The IRS and state governments have announced various COVID-19 tax relief programs due to the coronavirus. We’ll do our best to keep this page updated with the most up to date information. The IRS’s COVID-19 Tax Relief Announcements The IRS officially extended the deadline to file and pay your 2019 taxes until July 15, 2020, […]
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How Long Does an IRS Audit Typically Take?
The IRS has three years from the due date of a return or when you actually file the return to audit you. Most audits are completed in under a year, but they can sometimes take longer. Bear in mind that three years is the limit under normal circumstances. If you excluded more than 25% of […]
The Four Types Of Tax Audits Explained
Although everyone dreads the prospect of a tax audit, they’re a rare occurrence. In 2018, the IRS audited an estimated 1 million returns, which is only 0.5% of all returns filed the year before. Situations that can trigger a tax audit include: Miscalculations on any of your personal or business tax return Claiming a high […]
How Does The IRS Prove Tax Fraud or Tax Evasion?
Out of all of the offenses in the U.S. Tax Code, tax fraud results in the highest number of charges being laid. According to the U.S. Sentencing Commission, 517 of the cases it handled in 2018 involved income tax evasion. Incidentally, the district of New Jersey was one of the top five districts for tax […]
Estimated Tax Payment Penalties- How It Works
Last March, attorney Michael Avenatti, who is best remembered for his representation of actress Stormy Daniels, proved that failure to make estimated tax payments is a bad idea. In addition to being charged with providing false tax returns for 2011-13 in order to receive $4.1 million in loans, the U.S. Attorney’s Office in Los Angeles […]
