Share/Bookmark The Internal Revenue Service has stepped up its audits over the past few years. In addition to traditional face-to-face audits, it is also conducting an increasing number of correspondence audits where taxpayers are requested to verify various expenses by mail. Increasing scrutiny is being given to tax preparers who prepare fraudulent returns. Once a [...]
Share/BookmarkWith the tax code approaching the size of the Encyclopedia Britannica, it’s little wonder there are many misconceptions and erroneous beliefs regarding tax regulations. Many people feel that when making charitable deductions, as long as they have their cancelled checks or credit card receipt they’re covered. Nowadays, however, the IRS requires substantiation from the charity [...]
Share/BookmarkI think it was back when George H.W. Bush was president that there was an effort to create a kinder, friendlier Internal Revenue Service (IRS). With the current budgetary pressures in Washington and the reluctance of Congress to reduce spending or to pass new taxes, there is an effort to make up a part of [...]
Share/BookmarkEditor’s note: “Tax tips” returns and will appear bi-weekly throughout tax season. Stephen T. Peppler, E.A., C.F.P., has graciously agreed to provide the tax information to our readers. This time of year we begin to get our records together and make plans for filing our taxes. Whether to complete them on your own or seek [...]
