Podcasts about irs audit

In episode 632, Ansley Beutler teaches us how to navigate the complexities of IRS audits as small business owners and how to recognise key red flags that might trigger an audit. Ansley launched her blog, The Fit Peach, in 2018, sharing simple, family-friendly recipes that prove healthy eating can be both delicious and approachable. Her passion for flavor-packed, wholesome meals quickly resonated with a growing community of home cooks and wellness-minded individuals. Building on her experience as a CPA and her firsthand knowledge of running a successful blog, Ansley founded Peach Perfect Financials—a boutique accounting firm dedicated to empowering creative entrepreneurs. Specializing in bloggers and content creators, her firm offers tailored financial services, including bookkeeping, tax planning, and retirement strategies. With a unique blend of professional expertise and industry insight, Ansley helps entrepreneurs navigate the financial challenges of self-employment, enabling them to focus on what they love: growing their business. In this episode, you'll learn the importance of accurate bookkeeping and clear documentation, how to deal with the audit process itself, and strategies for effectively managing the emotional and logistical challenges that can arise. Key points discussed include: - Understand your NAICS code: The NAICS code is crucial in determining industry-specific expense and profit margin expectations from the IRS. Make sure you have the right code (711510 for bloggers/influencers) to avoid red flags. - Maintain a reasonable profit margin: The IRS looks for profit margins that are in line with industry standards. Consistently low or negative profit margins can raise questions. - Pay yourself a reasonable salary: If you have an S-corp, be sure to pay yourself a salary that is proportionate to your business's profitability to avoid potential issues. - Keep detailed bookkeeping records: Organized and well-documented financial records can make the audit process much smoother and demonstrate your commitment to compliance. - Cooperate and communicate proactively: If audited, be responsive to the IRS's requests and communicate openly about your business practices. This can go a long way in resolving any concerns. - Understand the emotional impact: Audits can be stressful and emotionally draining, so be prepared to manage your emotions and seek support if needed. Avoid lumping expenses into broad categories: Provide clear breakdowns and explanations for specific expense categories, as the IRS may scrutinize these closely. - Leverage your CPA's industry knowledge: Having a CPA who understands your business model and industry can help ensure proper expense reporting and minimize audit risks. - Focus on your "why": During challenging times, such as an audit, remember the reasons why you started your business and let that drive you forward. Connect with Ansley Beutler Website | Instagram

Gerald Griffith, Partner, Jones Day, and Stephanie N. Switzer, Senior Counsel, Cleveland Clinic, discuss, in top ten style, common audit risks for nonprofit health care organizations and strategies for minimizing potential tax exposure. Gerald and Stephanie spoke about this topic at the 2024 Annual Meeting in Washington, DC.Learn more about the 2025 Annual Meeting in San Diego, CA here.New Health Law Daily Podcast Coming in January 2025 Coming in January 2025, AHLA's popular Health Law Daily email newsletter will also be available as a daily podcast, exclusively for AHLA Premium members. Listen to all the current health law news from the major media outlets on this new podcast! Subscribe Now

Join my Facebook group, Tax Strategies for Real Estate Investors, and become part of a community with 11,500+ high-level real estate investors ► Join here: ⁠https://www.facebook.com/groups/taxstrategyforinvestors⁠ In this episode, I join my friend Avery Carl on The Short Term Show to discuss what it takes to successfully defend an audit on the short-term rental tax loophole. We dive deep into the importance of proper documentation, setting up material participation logs, and understanding how to track and defend expenses. I also share my personal experience of winning an IRS audit with zero changes. Timestamps: 00:00:00 Intro 00:01:02 What Triggers Audits for Short-Term Rental Investors 00:03:45 Setting Up and Maintaining Material Participation Logs 00:06:20 Tracking Expenses and Financial Statements 00:08:54 Winning an IRS Audit with Zero Changes 00:11:32 Navigating the Audit Process 00:14:05 The Role of CPAs Who Understand Real Estate 00:16:40 Strategies to Minimize Audit Risk 00:18:50 Leveraging the Short-Term Rental Loophole Effectively Interested in working with me? Apply here: ► ⁠https://taxstrategy365.com/apply?el=podcast Let's connect! ► Instagram: ⁠https://www.instagram.com/learnlikeacpa/⁠ ► LinkedIn: ⁠https://www.linkedin.com/in/learnlikeacpa/⁠ ► Twitter: ⁠https://x.com/LearnLikeaCPA⁠ ► Facebook: ⁠https://www.facebook.com/learnlikeacpa⁠ ► Tiktok: ⁠https://www.tiktok.com/@learnlikeacpa⁠ *None of this is meant to be specific investment advice, it's for entertainment purposes only.

