Key TakeawaysThe IRS requires three separate forms of proof for nearly every deductible business expense: purchase, payment, and purpose. Missing even one element can lead to a denied deduction and possibly trigger a 20% Accuracy-Related Penalty. Certain...
Quick Takeaways: How Should I Start Preparing For An Audit?Only send copies of the documents the IRS specifically asks for — nothing more. Start with the notice. The audit letter itself tells you the scope, type of audit, and deadlines. Anticipate triggers...
Quick Answers: Reduced IRS staffing could mean longer hold times and even an inability to talk to a real person on the other side of the IRS payment agreement phone number. The IRS encourages you to use your IRS Online Account to see balances, confirm...
Quick Answers: The IRS zeroes in on late or inaccurate Form 990 filings, which are the #1 cause of nonprofit audits. Insider benefits (like inflated executive pay or personal expenses paid with nonprofit funds) almost guarantee IRS attention. Clear...
Quick Answers: Can the IRS Really Settle My Tax Debt for Pennies on the Dollar?The IRS allows certain taxpayers to settle for less than they owe through an Offer in Compromise (OIC). In fiscal year 2024, about 4 out of 5 offers got rejected by the IRS. OIC...
