What to Expect During an IRS Audit

There is a letter for you.  The return address looks ominous – as the first line reads:  Internal Revenue Service.  You opened it.  Your worst fears were confirmed.  It is the dreaded notice that your individual income tax return is under audit or, to put it in the language used by the IRS, “your return has been selected for examination.” 

Handling IRS Notices and Letters

You checked your mail. Among the mail was an envelope with a return address that started with three words: Internal Revenue Service. Don’t panic. Receiving mail from the IRS is something millions of people experience every year

Fraudulent Tax Refund Scam

Bennett Thrasher and others have received reports of a new scam that involves fraudulent tax refunds being deposited by scammers into taxpayers’ bank accounts.

IRS Hurricane Relief Alert

On September 19, 2017, the Internal Revenue Service extended disaster relief for taxpayers affected by Hurricane Irma to all 159 counties in the state of Georgia. The announcement was issued shortly after the President declared a state of emergency in Georgia and authorized federal relief efforts.

Significant IRS Rule Changes to Partnership Audit Process

Congress recently enacted significant changes to partnerships’ income tax audits. These new protocols will dramatically change the Internal Revenue Service (“IRS”) partnership audit process and, quite possibly, both the amount of tax liability paid on audit adjustments and the partners who will bear the economic consequence of that tax liability.

R&D Tax Credits: Common Myths

The Federal Research and Development (“R&D”) Tax Credit allows companies engaged in qualified R&D activity to claim a tax credit for their efforts. This is a lucrative credit as it is a dollar-for-dollar offset of a company’s tax liability.

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