Financial experts reveal eight common tax mistakes that can increase your chances of triggering an IRS audit and explain how ...

The 2025 Act introduces compulsory tax audit for businesses declaring profits below 6% or 8% of turnover. The shift eliminates the earlier opt-out condition, expanding audit applicability from ...

The underfunded Internal Revenue Service has been relying on ancient technology to generate paper audits that target tax benefits, such as the Earned Income Tax Credit, for lower-income households.

IRS Commissioner Daniel I. Werfel said the changes were coming in an effort to make sure income tax audits are more fair and equitable to taxpayers After several reports analyzing the disproportionate ...

The Internal Revenue Service (“IRS” or the “Service”) aggregates, reviews, and analyzes taxpayer data and determines whether ...

Karla Dennis, EA, MST, is CFO/CEO of the award-winning tax accounting firm KDA Inc.—specializing in tax planning. Nobody likes an audit, right? Of course not. So why aren’t taxpayers doing everything ...

The Internal Revenue Service switched over from focusing its audits on taxpayers earning $10 million or more to those earning $400,000 or more after passage of the Inflation Reduction Act, according ...

Taxpayers and pensioners must complete mandatory tasks like ITR filing and Aadhaar-PAN linking by year-end to avoid penalties ...

With the 2023 tax season underway, some taxpayers are more likely than others to face audits from the IRS after filing. Research out from Stanford University found Black taxpayers are 2.9 to 4.7 times ...

The Court ruled that reassessment could not be initiated based on audit objections containing factual errors and overlooking prior accepted depreciation. The decision underscores that reopening must ...

There are two sources of income tax audits in California: those initiated by the State of California Franchise Tax Board (FTB) and those based on audits conducted by another agency, such as the IRS.

The Punjab and Haryana High Court has directed the CBDT (Central Board of Direct Taxes) to issue a circular extending the ITR ...