Case in point Fisher v. U.S., which was f:
Read more at: Tax Times blog
April 1, 2016
Case in point Fisher v. U.S., which was f:
Read more at: Tax Times blog
March 30, 2016
Forbes has an article Beware: IRS Now Has Six Years To Audit Your Taxes, Up From Three which discussed that no one wants to be audited, so knowing how long your tax return can be attacked is important.
The statute of limitations on taxes is a fundamental rule allowing taxpayers to eventually cut off their exposure. It can be pretty satisfying to say to the IRS, “sorry, you’re too late.” But this year, that will be a little harder due to an expansion of the IRS’s power to audit for extra years.
Six years can be a long time. Filing your return early won’t help either.
The time periods can be even longer than six years in some cases. The IRS has no time limit if you never file a return. For unfiled tax returns, criminal violations or fraud, though, the practical limit is usually six years.
Another scary rule is that the IRS can audit forever if you omit certain tax forms. Plus, once an assessment is made, the IRS collection statute is typically 10 years.
In some cases, the IRS can go back 30 years. In Beeler v. Commissioner, the Tax Court held Mr. Beeler responsible for 30 year-old payroll tax penalties. Click Here To Read More...
Read more at: Tax Times blog
March 16, 2016
Syracuse University’s Transactional Records Access Clearinghouse, or TRAC, analyzed the IRS’s records from fiscal year 2010 through fiscal year 2015 and found revenue agent hours aimed at corporations with $250 million or more in assets have declined 34 percent, while unreported taxes uncovered by IRS that would otherwise have been lost to the government dropped 64 percent.
The declines were even steeper for the largest corporations, those with $20 billion or more in assets.
Even more recent data through February of 2016 indicate that business audits of large companies are running 22 percent lower this year than for the same period last year.
Read more at: Tax Times blog
March 16, 2016
2. Read the Entire Notice or Letter Carefully.
Typically, the IRS only needs a response if you don’t agree with the information, the IRS needs additional information, or you have a balance due. If the IRS changed your tax return, compare the information the IRS provided in the Notice or Letter with the information in your original return. If the IRS receives a return that they suspect is identity theft, the IRS will ask you to verify your identity using the web address provided in the letter.
3. Contact the IRS if You Have Questions or Disagree With the Notice.
The IRS provides their contact phone number on the top right-hand corner of their correspondence.
4. Respond Within the Required Time Frame.
6. Contacting an Experience Tax Attorney Can Help
Dealing with IRS involves navigating the complicated maze of U.S. tax law. A Tax Attorney has the knowledge of tax law and expertise needed to negotiate with the IRS on your behalf to reduce Tax debt & IRS Problems.
The Internal Revenue Service has an army of employees and tax attorneys representing them
and as a taxpayer, you should have the same benefits which result from hiring an Experienced Tax Attorney to represent You, your Business & your Family.
Read more at: Tax Times blog