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Audits Archives

Tax board prods California businesses to file 2011 returns

If you own a business in California, you know how much work it can be. You are in charge of everything from maintaining the premises, to payroll, to filing the taxes. While every detail that goes into running a business is important, making sure you are compliant when it comes to your taxes is especially crucial. If you are not, the state or the IRS will come after you.

IRS reviews Yankee Stadium parking bonds to ensure compliance

Finding out that you are being audited by the Internal Revenue Services is a frightening experience. Even if you think you've done everything correctly, tax laws are extremely complicated. It's easy to make a mistake unknowingly. However, the IRS is not infallible as we have seen in recent events. Sometimes auditors make mistakes too.

Tax return items that can trigger an IRS audit

Many California residents are curious about which types of tax matters are most likely to garner the attention of the Internal Revenue Service. In truth, it is impossible to predict with complete accuracy which returns will lead to an audit. However, there are a number of tax return issues which are known to increase the likelihood that the IRS will want to take a closer look at one's tax return.

Tips for dealing with an IRS audit - Part 2

Continuing on last week's topic on tips for dealing with an IRS audit and avoiding penalties, it is important to be up front about any errors you may have made. For example, if you entered $10,000 instead of $1,000 for a line item, just own up to it as it will save time as well as demonstrate your integrity. Another tip is to locate the original receipts for any assets in which you are showing any depreciation for, even if the purchase of an asset goes back more than three years. The IRS can request purchase documentation for any asset on your schedule for depreciation.

Tips for dealing with an IRS audit - Part 1

It is that time of year again when people start contemplating filing their tax returns and wondering, perhaps how to respond to an Internal Revenue Service audit and avoid penalties, should an audit be requested. If you are facing an audit of your California business taxes and after reviewing your returns see that you did indeed make a few mistakes, should you just file an amended return and skip the audit?

Churches need not fear an IRS audit because they are nonexistent

True or false: nothing is certain in life other than death and taxes. Apparently the answer may be false for churches, synagogues and other religious institutions in San Francisco and across America. It may be false because the Internal Revenue Service has not been auditing religious institutions since 2009.

Update: Post-election California tax law changes

The taxes paid by those of us in California are a conglomeration owed to the state and federal government plus local municipalities. Those who follow the old saying that there is nothing so sure as death and taxes, may not have looked at the last California ballot with its multiple propositions.

State Franchise Tax Board zeroing in on back taxes

Those in the Bay Area who have been following our column understand that one of the main tasks of the Internal Revenue Service of late has been to collect uncollected taxes. The IRS has been using a carrot and stick approach to fill their coffers with the money owed.

Federal agencies found to owe payroll taxes, is IRS collecting?

Virtually everyone must pay some sort of taxes. For a sole proprietor, small business owner or other business with employees, one of the types of taxes which must be withheld and paid for employees is the payroll tax. The Internal Revenue Service does not look favorably upon unpaid payroll taxes. Or does it?

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