All About Audits!

It seems lately I have gotten more calls about individuals and businesses being audited by the IRS.  It is also plastered all over IRS publications and tax professional websites that the IRS is increasing the number of audits conducted across the board for individuals and businesses alike.  In fact, I have done several articles about this.  One of my articles is about the IRS claiming to do more audits on Tanning Salons.  Another article is about the IRS auditing additional years following the completion of an audit for an alternate year.  My latest article highlights the IRS wanting to increase audits on recipients of personal injury settlements.  It is also important to mention that the IRS likes to audit people who take the home-office deduction.  Make sure if you take that deduction, you meet the strict criteria.

Oklahoma, to prevent being audited, be sure you have a qualified tax professional who keeps up to date on all changes to the tax code.  Lastly, keep all tax records that for at least 3 years.  If you are self-employed, you should keep them for about 7 years.  You will need this if you get audited.  With the economy in a recession, I expect audits will continue to increase as the IRS tries to compensate for the deficit.
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