Income tax audits are intimidating whether you are being audited personally or as a business owner. There is a right way and a wrong way to handle an audit by a state or federal taxing authority. It is easy to dig a hole for yourself, but awfully hard to get …
With the end of the year approaching, it’s a good time to talk about some tax mistakes that can be very painful. With a tax code as huge and as complex as ours in the United States, there are countless mistakes we can make in preparing and filing our taxes. …
Tax audits are scary, especially if you’ve got unusual income or deductions. The assumption is that at the end of the process, you’re going to owe the government money. You can help yourself in the audit process, however, by following 4 simple rules: 1. Shut up – You may think …
In this video, Tracy Coenen briefly defines and audit and how many people are being audited by the IRS. (Hint: A very low number of people are being audited, and people with higher incomes are much more likely to be audited. Watch the video to find out the numbers.)
Andrew Wiederhorn, CEO of the company that owns Fatburger, Johnny Rockets, and Round Table Pizza restaurants is under federal investigation for securities fraud, wire fraud, money laundering, and tax evasion. What makes this story so interesting is that Wiederhorn already did a stint in prison, serving 14 months in 2005 …
You are being audited. These are some of the most dreaded words an individual or business will ever hear from a state or federal tax auditor. They invoke fear, panic, and sometimes anger. Most of all, they create a need for documentation. Every number could be scrutinized. That means documentation …
Tax returns can be one of the most important pieces of information a forensic accountant evaluates in a divorce case. Of course, there are other very important financial documents, but income tax returns provide summary information about of lot of financial issues, including income, expenses, and assets. I typically recommend …
Are you more likely to be selected by the IRS for a tax audit if you file an extension for your income tax return?
Government investigations of white collar crimes almost always have one thing in common: They rely heavily on the analysis of financial information. Often, this includes combing through bank statements and credit card statements, as well as scrutinizing accounting records. Some people think that analyzing this kind of data is simple. …
I had to write about this IRS special agent because his fraud story is so wild. Bryan Cho (aka Yong Hee Cho) was a Special Agent in the IRS Criminal Investigation Division since 2008. And now he’s been charged with possession of a fake foreign passport, aggravated identity theft, making …
