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...
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Audits
What California small business owners need to know about audits
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...
IRS criticized for S-Corp audits in California and across the U.S.
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...
California farmers may face more IRS audits than other taxpayers
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...
Recent survey reports increase in number of tax deficiencies
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...
5 tips on tax audits for small businesses in California
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...
U.S. colleges undergoing tax audits after IRS survey
State schools and private nonprofit universities in California will need to be on the alert in their bookkeeping, as more than 30 state schools and private nonprofits throughout the country have already been subject to audits by the IRS this year. The agency says...
What should California business owners do when they get audited?
To say that audits are slightly stressful for California business owners may be the understatement of the year. For many people in Sacramento County, audits can be one of those most intimidating parts about running a business. Even savvy business owners get nervous...
Audits of wealthiest Americans increased in 2011
Perhaps unsurprisingly to many California residents, the IRS has recently stepped up its efforts with regard to audits of the wealthiest Americans. The largest increase was for those taxpayers who make more than $10 million per year, although significant increases...
Tips for avoiding audits
The IRS deadline for filing your tax return for 2011 is rapidly approaching, which means more people are becoming concerned about receiving that dreaded audit. Recently, we mentioned how the IRS is increasingly turning to so-called unreal audits ("Audits may not be...