As an entrepreneur, you work hard to generate revenue. Many businesses focus on sales to drive that revenue. But, what are you doing to keep more of that money? THE BOOK ON SELLING I love learning the nuances of selling. In fact, I just finished another book on it. We talk a lot about connecting with other experts and the power those connections hold for your growth. This book came to me from connections. One of my former coaches introduced me to her daughter as a joint venture partners. Her daughter introduced me to the leader of her mastermind. The leader of the mastermind connected me to a sales expert who was another member of the mastermind. That expert is Joe Pallo. He wrote a great book on selling called "How To Sell Nothing – The Logical Way To Make The Emotional Sale". In the book, Joe talks about learning about the prospect before the sales conversation. It's a lot about relationships and very similar to what we discuss here. WHERE DOES THE MONEY GO? As we generate revenue from our sales, we tend to allocate that revenue to a variety of expenses. But, do you know where your money is going? Why is it that people making $40k a year live paycheck-to-paycheck and people making $120k a year also live paycheck-to-paycheck? It's because our expenses creep up as our income increases. We think we could never live without something that we never dreamed of having when we were making half or a third of what we are making now. Unless you deliberately tell the money where to go, it will all disappear. Many entrepreneurs start their company on a shoestring budget. I started this company on $500 for a website, some podcasting tools, and a couple other things. As entrepreneurs make more money, they begin spending on things like marketing, virtual assistants, and memberships. How many memberships do you have? Which ones are you really using on a regular basis and getting benefit from? Back when you were making no money, you hustled and spent time instead of money. You made it work, because you didn't have the money to spend on marketing. Now, I'm not saying don't invest in marketing or powerful tools to help you grow your business even faster. I'm simply suggesting you invest that money with a purpose. Do you really need a second mastermind or third AI tool? KEEP MORE OF YOUR MONEY When it comes to spending money, I'm a big proponent of investing money where it can help you grow bigger and faster with focus. One of those ways is finding an expert who knows the space much better than you and can help you shorten the timeframe to reach success. Experts can typically show you what you don't know and help you discover solutions faster. I use coaches and experts for very specific purposes. I don't have a business coach. That is too broad. At this point, I have a sales coach and a marketing coach. They help me in very specific ways. Another expert I use is my accountant. I don't do my taxes, because I have no interest in learning all of the tax code, I don't know what I can write off properly, and I don't want to spend the time trying to figure it out. A good accountant can help you keep more of your money by finding the leaks in your bucket. You work hard to generate the revenue. It's time you start working a little harder to keep it. YOUR MONEY EXPERT Today, I want to help you get started. I want to bring you a conversation I had with Ralph Estep Jr. He is the host of the Ask Ralph Podcast where he shares insights on finance, taxation, and entrepreneurship and helps entrepreneurs manage money God's way. He has some incredible tips for you to help you keep more of your money. Ralph V. Estep, Jr. is a multifaceted professional whose career spans accounting, entrepreneurship, farming, and media. With a background in finance and technology, he founded Saggio Management Group and has held leadership positions in various organizations. This interview was part of my Podcast Profits Summit. Grab something to take notes with and get ready to keep more of your money. Enjoy my conversation with Ralph Estep. Jr. Be sure to grab Ralph's gift. It is "Keep more of your money with 5 accounting tips most entrepreneurs miss". You can download it at https://www.askralphpodcast.com/5tips.   If you don't have a mentor who can take your hand and walk you every step of the way, go to www.PodcastTalentCoach.com/apply, click the button and apply to have a chat with me. We will develop your plan and see how I can help and support you to achieve your podcast goals.

