Tax Tip: Are You A Household Employer?
Between full time jobs, children, and pets many people pay others to help them with household chores and related tasks. If you pay an individual to run errands for you, babysit your children, [...]
IRS Resurrects Offshore Voluntary Disclosure Program (OVDP)
The IRS recently announced the resurrecting of the Offshore Voluntary Disclosure Program (OVDP) after its collection of more than $4.4 billion in back taxes from those programs in 2009 and 2011. [...]
Operating Losses: Prove Your Hobby Is a Business
Be ready to prove that your hobby is a business if you want to write off your losses. If you intend to earn a profit from engaging in your favorite hobby — a hobby business — you may [...]
IRS Will Not Pursue Gift Tax Audits for Donors to Section 501(c)(4) Organizations
The IRS just announced that it will not pursue gift tax audits of donors to Section 501(c)(4) organizations, and closed the outstanding examinations. Further, it is coordinating with its Office [...]
What Auditors Look for When Examining a Business
Know what an IRS auditor looks for when examining your business and its records. If the IRS is auditing your small business, you should do two things: First, prepare for the audit. (For [...]
Preparing for a Business Audit
Be prepared for an audit of your business. Who’s afraid of the IRS? Almost everyone. The key to surviving a tax audit — and even coming out on top — is not to panic, but [...]
IRS Audits and the Self-Employed
According to the IRS, self-employed taxpayers are among the worst tax cheats. Unfortunately for the vast majority law-abiding self-employed taxpayers, this means that they, as a group, are more [...]
Appealing an IRS Audit
In order to appeal an IRS audit, a taxpayer must take a few simple steps. First, you must write a letter of protest and send it to the local IRS district director. At the same time, you should [...]
8 Ways to Attract an IRS Audit
Math Errors: Take the time to make sure your calculations are correct all the way throughout your return. One thing IRS computers can do is add and subtract and too many math errors can indicate [...]