October 14, 2021 The IRS will bring in much more revenue if Congress agrees to the Biden administration’s request to increase the agency’s budget over the next decade. Will it increase the number of IRS audits? How is it going to affect your financial status? Officers Reinforced In a report issued recently, the Congressional Budget Office stated that the administration’s plan to raise IRS funding by $80 billion over the next decade would increase revenue by roughly $200 billion over the same time period. The majority of the funds, almost

May 31, 2021 A recent article in Forbes summarized a lot of our thoughts on IRS Audits. We would like to take the chance and publish it without amendments. According to the Internal Revenue Service (IRS), about 850,000 tax returns were audited for 2015, which was the most recent year for which it’s published data. That is about 1% of all tax returns filed. And while those with higher incomes (above $500,000) had a greater chance of being audited, about 300,000 low-income tax return filers who claimed the earned income tax

Last updated on: January 6, 2022 It is not widely known what information the IRS has access to in general and what information they are looking for when conducting an IRS Audit (e.g. Mileage). Yet it is worth knowing that the IRS can track down Business expenses and is able to reconstruct a taxpayer’s Daily Route from Parking fees, Tolls, or Vehicle inspection reports. Switching to apps from manual data recording when preparing your tax return documents might be a smart move to make in 2022. What records can the