The Internal Revenue Service (IRS) imposes penalties on individuals and businesses who fail to comply with federal tax laws. These penalties can significantly impact your financial standing and must be avoided or dealt with effectively. This article will explain the various types of IRS penalties and their consequences and guide how to overcome them. Types …
IRS Audit Penalties: What Happens if You Get Audited & Fail? Read More »
When you get a letter from the IRS, it’s simple to become anxious. Even filing your taxes on time each year can seem like a complex undertaking; nevertheless, situations occasionally become far more complicated than that. The IRS handles around a million audit cases a year. This implies that they visit people and companies all …
EVERYTHING YOU NEED TO KNOW ABOUT IRS AUDIT REPRESENTATION Read More »
WHAT IS A CHIEF FINANCING OFFICER? The chief financial officer (CFO) is an officer for a company who has the primary responsibilities for managing and controlling the company’s finances, including financial planning, financial reporting, management of financial risks, and record-keeping. The Chief Financial Officer is also responsible for data analysis in a few sectors. Some …
“BEING AUDITED BY AN IRS IS A COMMON FEAR AMONG PEOPLE, AND IT WILL MAKE YOU RECONSIDER YOUR TAXES.” WHAT IS AN IRS AUDIT? An IRS audit is an examination of an organization’s or individual’s accounts and financial information to make sure the information …
We usually have this question in mind “how long does the IRS have to audit tax returns?” The answer is almost three years! Usually, it takes three years to audit, but sometimes it is longer, like for a good four to five years…or maybe around six years…alright, it is the final answer—six years, and not …
What is the duration for the IRS to audit the tax return? Read More »
