If you’ve never been audited, you may not know that when the IRS audits you, it could take up to a year or more to complete the audit.
If you have been audited you know that audits are time consuming and fraught with endless worries.
Tag Archive for Fast-Track Settlement
Formerly available only to large and midsize businesses and in a geographically limited pilot program for smaller entities, the IRS’s Fast Track Settlement program is now available to smaller businesses nationwide, the IRS announced Wednesday, November 6.
Fast-track settlement allows the IRS and business or self-employed taxpayers under examination to use alternative dispute resolution procedures to resolve tax controversies more quickly, without a formal administrative appeal or litigation. The program began on a pilot basis in 2001 for businesses over which the IRS’s Large and Mid-Size Business Division (LMSB, now the Large Business and International Division) had jurisdiction—those with more than $10 million in assets. Read More
Current Articles
Spotlight Interview: Chuck Levun and Michael Cohen On Educating CPAs, Attorneys and Other Tax Planning Professionals, Part 1Spotlight Interview Part 1: Chuck Levun and Michael Cohen on Educating CPAs, Attorneys and Other Tax Planning Professionals – As Well as Their Seasoned Advice for Tax Professionals New and Old For […]
Sales And Use Tax 101 – You Don’t Know What You Don’t KnowSales and use tax compliance can be daunting. Regulations vary by state and jurisdiction making them difficult to navigate, and to make matters even more complex, the rules are ever-changing. For […]
IRS Releases 2023 Data Book Describing Agency’s Transformation Through StatisticsThe Internal Revenue Service today issued its annual Data Book detailing the agency’s activities during fiscal year 2023 (Oct. 1, 2022 – Sept. 30, 2023), including revenue collected and tax returns […]
Avoiding Costly Mistakes: Four Essential Tax Concepts For Attorneys And CPAs (Complimentary 1-Hour Webinar Thursday, May 16th)Register For Complimentary Webinar Register Now Even smaller matters might have big traps and significant tax implications – leading to unexpected tax liabilities for your clients and potential […]
Understanding The Alternative Simplified Credit Calculation For R&DThe Research and Development (R&D) Tax Credit is a valuable incentive offered by the US government to encourage innovation. However, calculating this credit can involve complex formulas and […]
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