We previoustly posted Are You an IRS Audit Target? - Part I. We continue this discuss herein. Several approaches can improve the odds that you won’t be caught in an audit. Some are surprisingly simple. These include fact-checking names and Social Security numbers for you, your spouse and dependents and filling out accurate occupational descriptions…
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Why Do Celebrities Have Tax Problems?
What do Marion Barry, Rob Lowe, Wyclef Jean, Vera Wang and Lindsay Lohan have in common? IRS trouble! No matter how famous, talented or connected, whether actor, designer, politician or musician, in the eyes of the Internal Revenue Service they are simply “taxpayers.” The average taxpayer who chooses a withholding status and then turns tax…
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IRS Statistics – Who Filed Uncertain Tax Positions in 2011?
The IRS has released their statistics on Uncertain Tax Position (UTP) filingsby taxpayers for the 2011 tax year. The Schedule UTP asks for information about tax positions that affect the U.S. federal income tax liabilities of certain corporations that issue or are included in audited financial statements and have assets that equal or exceed…
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How to Report Your Tribal Trust Settlement to the IRS?
The IRS announces the publication of Notice 2013-1, which updates and supersedes Notice 2012-60. Notice 2013-1 provides guidance concerning the federal income tax treatment of per capita payments that a member of an Indian tribe receives from the proceeds of certain settlements of tribal trust accounting and mismanagement cases between the United States and that…
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