The IRS said it audited more than 1million individuals in fiscal 2012 for the sixth year in a row, collecting more than $50 billion for the third consecutive year. While those numbers might seem high, audit rates are really quite low. The IRS’ audit rate is roughly 1.03 % of all tax returns filed. The…
Read more
Are You an IRS Audit Target? – Part II
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…
Read more
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…
Read more
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…
Read more
