Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home/a26f9f83/public_html/articles/includes/config.php on line 159
How Likely Are You To Be Audited? > NetSparsh - Viral Content you Love & Share

How Likely Are You To Be Audited?

Statistics for Individuals

Unfortunately, the IRS increased its rate of auditing individuals in 2003 when compared to 2002. The increase was approximately 14%, but still constituted only 6.5 audits for every 1,000 taxpayers. Put another way, the risk of being audited on your personal return is less than 1 in 100.

In regard to the above numbers, it is important to note that the IRS pursued a large number of "correspondence audits" instead of face?to?face meetings. As the name suggests, these audits consists of correspondence being sent from the IRS to a taxpayer regarding a contested issue. The taxpayer can respond to the audit or pay the accessed amount depending upon the request of the IRS.

Favorable Audit News For Businesses

The audit rate for businesses is much lower than those for individuals. In 2002, the IRS audited roughly 2.2 out of every 1,000 businesses. In 2003, this rate dropped slightly to 2.1 out of every 1,000 businesses.

The IRS has attributed the decline in business audits to the "explosive growth" in tax shelters, which requires the Agency to pursue more expensive and time consuming audits due to the complexities involved in the plans. The Agency reported pursuing more than 2,200 such shelters in 2003, which the audits taking an average of 7 1/2 months longer than normal corporate audits.

Audit Risk

Whether you are a business or individual taxpayer, your risk of being audited is very low. The nominal risk, however, is not a license to pursue frivolous deductible claims on your returns. As long as you stick to valid deductions, you should be able to sleep without much concern.

Richard Chapo is CEO of http://www.businesstaxrecovery.com - Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review.

In The News:

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

CNBC

Do this now to avoid a tax surprise next spring
CNBC
Review your withholding now to make any necessary corrections and avoid a surprise tax bill in April. Unfamiliarity with credits, user error and failure to weigh state and local taxes may yield inaccurate results on the IRS's calculator. Consider your ...

and more »

Forbes

How IRS Taxes Kill Plaintiff's $289M Monsanto Weedkiller Verdict
Forbes
But even if Monsanto forks over the money, new tax rules will be as effective as Roundup in swallowing up most of Mr. Johnson's big verdict. Under President Trump's tax bill passed in late 2017, there is a new tax on litigation settlements: no ...

and more »

Lewiston Morning Tribune

Lewiston delays decision on forgone taxes
Lewiston Morning Tribune
The forgone taxes would be dedicated to fund the city's share of on- and off-site infrastructure improvements around the Warner Avenue property that contains Community Park and the future sites of the new Lewiston High School and the Lewis-Clark State ...


Fortune

Apple Has Appealed Its Taxes Nearly 500 Times Since 2004
Fortune
Apple has been awfully active over the last decade trying to get its tax bill down. In a deep dive into Apple's tax-appeal cases since 2004, the San Francisco Chronicle found that the company has appealed tax assessments in Santa Clara County 489 times ...
Apple fighting high property tax assessments in Santa Clara countyAppleInsider

all 3 news articles »

Forbes

Want To Cut The Taxes In Your Retirement Money?
Forbes
Many people investing in retirement plans such as 401(k), 403(b) and IRAs don't fully understand tax-deferred investing. Let's look at a few of the tax issues related to retirement planning and investing. Short-term tax vs. long-term tax aka capital gains.

and more »

Longview News-Journal

Gregg County officials continue exchanges over taxes, revenue
Longview News-Journal
The Gregg County Commissioners Court proposed maintaining the tax rate Monday, and scheduled public hearings for the mornings of Aug. 27 and Sept. 4. The proposal passed by a 3-1 vote, but not before last week's banter between County Judge Bill ...


