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Mark Gilbert ATN – Which Teams Will Join City and Liverpool in the Top 4?

Mark Gilbert ATN – Which Teams Will Join City and Liverpool in the Top 4?

Me and the boys at Automative Training Network generally talk about 2 things, cars and football. In fact for Mark Gilbert ATN founder, I think that he actually loves football more than his own business given the amount that he talks about it. The English […]

Audit Defense Reviews Reveal Key Mistakes That Can Lead to IRS Audits

Audit Defense Reviews Reveal Key Mistakes That Can Lead to IRS Audits

Being audited by the Internal Revenue Service (IRS) is a lot like having your math teacher from high school tell you to prove that you’ve come up with the right answer on a test. If you can’t prove it, you fail. Sadly, many taxpayers who […]

Tax Audit Reviews Series Part 2: What Can You Expect During an IRS Audit?

Tax Audit Reviews Series Part 2: What Can You Expect During an IRS Audit?

You still can’t believe that the Internal Revenue Service (IRS) has decided to audit your tax return. In addition to feeling nervous about the outcome of the audit, you feel confused about what the audit process actually entails. The most recent blog, Part 1 of a three-part series, discussed why the IRS may be auditing you, based on tax audit reviews. In this article, Part 2 of this three-part series, you’ll learn firsthand what an IRS audit actually involves.

The IRS will manage your audit either via a face-to-face interview or by mail to look at your tax records. However, the agency will first provide you with instructions for the audit by mail.

If the IRS chooses to audit you by mail, the agency will ask you for extra information regarding specific items on your tax return, like your itemized deductions, income, or expenses. However, if you don’t want to mail the IRS a large number of documents or books, you can ask the IRS for an in-person audit.

Note, though, that the IRS does accept electronic records generated via tax software in some cases. The agency might request these records instead of, or along with, other kinds of records. Your auditor will tell you exactly what he or she will accept.

As a general rule of thumb, the records that the IRS may ask you to provide as part of your audit include receipts, canceled checks, loan agreements, and travel tickets. Other documents you may have to furnish include bills, legal papers, travel diaries/logs, dental/medical records, and employment documents depending on your particular situation. According to federal law, you must maintain at least the past three years’ worth of records in case you are audited. Certain types of records, such as those related to a home or rental property, should be retained indefinitely.

In Part 3 of this series on IRS audits, we will discuss what will happen at the end of your IRS audit.

TaxAudit Reviews the Tax Consequences of Transferring Your House Deed to Your Child

TaxAudit Reviews the Tax Consequences of Transferring Your House Deed to Your Child

You’ve always had your son’s best interest at heart, which is why you stashed away extra money in his savings account and college fund when he was a little boy. And it’s why you can’t wait to gift him with your home in the future […]

Bharat Bhise HNA – Why Your Small Business Must Pay Attention to Cybersecurity

Bharat Bhise HNA – Why Your Small Business Must Pay Attention to Cybersecurity

You may think that your small business is not at risk from a cyber attack and this is completely understandable, after all it seems to be the bigger companies show are more at risk. Unfortunately, however it is wrong to think like this as these […]