The Wall Street Journal recently examined plans for 700 new IRS auditors who will be added to the IRS department that specifically monitors small business and the self-employed. IRS Commissioner John Koskinen claims the new money was found as a result of retirements, internal turnover, and other "efficiencies." Lawmakers are...
IRS Hires 700 New Auditors
The IRS hires 700 new auditors raising the ire of republican watchdogs and raising new questions about Commissioner John Koskinen's previous testimony regarding budget cuts and the need for an increase in the budget for the IRS. The Chairman of the House Oversight and Reform Committee responded sharply: "Now, less than...
Top IRS Audit Triggers from the Past Year
Tax watchdogs monitor IRS audits and poll many organizations of tax preparers and accounting professionals in an attempt to identify the top IRS audit triggers each year. The list for 2015 has some newcomers. The primary caveat to all of this information is simple: if you have a legitimate expense...
US GAO Weighs In on IRS Audit Selection Process
The US Government Accountability Office or GAO recently evaluated the IRS audit selection process, and raised several concerns about political targeting, as well as selection criteria for small businesses and self employed taxpayers. The IRS audit selection process was found to be skewed and unfair according to the GAO report....
IRS and US Treasury Issue New Temporary Guidelines for Transfer Pricing
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in Audits on Tuesday, September 22, 2015. The IRS and the US Treasury have issued temporary guidelines that affect the taxation of individuals and corporations who move goods and services between associated entities. Transfer pricing is generally defined as...
IRS Audit Enforcement 20% Lower than 2010 According to USA Today
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in IRS on Friday, March 20, 2015. The USA Today released an article yesterday citing the "Center on Budget and Policy Priorities" which stated the IRS has 20% less resources for enforcement today than in 2010. So is it...
A few common reasons that a tax audit occurs
On behalf of Janathan L. Allen, APC posted in Audits on Monday, February 24, 2014. One of the common myths about a tax audit is that some tall, ominous-looking man in a black suit -- complete with shades and a hat -- will come knocking at your door, asking you...
Has the IRS Changed the Deadlines and Due Dates for Corporate, Partnership and FBAR Returns?
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in IRS on Tuesday, August 18, 2015. The IRS has changed important due dates for many tax returns, including corporate, partnership and FinCen Form 114 or FBAR reporting. Important changes Occur after December of this year, including: FBARs will...