WOAI

IRS seeking nearly $500B in back taxes
WOAI
The IRS says so far, it's in the process of sending more than 360,000 names of individuals who owe $51,000 or more in delinquent taxes. The program, part of the Fixing America's Surface Transportation Act from 2015, requires the State Department to ...
IRS Withholding Calculator | Internal Revenue Service - IRS.govIRS.gov
Fixing America's Surface Transportation Act or the FAST Act - FHWA | Federal Highway AdministrationFederal Highway Administration - US Department of Transportation

all 33 news articles »

MyStatesman.com

Georgetown keeps tax rate flat, but property taxes to rise
MyStatesman.com
Despite keeping the same property tax rate, the typical homeowner would see a $57 increase in taxes because property values have risen by an average of 4.9 percent. There also would be a $4.80 per month increase in the base electricity rate for ...
Better Understand Your Property TaxesTAPinto.net

all 6 news articles »

Consumers turning more pessimistic about wages, stocks, home prices, taxes
MarketWatch
The median expectation that taxes will go up in the next year — just months into a tax cut — rose for the fifth straight month, to 2.2% after the series low of 1.5% in February. Relatedly, year-ahead expected growth in government debt increased from ...


Reuters

UPDATE 1-Argentina suspends cuts in soymeal, soyoil export taxes
Reuters
(Adds details of treasury ministry statement). BUENOS AIRES, Aug 14 (Reuters) - Argentina has suspended its program of gradually cutting soymeal and soyoil export taxes for six months, the treasury ministry said in a statement on Tuesday, part of the ...

Google News

Amending Procedural Laws for Collection of E-taxation

The electronic transaction ordinance defines the certificated copies in which... Read More

Tax Reform, My Way

We need real tax reform and we need it now.... Read More

Uncle Sam is Ready...Are You? Organizing Tips for Tax Time

Anyone who is closely related to an accountant knows that... Read More

Home Based Business Tax Deductions

Running a home based business reaps many wonderful tax deductions... Read More

How To Claim CHILD TAX CREDIT The Right Way And Add An Extra $2,000 To Your Refund

The U.S. Department of Agriculture estimates that it costs nearly... Read More

Anticipating Your IRS Refund Can Cost You Plenty

While accountants are reaching for aspirin, millions of Americans are... Read More

Get Uncle Sam To Pay $36,000 For Your Childs Education!

Let's assume that you would like to begin saving for... Read More

The Annual Gift Tax Exclusion: Getting The Edge

Whether helping the kids with a down payment on their... Read More

Tax Time Tune Up

Excerpted from the new book, "How to Do Space Age... Read More

Donating Cars To Charity - New Tax Rules

On June 3, 2005, the IRS released guidance on charitable... Read More

2005 Ford Escape Hybrid Certified For Clean-Fuel Deduction

If you are environmentally conscious and purchase a 2005 Ford... Read More

Tax Deduction for Alimony Payments? - Yes!

Over 50% of marriages end in divorce in the United... Read More

How To Get An Extension To File Your Business Tax Returns

Yes, the tax season is upon with the first filing... Read More

Small Businesses: Company Car Vs. Personal Mileage Reimbursement In Hurricane Katrinas Wake

With gas prices at an all time high before Hurricane... Read More

Requirements To Produce Tax Information (Whats Up With That?)

"What we've got here is a failure to communicate." ... Read More

Tax Deductions - Mr. C.P.A. Can I Deduct a Pizza? You Too Can Deduct Your Fun By Using Tax Tips

Recently, I stumbled across a concept that could change your... Read More

How To Set Up A Tax-Saving Bookkeeping System

One of the most important, but least understood or appreciated... Read More

IRS Reports Tax Gap of $300 Billion

The Internal Revenue Service is reporting that the difference between... Read More

How to Donate Your Car to Charity and Get Tax Deduction

Donating your used car to charity is a win-win situation;... Read More

Seven Key Tax Deductions for the Self Employed

As a sole proprietor, it's wise to familiarize yourself with... Read More

Truly Bizarre Taxes: The Tax on Illegal Drugs

One can never underestimate the enthusiasm that politicians have for... Read More

Tax Strategy - Let Washington Pay for Your Corvette, Porsche, or Air Plane

Deducting Your Auto ExpensesAuto deductions are a very complex topic.... Read More

Understanding Marketing Tax Deductions

Marketing is a necessary expense in running practically any business... Read More

IRS Offer-in-Compromise, Hype or Hope?

"Settle for Pennies on the Dollar! IRS debts settled for... Read More

What Is Tax Law?

The federal tax code is complex. This complexity generally arises... Read More