The Internal Revenue Service (IRS) largely depends on taxpayers to report their own income accurately. People are generally expected to report their income to the IRS, make accurate personal statements regarding their family circumstances and pay what they believe...
Tax Audits
What should you know about tax audits?
Income tax audits can seem intimidating. They involve a thorough review of financial information and tax returns by a tax authority to ensure that all the reported income, expenses and credits are accurate and comply with tax laws. It's a topic that many people dread,...
What to do if you become the subject of an IRS investigation
Sometimes, you find out because you get a letter in the mail. The Internal Revenue Service (IRS) is often very forthright about its intention to investigate a taxpayer. They may send you a letter advising you of the investigation and possibly even asking for your...
What to know when going through a tax audit by the IRS
If you are contacted by the Internal Revenue Service and will be going through a tax audit, it’s important for you to know what to expect and to be aware of your rights. While the likelihood of being audited by the IRS is low, knowing that you are being audited means...
What should you do if you are the subject of a tax investigation?
Perhaps you made a mistake on your taxes last year, triggering an in-depth review. Maybe you were simply randomly selected and what information the Internal Revenue Service (IRS) found made them suspect fraud or other tax-related misconduct. Once you receive notice...
Do these things on your taxes, and you may be audited
The Internal Revenue Service's audit department is busy, but it is not because most taxpayers' returns contain questionable information. Less than 1% of the population is audited every year, which is a far lower number than it used to be. IRS staffing and funding are...
Being audited? Don’t panic
Being the subject of a tax audit can be an unnerving experience. Panic is the overall feeling people have when they find out they are being audited. However, Connecticut residents can help themselves by remaining calm and seeking assistance to handle the matter as...
How long does the IRS have to start the audit process?
It is no secret that the Internal Revenue Service is extremely short-staffed and has been for some time. It can take agents years to review and identify tax returns that may need to be audited. Thankfully, though, there is a statute of limitations for starting the...
Tax audits: What you can expect
Every year, quite a few Connecticut residents find out the Internal Revenue Service is auditing them. Those who are facing tax audits will receive notification in the mail. Within that notification is a lot of information about what is needed to review one's case and...
Tax audits, things you can do to avoid them
No one wants to get audited. Few people actually do. Those Connecticut residents who are chosen for tax audits may find the experience unnerving, but with help, they can get through it. While audits might be rare, there is no harm in taking a few steps to avoid being...