title>Tax Guru-Ker$tetter Letter Wizard Animation

                 

Tax Guru-Ker$tetter Letter
Sunday, December 13, 2009
 
Screwing with the IRS
Last week's episode of Nip/Tuck had an encounter between one of the plastic surgeons and an IRS auditor unlike any I have have ever seen or heard of. It’s wacky enough to amuse taxpayers, tax pros, and IRS employees.


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Monday, November 30, 2009
 
Auditing the new Bo-Tax?



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Wednesday, June 24, 2009
 

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Monday, April 06, 2009
 
Audited by a higher power than IRS?

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Thursday, March 26, 2009
 

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Wednesday, February 11, 2009
 

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Saturday, January 10, 2009
 

Record keeping requirements - Good summary of rules from the California FTB that apply for IRS purposes as well. Calif. taxpayers need to be sure to catch the fact that the statute of limitations (SOL) for FTB to come after you is four years after filing a tax return, one year longer than IRS has.  FTB is sneaky in exploiting that extra year.  I have seen plenty of cases where people had tossed their records after the IRS’s three years SOL had expired, only to be unable to defend themselves against FTB assessments. With the current budgetary disasters in Sacramento, we can expect FTB to pull out all of the stops in regard to squeezing every last dime out of people, whether they really owe the money or not. 


 

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Tuesday, December 30, 2008
 
Reacting to an audit?



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Saturday, December 20, 2008
 
Self-Audits?



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Friday, August 01, 2008
 

Businessman charged in plot to kill IRS agent - An insanely extreme way to deal with an audit.


 

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Friday, June 06, 2008
 

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Monday, April 28, 2008
 

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Saturday, April 19, 2008
 

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Thursday, April 17, 2008
 
Explaining audits...



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Tuesday, April 15, 2008
 

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Thursday, April 03, 2008
 

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Wednesday, March 26, 2008
 

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Friday, February 22, 2008
 

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Monday, January 21, 2008
 

IRS Audits of Millionaires on the Rise – Nothing really new here. IRS has always put more audit focus on the higher income tax returns.  This is just another example of how using a C corp to smooth out income and keep the 1040 income from being too high can reduce the audit potential.


 

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Thursday, October 25, 2007
 

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Thursday, October 04, 2007
 
Appropriate attire for an IRS audit?


From FunnyBone:


A Visit To The IRS

A man, called to testify at the IRS, asked his accountant for advice on what to wear. "Wear your shabbiest clothing. Let him think you are a pauper."


Then he asked his lawyer the same question, but got the opposite advice. "Do not let them intimidate you. Wear your most elegant suit and tie."


Confused, the man went to his rabbi, told him of the conflicting advice, and requested some resolution of the dilemma.  


"Let me tell you a story," replied the rabbi.  "A woman, about to be married, asked her mother what to wear on her wedding night. 'Wear a heavy, long, flannel nightgown that goes right up to your neck.'


But when she asked her best friend, she got conflicting advice. 'Wear your most sexy negligee, with a V neck right down to your navel. The man protested: "What does all this have to do with my problem with the IRS?"


"No matter what you wear, you are going to get screwed."


 

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Sunday, September 30, 2007
 
If Robin Hood were audited...



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Some audits are more probing than others...




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Wednesday, August 15, 2007
 

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Friday, August 10, 2007
 
How to spoil an auditor's day...



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Thursday, June 28, 2007
 

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Sunday, June 10, 2007
 
IRS Research Program

Heads up for another one of IRS’s random selections of individual tax returns for an in-depth examination in order to update their top secret DIF scoring program to select the tax returns with the highest likelihood of cheating. 


According to this announcement from IRS, this go-around should be less burdensome than their previous such studies, with much fewer returns being selected than had been used in the past; 13,000 lucky taxpayers instead of the more common 45,000.


I understand how this may be a necessary evil of the tax system; but one aspect of it still reeks of unfairness. Those folks lucky enough to be among the 13,000 randomly selected to assist IRS in this study will still have to personally bear the full cost of going through the audit process, which can easily run into several thousands of dollars in professional fees, to say nothing of any additional taxes that may be assessed as a result. 


I realize that it’s crazy to expect IRS to consider fairness in the equation; but it would dramatically increase any goodwill they ever expect to have if they would reimburse taxpayers for the costs incurred while assisting in an IRS research project.  It just seems proper that the party benefiting from the study should bear the expenses of conducting it.


 

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Friday, May 25, 2007
 

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Tuesday, May 15, 2007
 
Avoiding Audits


From a Reader:



Subject: For the Entrepreneur: How to Avoid Being Audited

 

Hi Kerry - 

 

I just would like to pass along this link. It's an article I recently published over at Ask the Advisor titled "How to Avoid Being Audited if You're Self-Employed". I thought you and your readers over at Tax Guru-Ker$tetter Letter might be interested in having a look. Let me know what you think if you have a moment.

 

Thanks,

Jimmy Atkinson

Ask the Advisor


My Reply:



Jimmy:

While not covering all of the ways in which to lower one's profile on the IRS audit radar, you have addressed some good points.

I will post a link to this on my blog.

Thanks for sharing it.

Kerry Kerstetter


 


 

Follow-Up:

 Hey Kerry. Thanks!


 

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Sunday, May 06, 2007
 
Worst Day...



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