The Build Back Better Bill, also known as the Build Back Better Act, is structured to support the middle class and expand the economy. It states that taxes for those with an income under $400,000 will not change. But the funding for this trillion-dollar act needs to come from somewhere. … [Read more]
IRS Wants to Look at Your Bank Account
Watch our video below: Why Does IRS Want to Look into Your Bank Account? Personal checking accounts are private individual accounts people use to hold money received. It’s not an account typically investigated or monitored by the Internal Revenue Service (IRS). However, this is changing with a new IRS… [Read more]
How to Respond to IRS Letter CP 2000
What is a CP 2000? Watch our video below: IRS sends audit letters to taxpayers when tax returns and reported data from employers or banks do not match. This specific letter is IRS letter CP 2000. It is not a formal audit letter notice. However, it does notify the taxpayer… [Read more]
Article Review: Tougher than IRS? California Franchise Tax Board
California residents and business owners in the state who are audited by IRS have a responsibility to report their IRS audit findings to the California Franchise Tax Board. While IRS will send the results of your audit to the state agency, it is in your best interest to self-report… [Read more]
Top 7 Most Common Questions About IRS Audits
Anytime you file taxes, there is a chance that your tax return might be audited by the Internal Revenue Service (IRS). The agency conducts standard procedures to find any errors or discrepancies among taxpayers. The audit process is meticulous and, should you find yourself under the scrutiny of IRS, will… [Read more]
Why IRS is Redirecting Their Focus Towards Cryptocurrency Tax Evasion
In mid-May, the U.S Treasury Department announced that they would require any transfer of $10,000 or more to be reported to the Internal Revenue Service (IRS). This update comes in response to growing concerns with regard to cryptocurrency compliance. While many forms of crypto trading were designed to be hidden… [Read more]
PPP Fraud: IRS Vows to Crackdown
2020 was a challenging year for many business owners. The ongoing global pandemic not only brought on a health crisis, but an economic crisis to match. While many companies were able to stay open because they were deemed to be essential workers, many others struggled to maintain their day-to-day operating… [Read more]
Why IRS is Planning to Audit More Small Businesses This Year
Late in 2020 IRS announced that they intended to increase audits of small businesses by 50%. This news came as a shock to many small business owners who were still attempting to recover from the economic downturn brought on by the COVID-19 pandemic. While many businesses have struggled to hold… [Read more]
What to do If Your Tax Return is Flagged by IRS
Tax season brings on additional stress for many. First, the hurry to get your information prepared and submitted for review by IRS. Then follows the thoughts of whether or not your information was submitted correctly or whether you’ll be faced with an audit. Ideally, your taxes will be submitted correctly… [Read more]
How Far Back Can IRS Audit You?
If IRS selects your return for an audit, the audit will generally cover a 3 year period. That is the statute of limitations IRS has to audit a tax return. More specifically, this is 3 years from the date you file your return. If you filed the last 5 years… [Read more]