Posts tagged "Audits"

The examination process and what you need to know about it

If someone gets audited, your immediately assumption would be that the individual in question is in trouble and will have to pay the IRS some extra money because of an inconsistency or error on their tax return. However, this isn't always the case. Sometimes, people who are audited actually get money back from the IRS because the audit discovers that the IRS was not owed as much money as the taxpayer contributed.

Here's how to proceed in the wake of an audit

Getting audited sounds as bad as it actually can be. The phrase "getting audited" will strike fear in the hearts of many, and once they actually go through with an audit, they will understand why it is such an abhorred process. However, once you get over this feeling that is associated with an audit, you can start the process of addressing your audit in a timely and proper manner. This will reassure you and relieve some of the stress you feel.

How to prepare for, and survive, an IRS tax audit

If the IRS wishes to do an audit of your tax return, do not panic. In most cases, an audit is simply the government wanting to double check the numbers that were provided on your return. The IRS investigation will go smoothly if you have provided correct numbers for your calculations, income, deductions and write-offs - and have the documentation to prove it

What you need to know about the new reality of business audits

If there is one word that makes both individuals and businesspeople alike nervous, it's the word "audit." Even if you're certain that all of your ducks are in a row, knowing that IRS agents are poring over your tax documents is enough to make you lose a little sleep.

Can I plead the Fifth during an IRS audit?

As most of our readers already know, the Fifth Amendment to the Constitution protects us from being forced to incriminate ourselves. This is why police must tell people they arrest that they have “the right to remain silent.” In other words, nobody has to say anything during a police interrogation or in court that could get them convicted of a crime.

7 myths about IRS audits

Back on March 8, we shared some potential red flags on your federal income tax return that raise your chances of having the IRS audit you. There is a lot of advice about how to avoid an audit out there, some of it accurate, some of it false.

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