The IRS does not forget, but it does negotiate. Audit triggers and defence, statutes of limitation, unfiled returns, installment agreements, offers in compromise, and trust fund penalties on unpaid payroll tax.
Contractors face higher audit risk because deductions are larger, records are messier, and cash flow moves fast. Even legitimate expenses can become problems if documentation is we
Your bank or credit card statements only show that you spent money… not what you bought.Without receipts, those transactions become “naked expenses” — and the IRS loves to throw th
No one wants to live with the constant fear of an IRS audit. Thankfully, there’s a statute of limitations—meaning the IRS only has a certain amount of time to review your return an
Contractors ask me this every year:“George, how long do I actually need to keep tax records?” Here’s the real answer — no fluff 👇 The basics:• IRS standard audit window: 3 years• I
If you’ve ever missed an estimated tax payment, and your amounts owed were on the larger side, penalties can really add up fast. But there’s a workaround the IRS actually allows. I