How to ANALYZE an IRS Revenue Agent Report Every IRS audit concludes with a Revenue Agent Report which includes all the findings the IRS made based upon the documents and information collected, and the determination IRS has made. An IRS audit starts with a initial audit letter sent to the… [Read more]
How to prepare an IRS Bank Deposit Analysis
The bank deposit analysis is essential to every single IRS audit. A bank deposit analysis is where the IRS will analyze, all the deposits coming into a bank account that you own, either personal or business, and determine whether those deposits are taxable or non-taxable income. As you can… [Read more]
Tax Implications of the Inflation Reduction Act
In August 2022, Senate Democrats passed the Inflation Reduction Act, which allocates nearly $80 billion to the International Revenue Service (IRS) and leaves business owners asking: What are the tax implications of this bill? Will there be more audits? How will audits change? In this article, we’ll break down what… [Read more]
How to Abate an IRS Penalty
There are a lot of different types of penalties IRS can assess. Let’s start with the failure to file. Typically, it’s a firm deadline and when you have to file a return. If you don’t file an extension and your return is late, or you do file the extension and… [Read more]
IRS Audits with IRS’ New Hired Revenue Agents: How to Prepare
As a result of the COVID-19 pandemic, many IRS revenue agents are retiring. This, coupled with the influx of newly hired revenue agents (coming with the expansion of the IRS budget from the Inflation Reduction Act), leads to one significant result for business owners: If you are audited by IRS,… [Read more]
Have You Been the Target of a Criminal Investigation?
If you are the target of a criminal investigation or if you suspect that you may be under internal investigation, you must speak with a skilled San Diego tax attorney at Milikowsky Tax Law. Common Types of Federal Tax Crimes The law enforcement branch of the IRS is the IRS… [Read more]
IRS Audits Explained for Small Business Owners
As a small business owner, you may be wondering what the process is for an IRS audit. An IRS audit is when IRS reviews your tax return to ensure that you have reported your income and expenses correctly. The founder of Milikowsky Tax Law, John Milikowsky, breaks down the process… [Read more]
Can IRS Summon Your Bank Records?
The Internal Revenue Service (IRS) has the power to investigate the finances of a taxpayer if they believe the taxpayer is withholding assets. One tool IRS uses to do this is a bank summons, which is a legal document that requires your bank to provide your bank statements, account balance,… [Read more]
IRS Audits and the Impact from the Budget Reconciliation Bill Explained
On Sunday, August 7th of 2022, the Senate passed the Budget Reconciliation Bill, or the Inflation Reduction Act, which includes nearly $80 billion in funding for IRS. More than half of the funding is set for enforcement. IRS aims to collect more from corporate and high-net-worth tax dodgers. What will… [Read more]
How To Read an IRS Revenue Agent Report
If you’ve been through an IRS audit, you know that one of the most important documents you receive at the end is the Revenue Agent Report (RAR). However, many taxpayers may not know where to start when it comes to reading their Revenue Agent Report. John Milikowsky, the founder of… [Read more]
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