In this episode of "Right About Now," host Ryan Alford sits down with Ryan Moriarty, president of Done For You Tax, to explore essential tax strategies for small businesses. Moriarty reflects on his journey from computer science to accounting, sharing how his technical background shapes his approach to tax management. He dives into the importance of accurate bookkeeping and addresses common fears surrounding taxes. Throughout the conversation, Moriarty highlights how advancements in technology and AI have revolutionized accounting, making it more accessible and cost-effective for small business owners. He also offers practical tax advice, including tips on home office deductions, vehicle expenses, and the importance of meticulous documentation to prevent audit risks. This episode is packed with valuable insights aimed at empowering small business owners with the tools and knowledge they need for smarter financial management.TAKEAWAYSImportance of tax management for small businessesRole of bookkeeping in successful tax filingCommon fears and misconceptions about taxesTarget audience for affordable accounting servicesImpact of technology on accounting efficiencyIntegration of artificial intelligence in bookkeepingClient involvement in the accounting processUnderstanding tax audits and preparationPractical tax tips for small business ownersOverlooked deductions and common pitfalls in tax filingTIMESTAMPSIntroduction to Taxes (00:00:00)Discussion on the importance of understanding taxes and maximizing savings within legal boundaries.Podcast Introduction (00:00:09)Ryan Alford introduces the podcast, highlighting its popularity and engaging tone.Welcome to the Episode (00:00:32)Ryan Alford sets the stage for the episode's focus on taxes, emphasizing its relevance.Guest Introduction (00:00:56)Ryan Alford introduces Ryan Moriarty, president of Done For You Taxcom.Personal Life Update (00:01:54)Ryan Moriarty shares his personal happiness living in Puerto Rico with family.Moriarty's Background (00:02:25)Ryan Moriarty discusses his journey from computer science to founding an accounting firm.The Nature of Taxes (00:03:27)Ryan Alford and Moriarty explore the complexities and societal implications of taxes.Maximizing Tax Savings (00:04:13)Moriarty emphasizes the importance of following tax laws to maximize savings.Fear and Trepidation Around Taxes (00:04:42)Discussion on the common fears and lack of knowledge people have regarding taxes.Target Audience for Services (00:05:20)Moriarty identifies small business owners as the primary audience for his services.Bookkeeping Advice (00:06:53)Moriarty advises new business owners to prioritize bookkeeping to simplify tax filing.Challenges of Bookkeeping (00:07:58)Ryan Alford shares insights on the difficulties of maintaining proper bookkeeping.Importance of Bookkeeping (00:08:35)Moriarty stresses that proper bookkeeping is essential for tax compliance.Technological Advancements in Accounting (00:09:13)Moriarty discusses how technology has improved efficiency in accounting practices.Role of AI in Bookkeeping (00:10:57)Moriarty explains how AI assists in bookkeeping, reducing manual labor.Business Owner Involvement (00:12:17)Moriarty clarifies the level of involvement required from business owners in bookkeeping.Tax Preparation Process (00:13:15)Moriarty outlines the steps involved in preparing taxes for clients.Client Expectations from Tax Services (00:14:13)Discussion on what small business owners seek in tax services: speed and accuracy.Audit Concerns (00:15:00)Moriarty addresses client fears regarding audits and how his service can help.Audit Likelihood (00:16:06)Moriarty shares statistics on audit chances for small businesses.Importance of Accurate Record-Keeping (00:16:58)Moriarty emphasizes the need for accurate bookkeeping to support tax filings during audits.Ongoing Client Guidance (00:18:00)Moriarty explains the continuous support provided to clients to avoid audits.Understanding Audits (00:18:09)Discussion on desk audits, specific categories audited, and the importance of being prepared.Audit Support Services (00:19:06)Explanation of how Done For You Taxcom assists clients during audits and inquiries.Avoiding Full Audits (00:19:44)Insight on how to prevent full audits by maintaining organized records and avoiding red flags.Tax Tips for Small Businesses (00:20:04)Advice on practical tax management strategies for small business owners to stay organized.Home Office Deductions (00:20:36)Importance of having a home office and how to calculate deductions based on square footage.Vehicle Expense Deductions (00:21:22)Explanation of vehicle expense deductions, including mileage tracking versus actual expenses.Real Estate Investment Strategies (00:22:11)Tax strategies for high-income clients involving real estate and the benefits of accelerated depreciation.Misconceptions About Vehicle Deductions (00:25:22)Discussion on the pitfalls of writing off luxury vehicles and their depreciation.Debunking Tax Myths (00:26:39)Clarification on common tax myths surrounding vehicle deductions and financial planning.Maximizing Home Office Deductions (00:28:12)Encouragement to accurately calculate home office expenses and potential deductions for small businesses.Writing Off Business Meals (00:29:11)Guidance on writing off meals when there is a business purpose, even during personal dinners. If you enjoyed this episode and want to learn more, join Ryan's newsletter https://ryanalford.com/newsletter/ to get Ferrari level advice daily for FREE. Learn how to build a 7 figure business from your personal brand by signing up for a FREE introduction to personal branding https://ryanalford.com/personalbranding. Learn more by visiting our website at www.ryanisright.comSubscribe to our YouTube channel www.youtube.com/@RightAboutNowwithRyanAlford.

