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Tag: audit

An audit i san official inspection of an individual’s or organization’s accounts, typically by an independent body.

Why Not to Pull Money Out of Retirement Accounts Early

Hopefully, you have been doing the responsible thing and putting away a nice little nest egg in retirement plans such as pensions, profit sharing plans and individual retirement accounts (IRAs). If you did, resist the urge to take money out of those accounts before your turn 59½. For...  Read More

Can I toss those old tax returns?

People often ask me how long they need to hold on to tax returns and related documents.  The hoarder in me says to keep them forever- just incase! But the IRS says that you really only need to hold onto tax return and supporting documentation (like W-2s, 1099s, deduction receipts) for...  Read More

IRS Makes Billions of Dollars of Wrong Earned Income Tax Credit Payments

I find this shocking. If the government wants to know where to focus IRS audit efforts it should take a look at the earned income credit program. I’m sure there are plenty of needy people who benefit from the program, but the abuse is outrageous. “In all, the IRS said it w...  Read More

2012 Fourth Quarter Estimated Payments 1040-ES

If you make quarterly estimated payments, the fourth payment for 2012 is due today, January 15, 2013.  If you need a voucher and instructions for filing estimated tax payments they can be downloaded from the IRS website here.  Filing estimated tax payments helps you avoid those late p...  Read More

Scary looking mail from the IRS

Have you ever gotten one of those ominous looking envelopes from the IRS?  Even as a seasoned CPA when one of those IRS envelopes shows up at my front door I feel my pulse quicken.  And if you don’t know what I am talking about, consider yourself lucky! I have recently seen a sh...  Read More