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Audits Archives

IRS audits tax-exempt bonds, finds nothing

Many of us in California have different types of investments, some of which are designed to minimize our tax liability. One of those is a tax-exempt bond. According to the Small Business Administration tax-exempt bonds are basically loans to a private business that are issued by the state or a local government. They are then re-sold on the open market. Interest income earned by the new bond owner, is exempt from state and local taxes, so the lender can pass those savings along in terms of lower interest rates.

IRS audits set to increase over employee classifications

In uncertain economic times, a business may hire independent contractors to perform certain jobs. The benefit to the company is that the work gets done, and the company is not committed to a long-term relationship with the worker. There are no benefits to be paid, and the worker can come and go as the need arises.

IRS plays hardball and increasingly uses summons

Many people in California may be unaware of all of the tools that the Internal Revenue Service has at its disposal. If you are an individual, sole proprietor or business owner, you may one day have the first-hand experience of opening a letter from the IRS in which they request more information about a tax return.

Ex-spouse can cause trouble, and an audit!

Married couples usually file a joint tax return, and in most marriages one spouse takes charge of the activity, even though both are responsible for the information on the return. When a couple divorces, and neither is re-married, one of them will typically file as a single person and the other as the head of household.

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