Send us a textCould your business deductions survive an IRS audit?In this episode, Mike Jesowshek breaks down a real-life case where a business owner lost $2 million due to an IRS audit after attempting to write off a yacht as a business expense. He explains how poor bookkeeping and a lack of proper documentation led to the disallowance of the deduction. Mike emphasizes the importance of understanding and correctly implementing tax strategies, along with maintaining detailed records to defend against audits. The episode highlights the need for business owners to carefully substantiate deductions and avoid shortcuts, even when seemingly successful entrepreneurs do so.[00:00 - 05:06] Lessons from Poor BookkeepingMike highlights a case where a business owner wrote off a $2 million yacht as a business expense.The IRS disallowed the deduction due to poor records and no evidence of business-related activities.Mike stresses the importance of having clear documentation and bookkeeping to defend business expenses in an audit.He discusses how many business owners wrongly assume that if someone else gets away with a deduction, they can too.[05:06 - 07:04] Understanding Business DeductionsBusiness deductions must be ordinary and necessary for the type of business.It is not enough to claim the deduction; proof must be provided through proper logs and receipts.Mike emphasizes the importance of correct implementation, using the home office deduction as an example.Even legitimate deductions can be disallowed if not implemented and documented properly.[10:12 - 14:52] Correct Documentation: A Defense Against AuditsHaving detailed records and logs can protect business owners if the IRS audits them.Mike shares an example of a client who successfully navigated an audit by having all documentation in place.He also touches on various tax strategies like the Augusta rule, employee entertainment, and travel deductions.Direct Quotes:"Bookkeeping is the backbone of a business. Not only does it help your business grow, but it also helps defend your business expenses in the event of an audit." - Mike Jesowshek, CPA"Just because someone down the road takes a deduction and doesn't get caught doesn't mean it's right or that you won't get caught." - Mike Jesowshek, CPA"A business deduction has to be ordinary and necessary for your type of business, and then you need the proof to back it up." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com

On today's episode of AdBits, tax attorney and IRA Financial's founder, Adam Bergman, Esq., discusses the risk of audit if you utilize the Self-Directed IRA to invest in alternative investments.

