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IRS Shifts Focus to Wealthy Taxpayers

Posted in Tax News on September 20, 2023

IRS Shifts Focus of Compliance Enforcement from Working-Class to Wealthy Taxpayers IR-2023-166, Sept. 8, 2023 As part of an effort to restore fairness to the tax system, the IRS has announced its plan to shift the focus of compliance enforcement…

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5 Easy Steps to Take When Being Audited By the IRS

Posted in Tax News on September 3, 2013

You open your mail and you get the notice.  You are being audited by the IRS.  Now what do you do?  First, relax.  Then follow these 5 Easy Steps.   1) Read the Notice I know this sounds basic but…

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4 Easy Ways for Taxpayers to Take the Hippocratic Oath

Posted in Tax News on October 16, 2012

All Physicians must take the Hippocratic Oath.  This is an oath where they swear to practice ethically. Although there is some debate about the translation, the main theme is, ‘First, Do No Harm.’ All taxpayers need to take the Hippocratic…

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6 Easy Steps to Navigate an IRS Audit and Save You (Tax) Money

Posted in Tax News on September 11, 2012

1) Determine if this is an IRS Field, Office or Correspondence Audit With a Field Audit, the audit will be done at your place of business. Most taxpayers requests that the audit be moved and done at your CPA’s office.…

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The Difference Between The Standard Mileage Method and Actual Expenses

Posted in Tax News on June 19, 2012

The Internal Revenue Service (“IRS”) allows taxpayers to choose between the Standard Mileage Method and Actual Expenses. Standard Mileage Method The IRS allows taxpayers to deduct a standard mileage method for business travel.  The current allowance is for 55.5 cents…

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