Here are 12 hot spots on your return that can raise the chances of scrutiny by the IRS. Ever wonder why some tax returns are eyeballed by the Internal Revenue Service while most are ignored? The IRS audits only slightly more than 1% of all individual tax returns annually. The agency doesn’t have enough...
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Category Archives: Small Business
9 Warning Signs You’re About to Get Audited
The IRS is on the prowl–possibly for you. Thanks to improved detection systems and computerized checks, the IRS can more easily identify red flags that trigger audits, says Joseph Perry, a partner at Marcum LLP, a public accounting firm. “They definitely contact taxpayers more frequently,” he adds. Contact typically starts with a...
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PTIN Requirements for Tax Return Preparers
Regulations require all paid tax return preparers to obtain a Preparer Tax Identification Number (PTIN). Preparers must renew their PTIN each year by December 31. Some preparers will also soon need to pass a competency test and take continuing education courses. Review the requirements....
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