Fewer than 1 percent of all tax returns in Maryland and throughout the country are audited by the IRS each year. However, some types of returns are more prone to audits than others. For instance, those who have a high income are more likely to get audited because a...
Businesses in Maryland obtain their employer identification numbers from the Internal Revenue Service. A report prepared by the Treasury Inspector General for Tax Administration criticized the tax agency for its vulnerability to EIN abuse by fraudulent filers that...
Receiving notice of audit from the Internal Revenue Service is the kind of news that no one hopes to get. Even if you have nothing to hide, it is never convenient to make time for an audit and submit your finances to additional scrutiny.Although the IRS recently...
Maryland residents may be in the process of collecting information to complete their tax returns. Ideally, an individual will take as many deductions and credits as possible. However, it is also important to understand what happens if the IRS decides to audit a...
The odds of a Maryland resident being audited are relatively low. According to the IRS, only .7 percent of returns were selected for review in 2015. However, there are steps that one could take to help further reduce the risk of coming under IRS scrutiny. It is...
