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Home > Archives for IRS

Why IRS is Redirecting Their Focus Towards Cryptocurrency Tax Evasion

August 1, 2021

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]

Filed Under: Blog, IRS Tagged With: Audit, Business Owners, California Taxes, Corporate Tax Compliance, cryptocurrency, Filing taxes, IRS, IRS Audit, Small business, Tax Attorney, Tax Preparation, Tax Season, taxes

PPP Fraud: IRS Vows to Crackdown

June 13, 2021

ppp fraud

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]

Filed Under: Blog, COVID-19, IRS, News, PPP Loans Tagged With: Audit, Business Owners, California Taxes, Corporate Tax Compliance, EDD, Filing taxes, International Law, International Tax, IRS, IRS Audit, Small business, Tax Attorney, Tax Preparation, Tax Season, taxes

Why IRS is Planning to Audit More Small Businesses This Year

May 23, 2021

Insights for CPAs to Minimize Audit Risk for Their Clients

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]

Filed Under: Blog, COVID-19, CPA, IRS, News Tagged With: Audit, Business Owners, California Taxes, Corporate Tax Compliance, EDD, Filing taxes, International Law, International Tax, IRS, IRS Audit, Small business, Tax Attorney, Tax Preparation, Tax Season, taxes

What to do If Your Tax Return is Flagged by IRS

April 18, 2021

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]

Filed Under: Blog, COVID-19, IRS, News Tagged With: Audit, Business Owners, California Taxes, Corporate Tax Compliance, EDD, Filing taxes, International Law, International Tax, IRS, IRS Audit, Small business, Tax Attorney, Tax Preparation, Tax Season, taxes

How Far Back Can IRS Audit You?

March 25, 2021

how far back irs

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]

Filed Under: Blog, COVID-19, IRS, News Tagged With: Audit, Business Owners, California Taxes, Corporate Tax Compliance, EDD, Filing taxes, International Law, International Tax, IRS, IRS Audit, Small business, Tax Attorney, Tax Preparation, Tax Season, taxes

What Triggers an IRS Audit?

March 25, 2021

IRS selects returns for audit based on numerous criteria. Here are some common ways your return can be selected for an audit: You fail to report income that reported on a W2 or 1099 (this can be from a sale of real estate, 1099-S; non-employee compensation as an IC; 1099-MISC… [Read more]

Filed Under: Blog, COVID-19, IRS, News Tagged With: Audit, Business Owners, California Taxes, Corporate Tax Compliance, EDD, Filing taxes, International Law, International Tax, IRS, IRS Audit, Small business, Tax Attorney, Tax Preparation, Tax Season, taxes

What are the Different Types of IRS Notices?

March 24, 2021

IRS Penalty Notice, Tax Audit, or Soft Letter: What’s the Difference?

There are a variety of different notices that IRS sends to taxpayers, not all of which are as intimidating as many assume them to be. To most, the initial response upon receiving any notice from IRS is a mild amount of panic and confusion. In many cases, this response is… [Read more]

Filed Under: Blog, COVID-19, IRS, News Tagged With: Audit, Business Owners, California Taxes, Corporate Tax Compliance, EDD, Filing taxes, International Law, International Tax, IRS, IRS Audit, Small business, Tax Attorney, Tax Preparation, Tax Season, taxes

Can IRS Take Money I Owe from an LLC Partnership?

March 21, 2021

Can IRS Take Money I Owe from an LLC Partnership?

Tax season is often a daunting annual recurrence for business owners. For most businesses, this is because there’s a personal side of taxes too. As a business owner, there’s a high level of personal liability entangled in taxes.  Taxes are a necessary evil, and understanding how they work is too…. [Read more]

Filed Under: Blog, COVID-19, IRS, News Tagged With: Audit, Business Owners, California Taxes, Corporate Tax Compliance, EDD, Filing taxes, International Law, International Tax, IRS, IRS Audit, Small business, Tax Attorney, Tax Preparation, Tax Season, taxes

Six Triggers of an IRS Audit

March 18, 2021

Red Flags and Risk Factors

An audit is, in itself, not a bad thing.  we have come to equate audit with accusation or wrongdoing but an IRS audit is simply a review of the records.  Int his spirit, there is no reason to fear IRS audit. In reality, the IRS audit process is triggered by… [Read more]

Filed Under: Blog, IRS, News Tagged With: Audit, Audits, Business Owners, Contractors, IRS Audit, small business management, Tax Attorney, Tax audit, Tax Returns

10 Ways to Avoid an IRS Tax Audit

February 28, 2021

IRS Tax Audit

While there is no official guaranteed way to avoid having your taxes audited by IRS, there are a few tips that you can follow to lower your likelihood of being audited. In 2019, IRS audited 0.45% of submitted tax returns. For reference, that’s approximately one out of every 220 taxpayers. … [Read more]

Filed Under: Blog, COVID-19, IRS, News Tagged With: Audit, Business Owners, California Taxes, Corporate Tax Compliance, EDD, Filing taxes, International Law, International Tax, IRS, IRS Audit, Small business, Tax Attorney, Tax Preparation, Tax Season, taxes

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