In this episode Eric chats with Tax Rep Member Jo-Ann Weiner on her trip from IRS desk auditor to Revenue Agent and Supervisor to handling all the restitution based assessments for the IRS in criminal tax matters.  They also discuss her transition from the government to private practice and her current focus on philanthropy and giving back, along with their upcoming webinar on handling an Office Audit like a pro on . Register for the program here: https://taxrepllc.com/20240918-audit/

In this episode Eric chats with Tax Rep Member Jo-Ann Weiner on her trip from IRS desk auditor to Revenue Agent and Supervisor to handling all the restitution based assessments for the IRS in criminal tax matters. They also discuss her transition from the government to private practice and her current focus on philanthropy and giving back, along with their upcoming webinar on handling an Office Audit like a pro on .

06-04-2024 Ruth King Learn more about the interview and get additional links here: https://usabusinessradio.com/how-to-increase-your-chances-of-an-irs-audit/ Subscribe to the best of our content here: https://priceofbusiness.substack.com/ Subscribe to our YouTube channel here: https://www.youtube.com/channel/UCywgbHv7dpiBG2Qswr_ceEQ

Monte Jackel of Jackel Tax Law discusses partnership taxation rules and the role they play in former President Trump's ongoing IRS audit.For more, read the  article from ProPublica and The New York Times, "IRS Audit of Trump Could Cost Former President More Than $100 Million." For more on Trump's taxes, listen to Trump's Tax Returns and the Future of Transparency. For additional coverage, read these articles in Tax Notes:Analysis: The Worthlessness Deduction for Partnership Interests: An Unguided MissileAnalysis: Assets-Over Merger Blunders on Negative AdjustmentsFollow us on Twitter:David Stewart: @TaxStewTax Notes: @TaxNotes***CreditsHost: David D. StewartExecutive Producers: Jasper B. Smith, Paige JonesShowrunner: Jordan ParrishAudio Engineers: Jordan Parrish, Peyton RhodesGuest Relations: Alexis Hart

