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Posts tagged "Audits"

Legitimate business or just a hobby? How the IRS tells them apart

Hobbies are an important part of our lives. They offer stress relief, the opportunity to develop new skills, the ability to escape from the rigors of our everyday lives, and are an important part of allowing us to remain vital and active into our twilight years.

Syndicated conservation easements drawing IRS scrutiny

The IRS recently issued Notice 2017-10 addressing flaws in what are known as "syndicated conservation easements." The IRS has stressed that legitimate conservation easements (when the owner of land gets a tax deduction for donating use of the land is for a protected purpose such as wildlife or wetland preservation, grazing, historical importance, etc.) are not meant to be impacted by this Notice.

1099s: 3 things to know

In ancient Greece, a community of people called Pythagoreans attributed mystical and even sacred qualities to certain numbers and geometric forms.

Wealth and the triggering of audits

As always, wealthy taxpayers face a significant chance of IRS scrutiny. While IRS audits are not occurring at the same rates as in the past, individuals with considerable wealth still face a significant chance of having their tax returns audited.

Head of household audit letters: jumping through the hoops

If you received a Head of Household (HOH) audit letter from the California Franchise Tax Board (FTB), you have some hoops to jump through. If you get such a letter and don't take action to verify your HOH status, it could cost you a lot of money on your taxes. It could also put you at risk for a tax penalty for understating your income.