IRS Audit Archives - BASC Services

Haven’t Filed Past Returns? IRS May File One for You and It Won’t Be Pretty

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There are millions of individuals who do not file a tax return each year, many of them simply because their income is below the filing threshold levels for the year based upon their filing status. Still others simply procrastinate and risk forfeiting their rightful refunds, including earned income tax credits, child tax credits, tuition credits […]

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What to do if you get an IRS Letter

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Each year, the IRS mails millions of notices and letters to taxpayers for a variety of reasons. If you receive correspondence from the IRS here’s what to do: Don’t panic. You can usually deal with a notice simply by responding to it. Most IRS notices are about federal tax returns or tax accounts. Each notice

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What are your Chances of an IRS Audit?

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During tax season, one of the biggest worries taxpayers have is being audited. The idea of having your return singled out for extra scrutiny strikes fear into many. As an accounting firm, our job is not to help our clients avoid an audit, but rather to ensure that the return will stand up to IRS

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EIN: Three Letters You Need to Know

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If you are operating any kind of business with employees, you will need to apply for a federal Employer Identification Number (EIN). If you are not planning on hiring direct employees within the next 12 months, you may still be required to apply for an EIN depending on the type of entity you form. Even

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IRS Clarifies Rules on Virtual Currency Trading

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In the wake of the Bitcoin craze, the IRS has released some clarifications for its rules surrounding virtual currencies. If you are someone that engages in Bitcoin “mining” or any other form of virtual currency trading, it is important to understand how the federal government views your transactions from a tax standpoint. Virtual Currencies NOT

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What Does It Mean to Take the S Corp Election for Your Company?

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When a new business decides to incorporate, there are some things to decide early in the process. One of the issues companies need to consider is whether or not to file their entity as an S Corporation as opposed to a standard C Corporation. S Corporation Requirements: Before considering this option, it is important to

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How Small Business Owners Can Avoid an IRS Audit

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If there is a fear business owners have over most others, it is an audit from Uncle Sam. Small businesses are highly susceptible to an IRS audit because of the extensive itemization of the returns they typically file. To avoid an IRS audit, a business needs to structure their tax paying and filing activity in