Audits

For many California residents, tax time is stressful. Aside from the hassle of going through receipts and worries that there could be missed deductions, many fear that they will be subjected to tax audits as a result of their return. While there are a number of issues...

Now that the federal government has raised the tax rate for the country's top earners to 39.6 percent, many people are deciding to leave California, which also raised its highest tax rate from 10.3 percent to 13.3 percent, for a state with lower personal income tax...

In an update from a previous post regarding a large donation made by an out-of-state non-profit to oppose Governor Jerry Brown's tax initiative ("California audits can arise for a wide range of reasons," Oct. 29, 2012), the California Supreme Court has ruled that the...

Conducting an audit is one of the many ways in which State officials can ensure that a company, individual or organization is reporting their financial activity accurately. However, in other cases, these audits are used in an effort to reveal the identities of...

An audit is conducted in many cases when there is a question as to the reported money that is going in and out of an organization. In some cases, these audits can reveal troubling information that can lead California officials to believe that the organization has been...

Tax audits can be time and money consuming, as well as frustrating for all parties involved. In a previous post, we gave California small business owners some tips on responding to tax audits. In today's post, we discuss measures that may help small...

The popularity of S-Corporations has continued to rise for small business owners. According to the Internal Revenue Service, the number of tax returns filed on behalf of S-Corporations is steadily increasing. However, an IRS watchdog organization has recently released...

Filing taxes and handling tax implications often present particular challenges to small business owners. These challenges can be exacerbated by the threat of a looming audit. In California and throughout the United States, some industries are particularly subject to...

Our readers in the Sacramento area may be interested in a recent survey regarding tax deficiencies. (For those who don't know, the IRS will send a notice of deficiency if the amount reported by a taxpayer is less than the amount the IRS determines is owed.) The Public...

No one likes the idea of being audited by the IRS, but the reality is that many taxpayers will face this uncomfortable and sometimes tricky process. Audits may be as simple as a review, or as complicated as delving into previous tax years, item by item. While audits...