to auditing businesses.

Budget cuts, lost employees limit ability of IRS to audit you

We have talked about the impending Tax Day and the fears that many people have about an audit on this blog a lot recently. These fears are rational from the perspective of someone undergoing an audit. The punishment and consequences with this action by the Internal Revenue Service are severe, and no one wants to deal with the monotony of an audit.

How does a new streamlined auditing process affect partnerships?

In our last post, we talked about how the Bipartisan Budget Act of 2015 and what it means for partnerships going forward. The simplification of the auditing process for partnerships was a huge boost for the Internal Revenue Service. It is now much easier for the IRS to audit partnerships, and these businesses must be prepared for this new world when the calendar flips from December 2017 to January 2018.

Why are partnership tax rules changing next year?

When the clock moves from 11:59 p.m. on Dec. 31, 2017 to 12:00 a.m. on Jan. 1, 2018, the tax rules will change for partnerships. In 1982, the Tax Equity and Fiscal Responsibility Act was passed and under those rules and regulations, taxes for partnerships have been defined and used ever since. But the rules are about to change in a big way next year.

Firm news & Events

Friday, November 18, 2016

Chaya Kundra will be a panelist at the New England IRS Representation Conference on Preparer Penalties.

Preparer Penalties: Everything You Need to Know! Over time the IRS has increased its focus from individual taxpayers to tax preparers. When the IRS identifies a pattern of false or fraudulent returns, it does not hesitate to impose penalties on the return preparers. This panel will walk you through the various penalties and what preparers need to know to protect themselves.

Moderator: Amanda Evans, Green & Sklarz LLC, New Haven, CT

Panelists: Chaya Kundra, Kundra & Associates, Rockville, MD, Barbara Kaplan, Greenburg Traurig, New York, NY

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