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April 2018 Archives

The effects of declining IRS audit rates

Many taxpayers in Maryland are perpetually concerned about the potential of an IRS audit, even when they've taken care to file everything correctly. Statistics show that the overall audit rate of the tax agency is continuing to decline and that this decrease is especially notable for high-income individuals and businesses. Less than 1 percent of individual tax returns and those filed by business partnerships are likely to be audited.

How to prepare for an IRS audit

Due to the recent tax reform legislation, companies in Maryland and throughout the country could face a greater IRS audit risk. Some businesses will have had a greater incentive to accelerate deductions in 2017 and defer income to 2018. This could be seen by the IRS as irregular activity. Furthermore, many companies have changed their accounting methods or altered their tax years in anticipation of a lower corporate tax rate and repatriation of earnings.

What to do after hearing from the IRS

When Maryland residents have their tax returns accepted by the IRS, it doesn't mean that there weren't any errors. In a given year, millions of people will receive a notice from the IRS, and mistakes could lead to an individual paying more to the government. However, it is worth noting that a notice is not the same thing as an audit despite the feelings it may stir in a taxpayer.

Contact the Tax Lawyers at Kundra & Associates

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