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3 Things That Trigger IRS Audits

What does it mean to be audited and why should an individual need to understand this? The chances that you are audited by the IRS are less than 1% and are typically a minimally intrusive process. Usually when you have been sent an official notice of audit it is because they want supporting documents for things that you have claimed on your filed return. The IRS wants these documents in order to prove that what you have claimed on your tax [...]

You Have to Know More Than Just the Rules

I work in the tax business. And it is critical to know IRS guidelines and regulations; this way I can accurately prepare returns and advocate for my client. But equally important is understanding how the IRS exceptions work. Exceptions are imperative when I have a client who is struggling with the burden of high tax debt. For example, an Offer in Compromise (OIC) program allows me to settle someone’s tax debt for much less than they owe. The IRS is [...]