How Long Does an Audit Take?
Audit. The word alone may strike fear into the hearts of taxpayers. However, understanding the ins and outs of the process, including the timeline, can significantly reduce anxiety and lead to a more favorable outcome….
The IRS Crack Down: A New Era of Tax Compliance or a Political Chess Game?
by Kelly Hanley, Esq. New Targets: IRS Auditors Cracking Down on 1,600 Millionaires and Millions of Dollars in 2023 The Internal Revenue Service (IRS) recently made headlines with its announcement to aggressively pursue 1,600 millionaires…
10 Illinois Department of Revenue Audit Triggers
By Kelly Hanley, Esq., Tax Attorney Baffled by the intricacies of state tax audits? You’re not alone. The complex realm of Illinois business tax can give even seasoned tax professionals pause. Even more concerning are…
IRS Statute of Limitations on Audits
By Kelly Hanley, Esq. It’s an average Tuesday evening. You’ve just about settled into your comfy couch, engrossed in the latest episode of your favorite binge-worthy show. Suddenly, the tranquility is shattered by the shrill…
What Happens If You Get Audited and Don’t Have Receipts?
If you get audited and don’t have receipts or other documentation to support the deductions, credits, or expenses claimed on your tax return, you may face some challenges during the audit process. Here’s what could…
What is a Tax Audit?
In the world of taxation, the term “tax audit” can make even the most seasoned person feel a little uneasy. But what is a tax audit, and how does it affect you? In this comprehensive…
How Far Back Can the IRS Audit?
By Kelly Hanley, Esq., Tax Attorney Delve into the depths of IRS audit timelines, discover how long they can look back, and learn what you can do to stay prepared. Introduction If you’ve ever wondered,…