Undergoing a tax audit is one of the most stressful “everyday” experiences a person could ever endure. Knowing that the Internal Revenue Service (IRS) takes issue with one's tax return and that there are possible financial or criminal consequences possible is not an...
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Are you in trouble if the IRS wants to audit you?
On Behalf of [email protected] | Jun 14, 2023 | IRS
Receiving a notice from the Internal Revenue Service (IRS) about an audit is not the most calming situation. Tax issues carry significant consequences, which you may have seen from your loved ones or celebrities. However, an IRS audit does not always mean you are in...
Small business owners: Don’t overlook these 4 IRS audit triggers
On Behalf of Demetrius J. Karos, Ltd. | Apr 30, 2023 | IRS
Being a small business owner can be challenging. You have to invest in finding the right employees and balancing growth and quality. Besides, you must pay and file your taxes on time and report everything as required on your tax return. Unfortunately, there are...
What to do when the IRS notifies you of an audit
On Behalf of Demetrius J. Karos, Ltd. | Mar 30, 2023 | IRS
Tax issues are one of the most complicated subjects to deal with. Thus, it can be concerning when the Internal Revenue Service (IRS) wants to audit you. Here is what you should do after the IRS notifies you of an audit. Understand the reason for the audit The IRS can...
Take note: Tax Day is less than a month away
On Behalf of Demetrius J. Karos, Ltd. | Mar 25, 2023 | IRS
The most straightforward ways to avoid tax-related controversy and accusations of tax evasion involve having your taxes prepared by a knowledgeable professional and filing your return on time. Of course, this is certainly easier said than done. Even when a...
Are you required to claim ownership of digital assets to the IRS?
On Behalf of Demetrius J. Karos, Ltd. | Mar 6, 2023 | IRS
Accounting for digital assets or income on a tax return is still new to the Internal Revenue Service (IRS). The current laws regarding digital property with material value are somewhat lax, but you must still report these assets to the IRS. Taxpayers must answer a...
Is the IRS really adding 19,000 jobs?
On Behalf of Demetrius J. Karos, Ltd. | Jan 18, 2023 | IRS
You may have heard people talking about how the IRS is expanding due to new funding that they received. They are going to hire around 19,000 new workers over the course of 2023, these reports continue, which is roughly the same amount of people who are hired in 2022....
What you need to know about eggshell audits
On Behalf of Demetrius J. Karos, Ltd. | Dec 27, 2022 | IRS, Tax Evasion
If your tax returns have sufficient indications of fraud, the IRS will conduct a civil examination to uncover the truth, commonly known as an eggshell audit. As the name suggests, you must take great care to avoid facing criminal consequences. For instance, you may...
Should I worry about an IRS audit?
On Behalf of Demetrius J. Karos, Ltd. | May 19, 2021 | IRS
Once you submit your tax return, you might still lose sleep over it. You might lie awake expecting the Internal Revenue Service (IRS) to knock on your door and tell you they want to audit your company. However much you trust your accounting team, you know mistakes...
What do you do if you forget to file your taxes?
| May 5, 2021 | IRS
It’s not uncommon for people to miss the tax-filing deadline, even though most people know when it is. They might miss it unintentionally or refuse to file for other reasons. If you haven’t filed a tax return for the past year when you were supposed to, then you still...