The 2012 tax filing season has just begun, but a perennial concern is on the minds of many filers: audits. The good news is that if you make less than $200,000, your chances of the Internal Revenue Service taking a closer look at your return is negligible. The latest IRS data on examinations – that’s what
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.
A lot of folks fear tax filing time because they’re afraid they’ll end up answering questions from the Internal Revenue Service. Yes, tax audits — or examinations as the IRS likes to call them, are real. But they’re not a problem for most of us. The IRS 2010 Data Book says that in the last fiscal
The Internal Revenue Service needs to keep a closer eye on landlords. They apparently are not reporting all their income. That’s the word from the Treasury Inspector General for Tax Administration, or TIGTA, the federal office that keeps tabs on the IRS. TIGTA recently looked more closely at rental activity and its associated tax revenue because in