Search Results for: audit
PRESIDENT BUSH SIGNS THE HOUSING AND ECONOMIC RECOVERY ACT OF 2008 WITH TAX BENEFITS AND TRAPS FOR THE UNWARY
- By : Parag Patel
…law in place, the IRS now has the information to step in and audit the business at any time. Merchants and payment card processors have time to prepare. The new…
The IRS has woken up.
- By : Parag Patel
…as “self-dealing.” This includes making loans to disqualified individuals. IRS audits of individual tax returns showing more than $1 million of income have declined every year for the past 10…
Automatic Form 5471 and 5472 Penalties in Spotlight by 2020 National Taxpayer Advocate Report
- By : Parag Patel
…during an audit. However, in recent years, the IRS began the systemic automatic assessment of the penalty under IRC §6038(b)(1) for late-filed Forms 5471 and 5472. As evidenced by high…