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Category: Audits

What exactly is intent?

Intention, more times than not, is a “catch-all” criminal charge. Why? Because you do not have to prove someone actually DID something, only that they were going to do something, or acted with intention. So, the intent is not the actual doing of something, it is the mental preparation to […]

Audits

Gauging your risk of a tax audit

The average taxpayer is generally at low risk of getting audited by the IRS, but certain actions and circumstances can increase your chances of having to undergo one. According to an article by NerdWallet, some reasons that may make the IRS more likely to audit you include: Claiming too many business […]

Audits

EITC audits: What tax preparers should know

The earned income tax credit (EITC) is one of the federal government’s largest anti-poverty programs. It can also be a source of headaches and possible penalties for professional tax preparers. Geared toward the working poor, the EITC program offers credits totaling nearly $60 billion each year. The program helps nearly […]

Audits

Tax issues relating to investments could trigger audits

Seeing money as a tool rather than a reward can often help Texas residents increase their wealth. The notion that spending money to make money rings true for many people, especially those who choose to invest. However, while investments can certainly prove profitable for investors, it is also possible for […]

Audits

2 errors that could trigger an IRS audit

Many people here in Fort Worth and elsewhere make mathematical mistakes on their income tax returns. Those types of errors do not ordinarily trigger an IRS audit. Instead, oversights and overly deducting tend to bring a person’s tax return to the attention of the nation’s taxing authority. Below are two […]

Audits

Government tells IRS to increase audits of tax preparers

The Treasury Inspector General for Tax Administration (TIGTA) recently released a report that led to some negative publicity for the Internal Revenue Service (IRS). The report shows the IRS failed to hold over 30,000 tax return professionals accountable for their own tax bills. What was this report? The report focused […]

Audits

3 tips to help manage tax debt

The Internal Revenue Service (IRS) recently announced measures aimed to help reduce taxpayers’ financial burden when it comes to their tax bills. These measures include: Measure #1: Installment Agreements. The agency has stated that it will suspend tax payments for those who have an existing installment agreement from April through […]

Audits