correspondence audit

What to Expect in an IRS Correspondence Audit 

If you’ve received a letter from the Internal Revenue Service asking for more information to support your tax return, then you have a correspondence audit on your hands. If this sounds like your situation, don’t panic — a correspondence audit can be straightforward and simple as long as you stay organized and understand the process.

In this article, we’ll explain how correspondence audits work and give you some tips to help manage the process.

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irs collection due process

Understanding Your Collection Due Process (CDP) Rights

If you have an outstanding tax debt and you’re facing collection actions, you may want to consider a collection due process (CDP) appeal. A CDP appeal offers you an opportunity to pause IRS collections and speak directly with an IRS settlement officer. These officers have significant power and can approve a resolution that normal IRS employees would never be able to approve.

However, the CDP appeals process can be intimidating and confusing for many taxpayers. If you’re considering a CDP appeal or are currently facing liens and levies from the IRS, read this article to learn more about your rights and the appeals process.

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being audited by irs and no receipts

Help — I’m Being Audited by the IRS, and I Have No Receipts!

It’s the type of nightmare that could make a person wake up in a cold sweat: you get a letter that says the IRS is going to audit your business, and you haven’t kept any kind of organized records. You’re missing all sorts of documentation and receipts for business expenses.

If you’re facing this worst-case scenario, you’re probably a little stressed. We’re here to help, and to tell you that you can get through this — you don’t need to flee to Mexico or buy a fake mustache and glasses. In this article, we’ll talk through your situation and explain how to put yourself in the best possible position to survive your audit.

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IRS enforcement

IRS Going After Wealthier Non-Filers In New Enforcement Campaign

The IRS just announced a new enforcement effort to go after business and individuals who have not filed required tax returns.

This effort was hinted at by high-level officials of the Small Business/Self-Employed divisions of the IRS, who are responsible for most IRS audits and collections. In a January conference call, attended by our own Eric Bielitz, they discussed that recent hiring of some 2,000 new personnel and improvements to their computer systems would enable them to make new efforts to enforce the tax code that wasn’t possible before.

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How to Report Virtual Currency on Your Taxes

How to Report Virtual Currency on Your Taxes and Stay on the IRS’ Good Side

In the summer of 2019, the IRS mailed a series of notification letters to taxpayers who owned virtual currency. These letters informed taxpayers that the IRS was aware of their virtual transactions and expected them to submit amended tax returns if they had not included virtual income and transactions on their 2018 returns.  

Previously, the IRS was unable to track virtual currency transactions, so these letters came as a surprise to many taxpayers. If you received one of these letters or are new to virtual currency, please keep reading to learn how this might affect your taxes. 

 

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