Baker Law Firm, P.C.
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Audits Archives

What are some of a taxpayer's rights during an IRS audit?

Regardless of one’s political preferences, it’s hard to escape media coverage of the presidential candidates. A recent hullabaloo involves Donald Trump’s refusal to discuss certain of his income tax returns that may be the subject of an audit by the Internal Revenue Service. Right or wrong, Trump’s action warrants a discussion of an individual taxpayer’s rights when it comes to an IRS audit.

What are the chances that an IRS audit is in your future?

It's been one week since U.S. taxpayers were required to file and pay their taxes. For some taxpayers, the filing deadline passed without incident and they likely won't even think about their taxes until next March or April. Others, however, may be unable to shake the concerns and fears they have related to possible oversights and tax errors. For these taxpayers, the dreaded five-letter word audit is bound to linger in the back of their minds.

Types of IRS audits

In our last blog, we discussed some of the red flags that may trigger a tax audit. While most Americans would likely admit that they fear being audited, many aren’t familiar with the actual process.

Why you may be targeted for an IRS audit

As Connecticut residents continue to roll through tax season and prepare to file both individual and, if applicable, business-related tax documents; some may have this dreaded five-letter word on their minds—audit. Obviously, not one wants or plans to be audited and there are numerous tips, some of which are likely true, about how to avoid being selected for an audit.

How failing to address 1099 issues can lead to additional costs and an audit

It's January and the official start of a new year also signals the start of the 2015 tax filing season. Within the next couple of months, individuals and business owners will receive important tax documents in the mail which are essential to figuring out one's taxes and filing an accurate tax return. Two of the most important tax documents are the W-2 and 1099 forms.

For those feeling charitable, the IRS has rules about deducting donations

Tax-savvy individuals and business often seek out legitimate ways to reduce their tax liabilities. One of most common and effective ways to decrease the amount of money you'll be forced to shell out to Uncle Sam is to take advantage of year-end gifts to charity. It's important to note, however, that when it comes to charitable deductions, the Internal Revenue Service has specific requirements that must be met and followed.

Business owners advised to attend to end-of-the year tax matters

With the holiday season quickly approaching, it's easy to become distracted and forget about the significant end-of-the year tax matters that are important to address. Taking steps today to plan for the 2016 tax season can end up saving a small business owner a lot of time, headache and perhaps even money.

Taxpayers biggest losers in IRS budget cuts

When most Connecticut residents think about what the phrase good customer service means words like available, helpful, friendly and accommodating may come to mind. For most taxpayers, these types of adjectives and the phrase good customer service likely do not come to mind when thinking about the Internal Revenue Service. More often, words like unhelpful, rude, uncooperative and obstinate spring to mind when discussing the IRS and the agency's take on customer service.

When it comes to audits, just how far is the IRS' reach?

When it comes to taxes and the Internal Revenue Service, timing is everything. Every U.S. taxpayer is well aware of the dreaded April 15 tax deadline and, if missed, the October 15 tax extension deadline. In cases where a taxpayer fails to file or pay his or her taxes, again timing is crucial as hefty fines and interest on unpaid tax amounts accrue on a daily basis. The clock is also ticking in cases where an individual is audited as the IRS must abide by timeframes dictated by the statute of limitations.

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