Mitt Romney admitted the IRS has audited him. Do you think those questionable filings are why he doesn’t want to reveal more of his tax returns?
While most small business owners are honest citizens doing their best to pay their fair share in taxes, there are a few who try to dupe the system. As a result, the IRS has created a formula called the Discriminate Function that looks for certain tax audit red flags in returns to catch those individuals.
The good news, at least for the real estate sector, is that home resales were up in April. The bad news is that the IRS audited more tax returns filed by homebuyers. The reason in both cases is the first-time homebuyer credit. Because of widespread fraud in claiming the tax credit when it first appeared,