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  1. #1
    Join Date
    Feb 2005
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    12,866

    IRS boosts tax audits to put fear into taxpayers

    This was a front page story on Friday, Nov. 5, 2005 in Cleveland, Ohio.

    The link opens a pdf file, you need adobe acrobat.


    http://www.cleveland.com/frontpage/pdfs/friday.pdf

    You are twice as likely to face an audit today than you were 5 years ago if you are an individual or have a home based business.

    Namaste'

    Lady Mod

  2. #2
    Join Date
    Apr 2005
    Posts
    53

    Re: IRS boosts tax audits to put fear into taxpayers

    Quote Originally Posted by sojustask
    This was a front page story on Friday, Nov. 5, 2005 in Cleveland, Ohio.

    The link opens a pdf file, you need adobe acrobat.


    http://www.cleveland.com/frontpage/pdfs/friday.pdf

    You are twice as likely to face an audit today than you were 5 years ago if you are an individual or have a home based business.

    Namaste'

    Lady Mod

    Not to argue with the IRS or the Cleveland paper, but there may need to be some explaination.

    Some of the increase is due to the definition of audit. Many of the new audits are simply letter based audits where the taxpayer failed to report or reported a differing amount from what the IRS received via its "matching" program.

    If the IRS gets a reported amount (i.e., K-1, W-2, 1099, etc.) they now have the ability to match these items with the individuals tax return. It is important to report these amounts as gross amounts, whether or not they are actually taxable.

    At our firm (multi-city, local firm), we have not seen a substantial increase in audits, but hey, we can hope!

  3. #3
    Join Date
    Feb 2005
    Posts
    12,866

    Re: IRS boosts tax audits to put fear into taxpayers

    Quote Originally Posted by CPA4

    At our firm (multi-city, local firm), we have not seen a substantial increase in audits, but hey, we can hope!
    You HOPE for more audits? I would think that a lack of audits would be a plus to your firm, not a negative.

    Thanks for the clarification. I find that will be truly helpful for people to know and understand come tax time.

    Namaste'

    Lady Mod

  4. #4
    Join Date
    Apr 2005
    Posts
    53

    Re: IRS boosts tax audits to put fear into taxpayers

    Quote Originally Posted by sojustask
    You HOPE for more audits? I would think that a lack of audits would be a plus to your firm, not a negative.

    Thanks for the clarification. I find that will be truly helpful for people to know and understand come tax time.

    Namaste'

    Lady Mod

    It was a joke, but actually, we represent a substantial number of tax payers whose returns were prepared by other firms when they are audited. We have a tax department that is very good when it comes to that sort of thing.

    FYI, I am not one of the good one's in the tax department as I don't understand much tax law at all!

  5. #5
    Join Date
    Mar 2006
    Posts
    5

    Re: IRS boosts tax audits to put fear into taxpayers

    Quote Originally Posted by sojustask
    This was a front page story on Friday, Nov. 5, 2005 in Cleveland, Ohio.

    The link opens a pdf file, you need adobe acrobat.


    http://www.cleveland.com/frontpage/pdfs/friday.pdf

    You are twice as likely to face an audit today than you were 5 years ago if you are an individual or have a home based business.

    Namaste'

    Lady Mod
    get real if you're wealthy and in the know the irs can be manipulated too

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