...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...
...on October 18, 2024. The seminar was 3 hours long and covered numerous important topics including IRS criminal tax enforcement initiatives, IRS ERC Audits, IRS High-income non-filer audits, and more....
...the form should have been filed. Ordinarily, the Internal Revenue Service (IRS) has three years to audit a tax return. However, the absence of Form 8621 effectively prevents this time...
...business dealings, this could signal a broadening of the investigation. Audit Notification with Known Understatements or Overstatements: If the IRS notifies you of an audit for a tax year with...
Some businesses that claimed the employee retention credit (ERC) have begun receiving IRS letters telling them their claims are on hold because they are under audit and must provide additional...
Parag Patel Esq. was a featured speaker at a New Jersey Society of Certified Public Accountants (NJCPA) Seminar entitled “Employee Retention Credit Audit Issues: Surviving IRS Scrutiny”. You may email...
...105C aims to help ineligible taxpayers avoid audits, repayment, penalties, and interest, protect taxpayers by preventing an incorrect refund from going to an ERC promoter, and save IRS resources by...
...IRS ERC audit: Notice: You will receive a notice from the IRS informing you that your return has been selected for audit. This notice will outline the next steps you need...
