Taxing Facts about Taxes

Tax Facts

 

There are roughly 7.7 million words of tax regulations

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Taxing Facts about Taxes

Tax Facts

 

Tax Compliance will cost the US economy $409 billion in 2016

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Taxing Facts about Taxes

Tax Facts

 

Americans will spend more than 8.9 billion hours

complying with IRS tax filing requirements in 2016.

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IRS Will Change Review of Amended Returns

irs with 1040The IRS will be changing some of the ways they review amended tax returns reflecting refunds due. These changes are a result of a government report that estimates approximately $34.4 million in tax refunds and abatements were inappropriately allowed. The Treasury Inspector General for Tax Administration recommended changes to specific controls, tools and procedures in the IRS examinations, to improve surveying, auditing and documenting reviews of claims for refunds and abatement of taxes. The IRS management agreed to five out of six of the recommendations. Management did not feel there was sufficient benefits to warrant expansion of creating documentation to support the surveys of the exams.

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IRS to Delay Tax Refunds in 2017

Tax RefundThe IRS has informed tax professionals of a new law that will be in force in 2017 for the filing season for 2016 tax returns. The new law will require the IRS to hold all tax returns that include refunds including Earned Income Tax Credit and Additional Child Tax Credits, until February 15th. This law will be used as a safeguard against identity theft and tax fraud. Those taxpayers that normally file early to get their refund early, will have their refund delayed by the IRS. The IRS will begin issuing the early filing refunds on February 15th. The additional time to process the refunds will assist the IRS in detecting identity theft and potentially preventing tax fraud.

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Take Offensive Action Against Cyber Crime

Electronic Gadgets

Learn what your business can do to fight Cyber Crime with the article, “3 Steps Businesses Can Take to Avoid Cyber Crime”.

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What is Your Chance to Get Audited by the IRS?

Your odds of an audit are low according to a recent article by Forbes. The IRS reports audits of individuals dropped to an 11 year low. Individual taxpayers are being audited at less than 1 in 100.

audit

 

IRS Admits Audit Chance is Small — And Dropping Like a Rock by Forbes

 

No one wants to be audited. If you are contacted by the IRS, contact a tax professional to represent you.

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