What are the odds of an audit? (It may be lower than you think)

September 16th, 2020 → 12:28 am @ // No Comments

Does the fear of a tax audit sometimes haunt your dreams or keep you up at night? If so, you’re not alone. Nobody really wants to deal with an audit, especially since even a simple mistake can expose you to fines, interest and other penalties. Well, this may be welcome news: The Internal Revenue Service has been forced to cut…

Audits &Blog

Do you know the difference between tax avoidance and evasion?

June 14th, 2020 → 3:49 pm @ // No Comments

When it comes to the payment of income taxes, the Internal Revenue Service (IRS) is substantially less worried about overpayment than it is about underpayment.  Individuals who don’t pay their full amount of taxes could wind up paying not only the balance of unpaid taxes but also substantial penalties and interest. In some cases, the IRS can also take legal…

Audits &Blog

Do you know the difference between tax avoidance and evasion?

June 14th, 2020 → 3:49 pm @ // No Comments

When it comes to the payment of income taxes, the Internal Revenue Service (IRS) is substantially less worried about overpayment than it is about underpayment.  Individuals who don’t pay their full amount of taxes could wind up paying not only the balance of unpaid taxes but also substantial penalties and interest. In some cases, the IRS can also take legal…

The post Do you know the difference between tax avoidance and evasion? appeared first on The Law Firm of Lance R. Drury.

Audits &Blog