As a seasoned tax resolution specialist, I’m here to shed some light on. the Statutes of Limitations for Tax Audits. It’s a topic that can seem intimidating, but it’s crucial for every taxpayer to understand. ?? Federal Time Frames: Under federal law, the IRS has a standard **three-year window** to audit your tax returns, starting from the due date or the filing date, whichever is later. But keep in mind, certain situations can extend this period. ?? Important Exceptions: - If your income is understated by 25% or more, the IRS may audit you up to **six years** after filing. - In cases of fraud or failure to file, the IRS can audit without any time restriction. ??? State-Specific Rules: Remember, state tax audit time limits can differ. Always check your state’s regulations to stay informed and compliant. ??? Why This Matters to You: By understanding audit time limits, you can: - Maintain necessary records for the appropriate duration. - Anticipate the closure of audit risks for specific tax years. - Strategically address past tax return concerns. ?????? Expert Advice: Consulting with a tax professional is the best way to navigate these intricate rules and maintain compliance with both federal and state tax laws. Knowledge is your best defense in the realm of taxes. Stay informed, stay prepared, and reach out if you need expert guidance on IRS matters! 678-834-8400 #TaxTips #IRSAudit #TaxResolution #TaxPreparation #FinancialPlanning
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As far as I know, I am the only recovering, vegetarian, bass playing financial advisor & author in WI
“Audit” is a word that can strike fear into the hearts of taxpayers—but the IRS only audited 0.49% of all individual tax returns between 2010-2020. This article offers reassurance and tips on handling the process if it happens.
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Certified Exit Planning Advisor and LPL Financial Planner at The Planify Group
“Audit” is a word that can strike fear into the hearts of taxpayers—but the IRS only audited 0.49% of all individual tax returns between 2010-2020. This article offers reassurance and tips on handling the process if it happens.
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?? Received a Tax Notice? Here's What You Should Do! ?? Receiving a tax notice can be daunting, but addressing it promptly and correctly is crucial. Here's a step-by-step guide to help you manage it: ?? Read Thoroughly: Carefully review the notice to understand its purpose. It might be a correction, additional information request, or an adjustment. ?? Cross-Check Details: Compare the notice with your tax records to verify the information. ? Timely Response: Follow the notice instructions and respond within the specified period to avoid penalties. ?? Prepare Documentation: Gather all relevant documents supporting your case or providing clarity. ?? Consult a Professional: If the notice is complex or you need more clarification about the next steps, seek guidance from a tax professional who can expertly navigate the requirements and provide the support you need. At Orlando Tax Accounting, we are here to support you through these challenges. When you work with us, you'll be connected with a Certified Public Accountant (CPA), tax attorney, or Enrolled Agent based on your specific needs. Our team of experts will provide personalized guidance to ensure your tax notice is handled effectively. ???? Let's connect—we're here to help #TaxNotice #TaxAdvice #OrlandoTaxAccounting #FinancialManagement #TaxResolution
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LPL Financial Advisor | Cornerstone Wealth Services | Retirement Planning | Wealth Preservation Strategies
“Audit” is a word that can strike fear into the hearts of taxpayers—but the IRS only audited 0.49% of all individual tax returns between 2010-2020. This article offers reassurance and tips on handling the process if it happens.
