How To Not Get Audited By The IRS With increased computer power and more money for staff from the Obama administration, the IRS is gearing up to intensify its audits of individual taxpayers. High income alone is far from the only factor triggering an audit: Last year only 6.4% of the nation’s 440,000 highest-income filers [...]

The IRS issued its 2010 “dirty dozen” tax scams, including return preparer fraud, hiding offshore income and phishing.

Businesses and individuals making 2009 contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Some of these changes include the following… IR-2009-114, Dec. 8, 2009 WASHINGTON — Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have [...]

IRA accounts are designed for retirement. If a person decides they want to access their account prior to age 59 1/2, they will incur a Federal Income Tax penalty for early withdrawal of 10% of the amount withdrawn. In addition, the amount withdrawn is deemed ordinary income and taxed as such. If that weren’t bad [...]