What Documents Should I Prepare for an IRS Audit?

March 30, 2017

A tax audit is a review of your financial information and accounts by an IRS agent or state auditor. An audit ensures that you properly reported your income, expenses, and credits according to tax laws. Audits may not be uncommon, but defending yourself in an IRS audit can be both stressful and time-consuming. The IRS…
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Tax Negligence Versus Tax Fraud

March 19, 2017

The line between tax negligence and tax fraud is unclear—even for the courts and the IRS. These are two different forms of illegal actions committed by taxpayers when filing out their tax returns, and carry different penalties under the law. IRS auditors understand complex tax laws, and assume all tax returns have errors. Though these…
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Do I Qualify for Penalty Abatement?

March 7, 2017

If you owe money to the Internal Revenue Service, you may be concerned about debt payment, penalties, and interest. Some taxpayers qualify for a penalty abatement, which is a waiver of the charges and fees incurred from either late or non-payment and filing of a person’s income tax. However, the IRS is very selective when…
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