Many Americans have not noticed the paragraph above their signature line on the 1040 and other IRS tax forms that notifies the taxpayer that you sign your tax return under penalty of perjury and that you have examined the return and underlying schedules. Tax returns for many US taxpayers have...
IRS Audits Target S Corporation Losses
Two additional campaigns result in focused examinations as IRS audits target S Corporation losses and "Basket" transactions. A separate "campaign" has been structured to target S Corporation losses that exceed basis for that company. The IRS has organized internal professionals with specialized expertise to target heavy losses and deductions in...