Archive for the ‘Audits’ Category

IRS Audit Red Flags: The Dirty Dozen

Friday, January 7th, 2011

Here are twelve hot spots on your return that can raise the chances of scrutiny by the IRS.

Ever wonder why some tax returns are audited by the IRS while most are ignored? Well, there’s a whole host of reasons to this age-old question. The IRS audits only about 1% of all individual tax returns annually. The agency doesn’t have enough personnel and resources to examine each and every tax return filed during a year.

Read full article » [Kiplinger]

Taxpayers who itemize have to wait until February to file

Wednesday, January 5th, 2011

IRS Kicks off 2011 Tax Season with certain Taypayers unable to start filing until mid-to-late February summary- Taxpayers who itemize on their federal tax returns will have to wait until at least mid-February to file, the IRS said Thursday. The delay is necessary because the IRS needs time to program its systems to accommodate tax breaks included in a compromise tax bill President Obama signed last week.

Read original article » [USA Today]