Becoming the subject of an audit is nerve-wracking for any individual or business — no matter the circumstances. Although many of these tax questions can be resolved through correspondence with the Internal Revenue Service, there is always the possibility that an in-person audit will take place. Knowing this, many readers might be wondering how far back thecontinue reading…
Audits
What will cause tax officials to conduct an audit?
For any number of reasons, a person may not be able to complete his or her income tax filing in time for the standard April 15 deadline. If this is the case, then the Internal Revenue Service may be willing to allow a 6-month extension, which would require individuals to file by October 15. As thecontinue reading…
More money means higher risk for audit
It does not seem fair — and it probably isn’t. However, the more income that you earn, the higher chance you have for a tax audit conducted by the Internal Revenue Service. The overall chance of falling on the receiving end of a tax audit is about 1 percent — or that is at least the amountcontinue reading…
Computers making it easier for IRS to sort returns
When the filing deadline for income tax returns comes and goes in mid April, the Internal Revenue Service starts their sorting. The agency works hard to double check whether or not a taxpayer has completed their April duty. The technilogical benefits that computers provide make this job a lot easier and ensure that it getscontinue reading…
Economists worry that Minnesota tax plan might be unsustainable
More legislative changes are underway in Minnesota after Governor Mark Dayton signs another bill into law. The first this month was the history-making passing of same-sex marriage, which invariably requires a tax conversation over changes that might need to be made. Another major change was recently added to the Minnesota tax world that has acontinue reading…