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Posts tagged "IRS"

What is the time limit on an audit?

For most California readers, the Internal Revenue Service (IRS) works in mysterious ways. That is to say that sometimes even the most careful taxpayers can be surprised by an audit or a request for documentation from the IRS in a tax evasion or fraud matter if the IRS has received information indicating a discrepancy between taxes paid and taxes owed.

Will the shutdown impact your tax audit?

As the government shutdown continues, many Californians who have pending business with the government have been left with a lot of questions. For those currently involved in a tax dispute or an audit, figuring out what to do next in light of the shutdown can be confusing and stressful. 

The federal income tax hits its 100 year anniversary

A lot of California readers probably don't realize that there was a time in the United States when there was no federal income tax. The first instance of an income tax was during the Civil War when the government needed more revenue to continue fighting. That was a temporary tax that eventually expired, leaving the government to raise funds solely from tariffs from trade and excise taxes, as was the case before the war.

Reduced funding for the IRS leads to less audits

Data from the 2012 fiscal year shows that there may be some relationship between the reduced budget for the Internal Revenue Service and the percentage of tax returns that are audited each year. Between the 2010 and 2012 fiscal years, the IRS suffered from a three percent reduction in its budget. This in turn lead to workforce reductions, sending 8,000 full-time employees packing. Out of those 8,000, about 5,000 were auditors. Given those numbers, it is not a big surprise that the IRS collected 13 percent less revenue through audits in 2012.

Is the IRS unfairly targeting small businesses in the Bay Area?

Most small-business owners in the Bay Area do their best to pay their taxes on time and in full. While it may not be the most enjoyable part of owning a business, it is necessary to avoid trouble with the Internal Revenue Service. Sometimes, however, people make mistakes. 

IRS decision to tax automatic tips could hurt waiters' income

As many Californians know firsthand, the Internal Revenue Service makes decisions that can have huge impacts on the lives of many people. Changing tax policies can often make things very difficult for the affected individuals. The most recent decision the IRS made involved the restaurant industry and could leave some restaurants and their staff members struggling to make ends meet.

How the IRS is even worse for same-sex couples

Nobody in California -- or anywhere else, for that matter -- enjoys working with the Internal Revenue Service. Filing taxes is complicated, and hearing from the IRS after the fact is rarely a good thing unless they're giving you money back. With the recent changes in laws regarding same-sex marriage, however, the LGBT community may be the IRS's biggest foe. 

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.

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