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Home > Archives for IRS Audit

How to Respond to an IRS Audit in 2022: Part 3

May 22, 2022

IRS Audit Letter

In the final part of our three-part series “how to respond to an IRS audit in 2022,” we’re focusing on the actual response to Internal Revenue Service (IRS). Watch the video below to learn more from Milikowsky Tax Law’s Founder and Managing Attorney, John Milikowsky, as he explains how to… [Read more]

Filed Under: Blog, IRS, News, Video Tagged With: Audit, Audit Letter 6323, IRS, IRS Audit, IRS audit letter, Letter 6323

How to Respond to an IRS Audit in 2022 Part 2

May 15, 2022

Bank Deposits

IRS Letter 6323 and Bank Deposit Analysis In part two of our three-part series “how to respond to an IRS Audit in 2022” we discuss IRS letter 6323 and the bank deposit analysis. For every audit IRS opens, they conduct a bank deposit analysis to determine whether you correctly reported… [Read more]

Filed Under: Blog, IRS, News, Video Tagged With: Bank Deposit, Bank Deposit Analysis, IRS, IRS Audit, IRS audit letter, IRS Letter

How to Respond to an IRS Audit in 2022 Part 1

May 8, 2022

Tax Calculation

IRS Letter 6323 and What to Do Before Contacting IRS Small business owners should be prepared in case the Internal Revenue Service decides to audit your business. Watch part one of our three part series for advice on how to defend your business against a battle with IRS.  In this… [Read more]

Filed Under: Blog, IRS, News Tagged With: Audit, Audit Deadline, IRS, IRS Audit, IRS audit letter, IRS audit triggers, IRS Response, Revenue Agent, Taxpayer

Five Signs Your Small Business is Prepared for an IRS Audit

March 27, 2022

follow our five steps to make sure your business is ready for an IRS audit

Internal Revenue Service (IRS) will flag businesses for an audit when the agency finds suspicious activity in your business’ tax returns. The suspicious activity may be innocent in nature, but IRS performs an audit to ensure your business paid the required taxes.  Though, occasionally, the agency will randomly audit businesses…. [Read more]

Filed Under: Blog, IRS, News Tagged With: Audit, audit prep, IRS, IRS Audit, Small business

2022 Tax Season: What to Look Out For

January 30, 2022

As you prepare your tax returns, stay up to date on when taxes are due, child tax credit payments, economic impact payments, and charitable contributions.

On January 24th, the Internal Revenue Service (IRS) announced the start of tax season. Now, the agency can accept federal income tax returns for 2021. With tax season officially in progress, the April deadline is quickly approaching. Organizing tax filing information well in advance, and understanding any tax changes for… [Read more]

Filed Under: Blog, IRS, News Tagged With: 2022 tax season, charitable contributions, deductibles, IRS, IRS Audit, ppp loan, ppp loan deductible, tax, tax day, Tax Season, tax updates

How Build Back Better Bill will Affect Business Owners in 2022

January 2, 2022

Business owners should be aware that IRS audits in 2022 will increase as the government tries to find funding for the new trillion dollar Build Back Better Act.

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]

Filed Under: Blog, IRS, News Tagged With: Audit, Audit Criteria, Audit Letter, Build Back Better, Build Back Better Act, Build Back Better Bill, business owner, IRS, IRS Audit

What is form 5472?

December 19, 2021

Form 5472 is a taxpayer return for US corporations with reportable transitions that are at least 25% foreign-owned or have 25% foreign corporation engagement.

Form 5472 is a United States Taxpayer’s return for:  Any U.S. corporation that is at least 25% foreign-owned or Any U.S. corporation that has at least 25% foreign corporation engagement in a U.S. trade or business.  If a corporation has at least one direct or indirect foreign shareholder in one… [Read more]

Filed Under: Blog, Form 5472 Tagged With: Audit, foreign owned, Form 5472, IRS, IRS Audit, Reportable Income, Tax FIles, Tax Return, US Corporation

IRS Wants to Look at Your Bank Account

November 28, 2021

does IRS wants to look at your bank account?

Bank accounts serve as a tool for personal and private finances. In the past, bank accounts were not typically investigated or monitored by the Internal Revenue Service (IRS) unless a taxpayer experienced an audit. However, following a proposal by the Biden Administration, IRS can now look into your bank account. … [Read more]

Filed Under: Blog, IRS, News Tagged With: Attorney, Audit, audit triggers, bank account, IRS, IRS Audit, Tax Attorney

How to Respond to IRS Letter CP 2000

November 14, 2021

Do you know 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]

Filed Under: Blog, CPA, IRS Tagged With: Attorney, Audit, audit triggers, CP 2000, IRS, IRS Audit, IRS Audit letter CP 2000, Letter CP 2000, Tax Attorney

Article Review: Tougher than IRS? California Franchise Tax Board

October 31, 2021

What do you need to know about 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]

Filed Under: Blog, IRS Tagged With: article review, Attorney, Audit, audit triggers, California Franchise Tax Board, contractor, Franchise Tax Board, FTB, FTB Audit, FTB role, general contractor, IRS, IRS Audit

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