St. Louis Tax Law Blog

tax audit stamp on tax return papers

Does a Disclosure on Tax Forms Lead to an Audit?

Some people wonder if they submit the IRS form 8275 with their tax return that they will be subjected to an increased risk of audit, but this isn’t necessarily the case. There isn’t anything in the tax code that requires the IRS to audit returns based on the inclusion of this form. The form 8275 is used when there is…

income tax audit stamped on IRS form 1040

How to Best Prepare for a Tax Audit

The last thing you want to receive in the mail is a notice of a tax audit from the IRS. The more you read, the more concerned you’ll become with your future. While this is a scary time in your life, it doesn’t have to be. There are steps you can take to better understand the process, how to protect…

woman calculating invoices using tax software

Is tax software accurate?

In the United States, rather than having trained professionals do the taxes, the government just asks citizens to do it on their own — regardless of their level of education or understanding of tax laws. Everyone has to file by a certain date with their own paperwork. That goes for everyone from the finance professor at the local college to…

man surrenders to paperwork complications

Don’t let the IRS levy your property: Get help

When you owe money to the Internal Revenue Service, the worst thing you could do is ignore the bill. When you don’t make the necessary arrangements to settle your debt, the IRS may sell or seize your property. The IRS could take anything from you, like your: Home Wages Retirement accounts Boats Bank accounts Usually, people receive many notices and…

couple frustrated by bills and receipts

Don’t Have Enough for Your Taxes? Consider an Installment Plan

Your work was going very well in the first part of the year, so you planned to take your profits and build up. Suddenly, your sales dropped off, and you were left barely scraping by. As tax time came around, you realized that you were self-employed and would need to come up with several more thousand dollars than you have.…

IRS Building in Washington

Do You Know the Difference Between Tax Avoidance and Evasion?

When it comes to the payment of income taxes, the Internal Revenue Service (IRS) is substantially less worried about overpayment than it is about underpayment.  Individuals who don’t pay their full amount of taxes could wind up paying not only the balance of unpaid taxes but also substantial penalties and interest. In some cases, the IRS can also take legal…