The IRS Audit Blog

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Tax bill too big? IRS offers payment options

Can’t come up with the money to pay your tax bill? The IRS offers several different ways to pay.

IRS levies fine

The city of Rio Rancho has paid $19,000 to the IRS stemming from a recent audit.

Home Owners…Give yourself a Raise through W-4 adjustments or an $8000 Tax Credit

Question: I need to find the tax forms that the employer sends out for past year taxes catch up . Any answers?

I need to find out what I earned on past jobs to do some past tax filing I know I can get the forms to file from irs.gov but where can I get the other forms that show me what I earned and how much was deducted etc.

Answer: Your FIRST action should be to contact the employers. If that does not work, use IRS form 4506-T to order transcripts of your account.

Tax Tip: April 18 filing deadline approaching; IRS offers tips to taxpayers

The IRS wants to remind taxpayers that they have less than two weeks remaining until the April 18 filing deadline and that they can use IRS Free File to do their taxes or file an extension.

Debt Resolution FAQ13 What are the Tax Implications of DebtPro123

Question: I have a few questions concerning U.S taxes and the IRS:?

1. I own three small business, what is my appoximate chance of being audited by the irs in any given year? percentage please, if you can.
2. If I am audited by the IRS, will they only look at my income or will they also look at the amount of money in my bank?
3. I am also trying to sell a few cars, for a grand total of about 150,000. Will depositing this much in, say, a wire transfer (not cash), get the banks/IRS suspition? I ask this because I know the IRS (if reported to), is suspicious of cash deposits in excess of 10km, due to anti- money laundering laws, and while I am not planning to klaunder money, I ABSOLUTELY CANNOT have my businesses audited this year.

Thanks!

Answer: 1. I own three small business, what is my approximate chance of being audited by the irs in any given year? percentage please, if you can.

The IRS audits business at random as well as statistical data reporting. If your business reports data that is higher than statistically normal for that particular business you may get audited. Also, the IRS selects business returns at random to audit. Examination of personal returns has been around 1% for the past 4 years. The percentage is higher for the higher income levels, up to 7% for returns over $1Million. For Small Corporate returns under $10Million in assets has been just under 1%. Subchapter S and partnership returns examined have been just under .5%

2. If I am audited by the IRS, will they only look at my income or will they also look at the amount of money in my bank?

The IRS conducts 3 basic types of examinations. Depending on the type of examination, the IRS requests different information. For a Field exam, they will look at your entire set of books and records, including all bank statements.

Types of Examinations: 1. Correspondence, 2. IRS Office,3. Field Exams (taxpayer’s home or taxpayer’s business location)

3. I am also trying to sell a few cars, for a grand total of about 150,000. Will depositing this much in, say, a wire transfer (not cash), get the banks/IRS suspicion? I ask this because I know the IRS (if reported to), is suspicious of cash deposits in excess of 10km, due to anti- money laundering laws, and while I am not planning to klaunder money, I ABSOLUTELY CANNOT have my businesses audited this year.

There are no guarantees to ensure your return won’t get audited. The IRS selects returns at random every year as well as selecting returns based on statistical data reporting. The Treasury Department requires the Bank to file a form for any $10k deposit. This is a Treasury Department Regulation and not an IRS one. The IRS requires taxpayer’s to declare amounts in foreign accounts or recipients of foreign trust, regardless of the amount, on their tax returns

Alliant Insurance Services Launches Online Program Designed to Improve Corporate Governance of Healthcare Organizations

Developed by Alliant Healthcare Solutions and Kalorama Partners, BoardWise Program Kicks Off With Online Webinar Series April 5-19

Tax Problem Fixers Inc

Former Federal Prosecutor Clay Wheeler Joins Kilpatrick Townsends Complex Business Litigation and White Collar Crime …

Triangle – Kilpatrick Townsend & Stockton announced today that Clay C. Wheeler, a former Assistant United States Attorney (AUSA) for the Eastern District of North Carolina (2002-2011), and Chief of the Economic Crimes Section there (2009-2011), has joined the firm as a partner in its litigation department, resident in the firm’s Winston-Salem and Raleigh offices.

Assemblyman Dan Logue on Retaining Jobs & Businesses in California