The IRS Audit Blog

Posts Tagged ‘mage’

Question: How many ways can an IRS auditor select 4 of 10 tax returns for an audit?

Please, I need help with this statistic problem.
How many ways can an IRS auditor select 4 of 10 tax returns for an audit?

Answer: Hi,

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Hospira Reports Fourth-Quarter and Full-Year 2009 Results

Hospira, Inc. , a leading global specialty pharmaceutical and medication delivery company, today reported results for the fourth quarter and full year ended Dec. 31, 2009. For the fourth quarter of 2009, net sales were $1.1 billion, and adjusted* diluted earnings per share were $0.87.

Intacct Launches Upgraded Online Accounting Program

Intacct Winter 2010, a cloud-based financial management and accounting solution, adds new dashboard views, automated workflows for employees, an improved multi-dimensional general ledger support and more.

Chartered Accountant London E14 for Contractors and Freelancers

Medical Marijuana Debate Begins Anew: Loose Lips Daily – City Desk – Washington City Paper

Greetings all. It’s really happening: Medical marijuana legislation was introduced in the D.C. Council yesterday, implementing the 1998 voter initiative stymied until recently by Congress and setting D.C. on the path to join 14 states legalizing doctor-prescribed cannabis.

Question: When using IRS Form 8880 can a deduction be taken if a spouse recieves distributions from his IRA?

Answer: If you are filing separately, each will file a separate 8880. If filing jointly, then it is combined on the same form, but each is listed in separate columns. You can receive distributions from an IRA and still be able to claim the credit, but you reduce the contributions by the amount of the distributions received, so if the distributions exceeds the amount of the contributions made, you will have nothing to calculate the credit with. Note however, that the taxpayer and spouse is calculated separately, so if the spouse receives distributions from his IRA, while his wife doesn’t, his distributions doesn’t get deducted from HER contributions for purposes of the credit.

Tax tips for 2009 from Missouri CPAs

The Missouri Society of CPAs (www.mocpa.org) is the largest professional group dedicated to advancing certified public accountants in Missouri.

Stay Rich Forever & Ever with Ed Slott on WMFE-TV!

Question: Are you more likely to be audited if you file online?

I was told that if you file your taxes online in canada you have a much larger risk of being audited. Apparently its a trend.

Answer: They pick a small percentage of those who file online and ask to see their supporting receipts. But this is *not* the same as being audited – if you did a paper return, you’d have to mail in the receipts. They just want to make sure people actually have the receipts they are claiming.

The audit rate is probably about the same.

BUSINESS WIRE: Catalyst Recognizes Initiatives at Campbell Soup Company, Deloitte, Royal Bank of Canada, and Telstra …

MITTEILUNG UEBERMITTELT VON BUSINESS WIRE. FUER DEN INHALT IST ALLEIN DAS BERICHTENDE UNTERNEHMEN VERANTWORTLICH.

Tax tips from the Internal revenue service