One thing that can have very big impacts on a small business when it is audited by the Internal Revenue Service is how prepared it is going into the audit.
A common desire a person can have upon discovering they are being audited by the Internal Revenue Service is a desire to get the process over and done with as quickly as they can. This is a natural response to a stressful situation, which audits most certainly can be.
The end of a federal tax audit can be a time of many important decisions.
A person's income level has considerable implications when it comes to tax issues. For one, it can influence how likely they are to be subjected to an audit by the Internal Revenue Service.
There are many things individuals are allowed to claim deductions for on their federal taxes. One of the things that quite a few taxpayers claim deductions in connection to are donations to charitable organizations.
The Internal Revenue Service looks at a lot of different factors in its audit screening and there are a variety of different things that could potentially be triggers for an audit.
It is a word that can instantly fill a U.S. taxpayer with anxiety: audit. Tax audits are one of the many things the Internal Revenue Service uses as part of its tax enforcement efforts. Being audited by the IRS can be a worrying and intimidating experience.
Imagine getting home from work one day and getting a phone call or email (or, possibly, a letter) that explains that the Internal Revenue Service has taken a look at one of your tax filings from a couple of years and has decided to audit the filing. Your day just went from "good" to "very, very bad."