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IRS Tax Audit News
Sunday, January 27, 2008
Tuesday, January 22, 2008
Washington IRS more likely to audit millionaires
Washington IRS more likely to audit millionaires
There's at least one advantage to not being a millionaire -- less chance of being audited by the Internal Revenue Service.
The tax agency said Thursday that in the 2007 budget year it audited one out of every 11 with incomes of $1 million or more. Among those with incomes of $100,000 or less, 99 out of every 100 escaped further IRS scrutiny...There were 31,382 audits of those with $1 million incomes, up 84 percent from the 17,015 audited in 2006.
For complete article click link above.
There's at least one advantage to not being a millionaire -- less chance of being audited by the Internal Revenue Service.
The tax agency said Thursday that in the 2007 budget year it audited one out of every 11 with incomes of $1 million or more. Among those with incomes of $100,000 or less, 99 out of every 100 escaped further IRS scrutiny...There were 31,382 audits of those with $1 million incomes, up 84 percent from the 17,015 audited in 2006.
For complete article click link above.
Friday, January 18, 2008
High Incomes Pique IRS Interest
High Incomes pique IRS interest
Take note CPA's and Tax Preparers-
"Congress passed a law in May that increased the disclosure requirements for them.
The law requires tax preparers to report any tax positions taken by their clients that don't meet the Internal Revenue Code's "More Likely Than Not" standard.
If there's any doubt in the tax preparer's mind about whether a certain deduction a client wants to take will pass muster with the IRS or courts, then by law they must bring that to the IRS' attention or face a monetary penalty...The penalties for preparers are stiff. The new standard raises the monetary penalty for tax preparers from $250 to either $1,000 or 50 percent of the tax return preparation fee, whichever is greater. That means if it costs $10,000 to prepare a company's return, and the tax position isn't accepted by the IRS, the tax preparer could be fined $5,000."
Click on link above for complete article
Take note CPA's and Tax Preparers-
"Congress passed a law in May that increased the disclosure requirements for them.
The law requires tax preparers to report any tax positions taken by their clients that don't meet the Internal Revenue Code's "More Likely Than Not" standard.
If there's any doubt in the tax preparer's mind about whether a certain deduction a client wants to take will pass muster with the IRS or courts, then by law they must bring that to the IRS' attention or face a monetary penalty...The penalties for preparers are stiff. The new standard raises the monetary penalty for tax preparers from $250 to either $1,000 or 50 percent of the tax return preparation fee, whichever is greater. That means if it costs $10,000 to prepare a company's return, and the tax position isn't accepted by the IRS, the tax preparer could be fined $5,000."
Click on link above for complete article
Tuesday, January 8, 2008
Cost for Unreported Income: 30 Years in Jail
Cost for unreported income: 30 years in jail
A Cohasset man was sentenced yesterday to 30 years in federal prison for failing to report more than $1.6 million in taxable income to the Internal Revenue Service between 2000 and 2004.
For complete article click link above
A Cohasset man was sentenced yesterday to 30 years in federal prison for failing to report more than $1.6 million in taxable income to the Internal Revenue Service between 2000 and 2004.
For complete article click link above
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