There are few events that cause a business owner or individual to cringe more than receiving a dreaded IRS tax audit notice in the mail. For those lucky enough to have never been through a tax audit before, a quick tax audit definition is in order. Essentially, an IRS tax audit is a review of an individual’s or organization’s tax return(s) to ensure that the financial information being provided is correct. If you have received a tax audit notification, it’s best to enlist the aid of a qualified tax professional who understands the tax code. However, there are some steps you can follow that will not only help your CPA, but also allow you to survive the tax audit unscathed, if you choose to proceed alone.
The tax season is upon us once again, and with it comes the emergence of tax schemes both old and new. New tax scams in 2018 are as numerous and innovate as in previous years. Tax refund scams are so numerous, that the Internal Revenue Service issues an annual list of the twelve most prevalent tax scams in a list it calls the “dirty dozen”. As in previous years, several of the same tax scams have returned, but with new twists to keep them one step ahead of both authorities and unsuspecting taxpayers.
Here’s a list of actual tax scams to be on the lookout for and how you can protect yourself against them. Read More