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Tips to avoid Audits | Reasons IRS Send Notice For Incorrect Payments | CPA BRIAN MOORE

Tips To Avoid AUDITS

Tips To Avoid AUDITS

Tips To Avoid AUDITS

You receive a letter from the IRS with an ominous warning that the amount of income listed on your return does not match what the IRS has in their records.  The official designation of this letter is a CP2000 notice, but for most taxpayers, the title of the letter or the contents within does little to answer the question ‘What now?’  This is where Moore Accounting Services comes in and helps you, the taxpayer, to resolve this issue.

Follow these tips to avoid audits:

1.) Failure to claim all of your self-employment income

Most businesses that use contract employees issue 1099 forms to show the IRS that the expenses that were paid out to actual workers.  Failure to report this income on your tax return is a guaranteed way to receive this notice.  The IRS places the burden on the taxpayer to ensure that all income is claimed.  If you performed services for someone, make sure that they have all of the correct contact information to ensure that you receive all of the 1099 forms issued to you.

2.) Failure to claim investment income

Most taxpayers that are expecting a tax refund try to file their taxes as soon as possible.  Filing too soon can mean that some tax forms may be still outstanding at the time of filing.  It is common knowledge that Forms W-2 and 1099 are due to mailed to taxpayers no later than January 31.  What is commonly overlooked for taxpayers that have investments in stocks or partnerships is that the initial deadline for these tax forms to be mailed out is February 28.  This means that a proper tax filing on a return with this type of income may have to be delayed into mid or late March to ensure that all of the forms have been received.

3.) Failure to report additional bonuses and commissions

Some employers that pay out bonuses and commissions calculate these payments outside of the normal payroll process.  What can happen in this circumstance is that the employer issues two separate W-2s, one for the wage income and another for bonuses and commissions.  In a taxpayer’s struggle to get all of their documents together, they mistake that the second W-2 is just a duplicate of the first one that they have received.

A notice from the IRS does not have to be scary.  At Moore Accounting Services, we are highly skilled at reviewing any and all notices from the IRS and other tax agencies.  Let us be the first line of defense when the tax man comes calling.



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About The Author

MAS Admin
Moore Accounting Services (MAS) opened for business in 2009. Thanks to our great client base we continue to grow. We are the accounting expertise and experienced team you need when you want it done right the first time. We are experts in most any business service from small businesses to established businesses who have outgrown going it alone or with another accountant. Our success depends on yours. MAS are tax professionals. We can handle payroll services. Moore Accounting services individuals as well as LLC's and S-Corporations. Need audit help? We are very comfortable dealing with difficult IRS situations, Offers in Compromise (OIC) and more. We look forward to helping you! Email info@moore-accounting.com today.

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