Got audited and don't agree with the results? You might qualify for an Audit Reconsideration. You can apply if: you still owe money. the IRS disallowed your credits. you have new documents. the IRS made an error. If you qualify, take the following steps: Step 1: Review your audit report using Form 4549, Report of Income [...]
This article was published by the IRS. By law, all taxpayers have the right to finality when working with the IRS. For example, taxpayers have the right to know when the IRS has finished an audit. This is one of ten basic rights — known collectively as the Taxpayer Bill of Rights. Here's what taxpayers should [...]
If you think filing invoices, tracking expenses, and keeping records isn't that important, think again. Come tax time, the IRS doesn't allow you to "casually" do taxes. If you forgot to keep good records so far, the IRS does allow you to reasonably reconstruct figures and provide receipts. Tax preparer due diligence must-do's include asking the [...]
In this episode of "The Tale of the Complicated Household," learn more about who can claim the Earned Income Tax Credit. Don't forget that the law about who can claim a child changed over the last few years. If a parent and non-parent both meet EITC requirements, the non-parent must have the higher AGI. If you [...]
The IRS conducts audits by mail to verify a taxpayer's eligibility for child-based refundable credits, such as the Earned Income Tax Credit. Typically the IRS holds the refund until the audit is complete. For Earned Income Tax Credit audits, you'll usually need to provide documentation verifying your relationship to the children claimed and that they lived [...]
