audit
Male, single, age 45 and under.
Big spender.
Sounds like a dating ad from the classifieds, right? Not quite. That, according to a study by the advertising and marketing firm DDB Worldwide Communications Group, is the profile of the person most likely to cheat on a federal income tax return.
Does Filing a Schedule C Make Me the Target of an Audit?
8:00AM 2/24/2011
For the fiscal year 2009, about one out of every 100 taxpayers were chosen for an audit. In terms of numbers, 1.4 million taxpayers were selected for either a correspondence or a personal audit. Statistically, those are pretty good odds for taxpayers.
While there's no magic formula to determine...
Taxpayer Rights: What You Need to Know If You Get Audited
6:00AM 2/22/2011
The three most intimidating letters of the alphabet for most Americans are I-R-S. Very few things strike more fear in a taxpayer's heart than the thought of being audited by the Internal Revenue Service.
For years, reports of abuse of power and poor treatment from the IRS ran rampant. That led...
It's no secret that the IRS is ramping up the number of audits in an attempt to close the "tax gap." That's the term the IRS is using to account for the difference between the taxes it believes it should have collected and what it actually managed to collect. For 2001 (the last year for which data...
Koss Corp. has sued its auditor, Grant Thornton, for failing to find the alleged $31 million fraud perpetrated by Koss' VP of Finance. It's easy to point fingers, but in this case, it seems clear the blame lies with Koss management.
I survived an audit: What I've learned and what you need to know
6:00PM 4/13/2010
Nearly 15 years ago, I walked into a room of well-dressed bankers and attorneys with an audit letter in my hand. I was probably the most nervous person in the room. I was interning at the IRS estates attorney division, and this visit marked the first time that I would take the lead on an audit. I...
Want to lower your odds of an IRS audit? Try filing as a multibillion-dollar corporation. The IRS has cut back the time it spends auditing large companies by a third, even though auditors recover $9,354 per hour from their filing errors -- eight times more than is recovered in audits of smaller businesses.
There's only about two weeks left to file your taxes and get your payments in the mail which means that local accountants and tax preparation firms are going to be busy, busy, busy with people like you and me who have waited to file. If you want to file your taxes yourself you can use a tool like...
When I was a kid, I wanted to look like everyone else. I wanted to have the same feathered bangs, the same tapered jeans, and the same white Keds as every other girl. The thought of looking even a little different felt like the end of the world. My mom would humor me, all the while explaining that...
The news keeps getting worse at embattled stereo-headphone maker Koss Corp. The Milwaukee company now fears that the amount that disappeared from its coffers is closer to $31 million, according to a filing by CEO Michael Koss with the U.S. Securities Exchange Commission. The company last month...
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