Maryland residents and Americans across the country have an average odds of 1 in 160 of having their tax returns audited. The number increases to 1 in 23 for those who make over $1 million a year. Those who make less than $200,000 have a lower than average chance of...
Month: April 2018
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...
Filing taxes for money in foreign banks
The United States Internal Revenue Service applies special tax reporting standards to assets held in foreign financial institutions. These tax reporting rules require some individuals with foreign assets to file a specific tax form.Tax laws pertaining to foreign...
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...
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,...