The IRS Audit Blog

Posts Tagged ‘audit’

Question: Personal opinion, which career path has more opportunities, Tax accounting or Professional accounting (Audit)?

I am having a hard time making a choice between the two (I know most people would choose a completely different path). I like the idea of working for a Big four audit firm and later making a transition to industry later to become a Controller or what not. I also like the consulting opportunities that a tax based career could offer.

I need to make a decision in my schooling this month and could use some good advice from people who have been there.

Thanks

Answer: You’re looking at two completely different sides. Audit leading to a Controller means you are working for someone else. If you look at tax and go to consulting you can very well open your own business. They both have great opportunities. It’s a matter of which you like more. One thing to thing about since it sure sounds like you like both. Why not go into audit and work for a Big Four for a few years and gain incredible experience auditing different companies. You get to learn how the efficient and inefficient companies are run and learn to avoid certain pitfalls. When you are ready to strike out on your own you will have a nice advantage.

Stephen Heusinger Joins Ryan as Principal and CEO of Ryan Tax Credit Services; Will Provide Innovative Strategies for …

Ryan, the leading tax services firm in North America, with the largest transaction tax practice in the United States and Canada, today announced that Stephen Heusinger has joined Ryan as Principal and CEO of Ryan Tax Credit Services . Â RTCS is a Ryan subsidiary and strategic investment intermediary that will provide additional value to the Firm’s clients by originating, creating, and monetizing …

Deloitte.

Question: IRS Audit for Amended Return?

I have a small business (restaurant).

My 2005 tax returns were totally off. Gross sales and COGS were off 110% ($50K to110K and 26K to 55K), and lots of deductions were not included. This is a family business and my brother did the returns and totally screwed up. The old 2005 return paid the IRS $350. With the amended returns, I’m going to be paying them $1300. The amended return numbers are pretty similar to my past returns.

I’m really paranoid because I’m afraid this might trigger an audit

Answer: You will be paying them $950 more with the amendment and they may want some interest. That is likely the last you hear about it. If you can support the numbers on the amendment why worry about an audit. In most cases if you are not trying to do something wrong an audit is no big deal other than the time it take to prepare.

Nett: New tax rules now in effect may affect your preparations

There weren’t any big, sweeping changes in the federal tax law for this year, but there were a few tweaks here and there – things to have in mind when you meet with your tax preparer about your 2009 Form 1040, and things to know, or at least think about, as you do business in 2010.