Audits

All about IRS Audit Documentation Requests

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If you have ever received one of those dreaded IRS Audit Documentation requests, you'll know how trepidating it can be. It is common to find many taxpayers not be able to produce the documentation required to back up some of their claims in their tax returns. Then there are those who knowingly make inaccurate claims on their tax returns without proper documents to back them up. If you have received lots of IRS audit documentation requests, don't panic. Here is what you can do.

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The IRS Audit Process

The IRS Audit Process can start out in a variety of ways but usually it starts out with a letter. A  letter saying "bring all your books and records down for review by the IRS." Few letters strike fear into the hearts of Americans as an IRS Audit Process letter. But with some advance information, you can be better prepared after you receive such a letter. You'll have a better understanding of the entire IRS audit process including Notices of Deficiency, Tax Court, correspondence audits, field audits, office audits and more. This video describes the different types of IRS Audit and what to do when faced with dealing with any of them.

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Couple Hounded by IRS over $75

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Hello, I'm Darrin T. Mish and I'm a tax attorney with an international tax practice based in Tampa, Florida. Almost every day on my blog and in my website at getirshelp.com, we get comments and emails from people who relate to us their horror stories with the IRS, so I thought I would read one here today.

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Is Your New iPhone 3G Tax Deductible?

Taking a tax deduction for your new iPhone 3G (or other cell phone) and the monthly service bill that accompanies it may be a bit more complicated than you think, even if it is used primarily (or exclusively) for business purposes. It's complicated because cell phones are considered "listed property" by the Internal Revenue Service and have been since 1989. "Listed property" includes items obtained for use in a business but designated by the Internal Revenue Code as lending themselves easily to personal use. The designation of an item as listed property has implications for depreciation deductions taken by the business and the computation of net income if there is an ongoing expense linked to the listed property. In the case of your new iPhone 3G, you have the electronic device (or handset) and the monthly service bill (expense) that accompanies its use.

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I Received a Notice of Deficiency from the IRS, What Do I Do?

If you've received a Notice of Deficiency from the IRS, the short answer to the question is hire a tax attorney immediately. A Notice of Deficiency results after the IRS has examined (audited) your return and determined you owe additional taxes. The Notice of Deficiency allows you to go to the Tax Court and tells you the procedure to follow. You have a limited amount of time to respond before forfeiting your rights. If you don't respond within the prescribed time, the IRS will send you a bill for the additional tax due. You have 90 days from the date this notice is mailed to you to file a petition with the Tax Court (or 150 days if the notice is addressed to you outside the United States). The last date to file your petition will be entered on the notice of deficiency issued to you by the IRS. If you discuss your case with the IRS during the 90-day period (150-day period), the discussion will not extend the period in which you may file a petition with the Tax Court. The court will schedule your case for trial at a location convenient to you. You may represent yourself before the Tax Court, or you may be represented by anyone permitted to practice before that court.

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