IRS expands audits to prior year and subsequent years

YOU’LL be happy to note that the IRS also gets audited. It’s audited by the Treasury Department to determine whether tax compliance officers conduct required filing checks in accordance with IRS policies and procedures. In particular, the Treasury Inspector General for Tax Administration (TIGTA, an agency that oversees the IRS) instructed the IRS to expand…

Read More

Bankruptcy debt relief: Should you file now or later?

INDIVIDUALS who have accumulated excessive debt are often left to ponder whether they should file bankruptcy in order to get out of debt.  Sometimes, these people feel that somehow, they’ve lost, failed, or that they will never have a chance to rebuild their credit again. Because we are living in a society where having a…

Read More

2017 Guide for rental property owners and managers

THE bills described in this Rental Property Owner and Mangers Guide are rental housing related bills that were signed into law in 2016 and become effective January 1, 2017 unless otherwise specified. Certified Access Specialist Inspections AB 2093. Beginning January 1, 2017 to make sure that properties are in compliance with disability access laws,  commercial…

Read More

How IRS agents interview you during an audit

WHILE my audit tips usually focus on how you—the taxpayer—should conduct yourself, let’s look at how IRS agents are trained to conduct themselves when they interview you. Let’s change roles and learn how they work you over, I mean, work with you—from the agent’s perspective. IRS auditors are trained to: • Maintain a friendly and…

Read More

Who pays the cost of work uniforms?

(Why employees are suing Nike) OMRAN Hamid worked at a Nike store in San Clemente for 15 months. He filed a class action case against Nike, claiming, among other things, that Nike required its minimum-wage employees to buy and pay for Nike-branded clothes as a condition of employment. Hamid alleged that they had to wear…

Read More

What to do when the IRS contacts you

What you need to do when you received a call or notice from the IRS? Below are some tips that you should be aware of: • Revenue Officer (RO) observes fair tax collection practices and taxpayer rights. • You have Right to Representation under Internal Revenue Manual (IRM) 5.1.10.7.2. • You will be advised first…

Read More

Is an allergy a disability requiring employer accommodation?

WHEN John Barrie first started working as an office technician for California Department of Transportation (CalTrans), he informed his supervisor that he had allergic rhinitis. This made him extremely allergic to chemicals and scented products like perfumes and household cleansers. His supervisor informally accommodated him by asking employees to refrain from wearing strong perfumes and…

Read More

Should you attend your own IRS audit?

MUST you attend your own IRS audit? You don’t have to. This is always a tactical question that should be discussed at the early stage of an audit. I have a feeling that you’d rather not go. I don’t want you to go either. So, let’s discuss why you should not attend your funeral… I…

Read More

How to handle field audit at your place of business

FIELD audits are more challenging than office audits. They are conducted at your place of business. Audits are performed by Revenue Agents who have many years of experience. They may hold advanced degrees. Many are CPAs and attorneys. Revenue Agents are the elite of the crop. They undergo intensive audit training to act as detectives…

Read More

How much debt is too much? 

HOW do you answer this question? Let’s check what the Bible has to say about debt. The Bible says that one should neither be a lender or borrower. It does not seem to recommend the assumption of debt. Otherwise, it should say, it’s OK to be a borrower, but not a lender or vice-versa. This…

Read More

How much debt is too much? 

HOW do you answer this question? Let’s check what the Bible has to say about debt. The Bible says that one should neither be a lender or borrower. It does not seem to recommend the assumption of debt. Otherwise, it should say, it’s OK to be a borrower, but not a lender or vice-versa. This…

Read More

Reporting requirements for US citizens abroad

U.S. citizens are generally taxed on their worldwide income regardless of where the income is earned or received. A U.S. citizen who earns income in a foreign country may also be taxed on that income by a foreign host country thereby leading to double taxation. Below are the three tax provisions alleviating potential inequity: •…

Read More

Employees blowing the whistle on employer misconduct

Reporting kickbacks and irregularities are protected activities STEVEN Babyak worked as a regional sales manager for Cardiovascular Systems, Inc., a medical device manufacturer. Throughout his three years at the company, he was consistently rated a top sales manager. Babyak complained to upper management, human resources and corporate legal counsel that the company may be violating several…

Read More

Can bankruptcy end all your financial worries?

ARE you in debt and in a constant state of worrying about your financial situation? Perhaps like most people you live paycheck to paycheck and are barely surviving but you’ve made the mistake of borrowing more money than you can pay back. You’re not alone. This happens to a lot of people. But worrying and…

Read More

10 general issues covered at IRS office audits

There are three basic types of IRS audits: correspondence, office, and field examinations. A. Correspondence audits are generally used for specific questions that can easily be verified. B. Office audits are conducted at the various offices of the IRS and tend to be structured. C. Field audits are geared toward businesses whose books and records…

Read More

How to handle IRS correspondence audit

THERE are three basic types of IRS audits: correspondence, office, and field examinations. Let’s discuss correspondence audits. 1. Do not be afraid to open mails from the IRS. If you are, here’s an antidote to your dilemma: imagine that it’s a refund check. I have seen unopened mail with 30-day letters and 90-day letters (Stationary…

Read More

2017 guide for rental property owners and managers

THE bills described in this Rental Property Owner and Mangers Guide are rental housing related bills that were signed into law in 2016 and become effective January 1, 2017 unless otherwise specified. Certified Access Specialist Inspections AB 2093. Beginning January 1, 2017 to make sure that properties are in compliance with disability access laws,  commercial…

Read More
Back To Top