...tax compliance and planning The key tax compliance and audit risks for taxpayers and advisors. Strategic planning opportunities and potential pitfalls in light of new rules. How CPAs can proactively...
...obligations. We assist clients in mitigating audit risk and optimizing tax outcomes. Contact us today for a strategic consultation to discuss how we can partner with you to resolve your...
...in the examination phase. This change is not only an administrative adjustment; it represents a significant streamlining of the audit process that affects how practitioners prepare cases for IRS appeals....
...35% reduction in its workforce, a change that could affect compliance and audit activities for a large segment of taxpayers. Taxpayer Services: With a 20% reduction in staff, this division...
...increasing exposure to IRS audits. This audit risk and how FATCA data from foreign banks can trigger Form 8938 scrutiny is detailed in Navigating the Puzzle: Understanding Form 8938 Audit...
...filing failures before an audit begins. Recent court decisions have highlighted the complexities surrounding Form 5471 penalties. In Taxpayer Wins Form 5471 Penalty Case, a taxpayer successfully challenged the IRS’s...
...can trigger further IRS scrutiny. Our team recently examined how Part IV of Form 3520, which requires detailed disclosure of donor information, can be a key audit trigger in Navigating...
...account. Ignoring this can significantly increase risk. Risks for Taxpayers Due to Foreign Bank Reporting Increased Audit Probability: The primary risk is a higher likelihood of being audited by the...
...significant red flag that can initiate an audit. Incomplete or Inaccurate Reporting: Even with filing, errors can invite audits, albeit potentially as part of a broader return review. Common mistakes...
Tax professionals may be assessing whether the Department of Government Efficiency (DOGE) under the Trump administration will affect ongoing (and future) IRS audits and investigations. Recent highly publicized changes suggest...
...enforcement initiatives, IRS ERC Audits, IRS High-income non-filer audits, and more. For a copy of the presentation materials, please email our office. Seminar Summary: With new funding, the IRS has...
...IRS ERC Audits, IRS High-income non-filer audits, and more. For a copy of the presentation materials, please email our office! Seminar Summary: With new funding, the IRS has ramped up...
