http://netvouz.com/lillymark/tag/audit?feed=rss lillymark's bookmarks tagged "audit" on Netvouz http://www.mytaxfiler.com/blog/audit-techniques-for-hobby-losses/ Many taxpayers have hobbies that earn a bit of income and the IRS states that in such cases, expenses can be written off only to the extent of sales. A break-even proposition at best. So if you love photography and your buddy pays you $500 to shoot his wedding, you can write off all of your expenses up to $500 against that taxable income. But you cannot dip to the negative side and show a loss. lillymark Wed, 28 Nov 2012 05:19:20 GMT http://www.mytaxfiler.com/blog/filing-taxes-beware-sharp-increase-in-audit-rates/ Ah, tax day with its inevitable fretting over returns, extensions and payments is almost upon us! It’s hard not to think about your chance of audit when filing your taxes. Yet as a tax lawyer, I must assume every return will be audited. If I believe there’s a 50% chance a deduction is correct, my advice must be based on the merits not on the audit lottery lillymark Fri, 07 Sep 2012 12:27:54 GMT http://www.mytaxfiler.com/blog/irs-audit-red-flags-the-dirty-dozen-3/ The IRS audits only slightly more than 1% of all individual tax returns annually. The agency doesn’t have enough personnel and resources to examine each and every tax return filed during a year.  lillymark Wed, 16 Jan 2013 06:53:17 GMT http://www.mytaxfiler.com/blog/red-flags-how-to-know-when-your-cpa-isnt-really-working-for-you/ There is a lot written about how financial planners get paid and how to avoid paying excessive fees, but not so much about CPAs. How do you know if you are being well represented or simply wasting your money? lillymark Wed, 28 Nov 2012 05:56:50 GMT http://www.mytaxfiler.com/blog/10-tax-commandments-to-keep-irs-away/ I won’t suggest taxation and religion are similar, at least not to most people. But certain tax rules are nearly inviolate, and ignoring them can bring lightning-bolt-out-of-the-sky consequences. lillymark Mon, 03 Feb 2014 10:19:12 GMT http://www.mytaxfiler.com/blog/14-irs-audit-red-flags/ Short on personnel and funding, the IRS audits only slightly more than 1% of all individual tax returns annually. We expect the audit rate for 2013 to fall even lower as resources continue to shrink and even more employees are reassigned to identity theft cases. - See more at: http://www.mytaxfiler.com/blog/14-irs-audit-red-flags/#sthash.XkbZTquc.dpuf lillymark Mon, 17 Feb 2014 08:42:29 GMT http://www.mytaxfiler.com/blog/4-irs-audit-red-flags/ Short on personnel and funding, the IRS audits less than 1% of all individual tax returns annually. We expect the audit rate to fall even lower as resources continue to shrink and even more employees are reassigned to identity theft cases. - See more at: http://www.mytaxfiler.com/blog/4-irs-audit-red-flags/#sthash.grPnT6TW.dpuf lillymark Mon, 10 Mar 2014 07:27:44 GMT http://www.mytaxfiler.com/blog/5-slam-dunk-irs-audit-red-flags/ The IRS assigns a numeric value to each tax return known as a DIF score. Returns with a DIF score higher than a pre-specified number are flagged and sent to IRS regional examiners for further review and analysis. lillymark Fri, 17 Aug 2012 09:19:51 GMT http://www.mytaxfiler.com/blog/59-tips-for-the-self-employed/ Getting Started 1. Don’t operate as a sole proprietorship 2. Hire a professional bookkeeper 3. Outsource your payroll 4. Buy an accounting software package 5. Attend local new business owner courses 6. Don’t hire your relatives 7. Think twice 8. Don’t start a business just because you have a cool sounding name for it. lillymark Fri, 17 Aug 2012 09:42:50 GMT http://www.articleblast.com/Business_and_Management/General/A_Quick_Glance_at_Italy%92s__Introduction_to_the__VAT_Cash_Accounting_Scheme/ Italy is introducing the VAT Cash Accounting Scheme allows VAT payment on cash (receipt) basis with effect from December 1, 2012. It is mandatory for the taxable person to indicate in invoices, if the cash accounting scheme has been applied. lillymark Thu, 31 Jan 2013 04:49:52 GMT