Monday, May 13th, 2024Today, Trump could face a $100M tax bill if he loses his IRS audit fight; the DoJ is asking for 40 years in prison with a terror enhancement for the man who attacked Paul Pelosi with a hammer; Clarence Thomas has hurt fee fees and calls DC a hideous place; Georgia Republicans have ousted the guy who voted illegally nine times; the Citizens for Responsibility and Ethics in Washington want the FEC to investigate Trump settlement cover ups; WABC has canceled Rudy Giuliani's radio show cuz he can't stop lying; the House Ethics Committee is investigating Rep Ronny Jackson; the DC Circuit Court has denied Steve Bannon's contempt appeal; Matt Gaetz was denied a prison visit to Pete Navarro; Kristi Noem is running into more problems; the DOJ is stonewalling the house ethics probe into Matt Gaetz; plus Allison delivers your Good News.Promo Code:For up to 30% off all mattress orders AND two free pillows for our listeners! Go to https://www.helixsleep.com/dailybeans.Subscribe for free to MuellerSheWrote on Substackhttps://muellershewrote.substack.com Appeals court upholds Steve Bannon's conviction for contempt of Congress (NBC News)Statement of the Chairman and Ranking Member of the Committee on Ethics Regarding Representative Ronny Jackson (House Ethics)DOJ ‘Stonewalling' House Ethics Committee Probe of Matt Gaetz (Daily Beast)Georgia Republicans boot vice chairman after ruling he voted illegally (AJC)Report: Trump may face a $100 million-plus tax bill if he loses IRS audit fight over Chicago tower (AP News)FEC must investigate apparent Trump campaign cover-up of settlements (CREW)Thomas says critics are pushing ‘nastiness' and calls Washington a ‘hideous place' (AP News)French official disputes passage about Emmanuel Macron in Kristi Noem's book (NBC News) Subscribe to Lawyers, Guns, And MoneyAd-free premium feed: https://lawyersgunsandmoney.supercast.comSubscribe for free everywhere else:https://lawyersgunsandmoney.simplecast.com/episodes/1-miami-1985Check out other MSW Media podcastshttps://mswmedia.com/shows/Follow AG and Dana on Social MediaDr. Allison Gill Follow Mueller, She Wrote on Posthttps://post.news/@/MuellerSheWrote?utm_source=TwitterAG&utm_medium=creator_organic&utm_campaign=muellershewrote&utm_content=FollowMehttps://muellershewrote.substack.comhttps://twitter.com/MuellerSheWrotehttps://www.threads.net/@muellershewrotehttps://www.tiktok.com/@muellershewrotehttps://instagram.com/muellershewroteDana Goldberghttps://twitter.com/DGComedyhttps://www.instagram.com/dgcomedyhttps://www.facebook.com/dgcomedyhttps://danagoldberg.comHave some good news; a confession; or a correction?Good News & Confessions - The Daily Beanshttps://www.dailybeanspod.com/confessional/From The Good NewsQualified Medicare Beneficiary (QMB)https://www.cms.gov/medicare/medicaid-coordination/qualified-medicare-beneficiary-programPhase One Foundationhttps://www.phaseonefoundation.orgDeja Magick Hand-Crafted, Wearable Arthttps://www.facebook.com/dejamagickSAVE Plan (Student Loans)https://studentaid.gov/announcements-events/save-plan Live Show Ticket Links:https://allisongill.com (for all tickets and show dates)Sunday, June 2nd – Chicago IL – Schubas TavernFriday June 14th – Philadelphia PA – City WinerySaturday June 15th – New York NY – City WinerySunday June 16th – Boston MA – City WineryMonday June 17th Boston, MA https://tinyurl.com/Beans-Bos2Wednesday July 10th – Portland OR – Polaris Hall(with Dana!)Thursday July 11th – Seattle WA – The Triple Door(with Dana!)Thursday July 25th Milwaukee, WI https://tinyurl.com/Beans-MKESunday July 28th Nashville, TN - with Phil Williams https://tinyurl.com/Beans-TennWednesday July 31st St. Louis, MO https://tinyurl.com/Beans-STLFriday August 16th Washington, DC - with Andy McCabe, Pete Strzok, Glenn Kirschner https://tinyurl.com/Beans-in-DCSaturday August 24 San Francisco, CA https://tinyurl.com/Beans-SF Listener Survey:http://survey.podtrac.com/start-survey.aspx?pubid=BffJOlI7qQcF&ver=shortFollow the Podcast on Apple:The Daily Beans on Apple PodcastsWant to support the show and get it ad-free and early?Supercasthttps://dailybeans.supercast.com/OrPatreon https://patreon.com/thedailybeansOr subscribe on Apple Podcasts with our affiliate linkThe Daily Beans on Apple Podcasts

Stephen G. Rosen, a tax and accounting expert, will resolve all your IRS problems - call (561) 609-2388 now to speak with the tax resolution expert. Learn more at https://www.stephenrosencpa.com/ Stephen G. Rosen CPA City: Boca Raton Address: 7100 West Camino Real #Suite 205 Website: https://www.stephenrosencpa.com/

ABC News Correspondent Jim Ryan joins Wisconsin's Midday News to explain how individuals can avoid an IRS audit as today is the deadline to file tax returns.

Dr. Cozette M. White® our residential tax expert is with us again! She is an acclaimed 9x bestselling author, nationally recognized tax and accounting strategist, speaker and real estate investor.  Best known for helping entrepreneurs and individuals make wealth a priority by creating tangible results that make a meaningful difference in their life's.  Dr. White is a resident Money Matters Tax Expert for FOX Television.  She's a recurring voice to millions making appearances in national media outlets, including  Ebony, Black Enterprise,  Forbes, Upscale, The Huffington Post, and countless newspapers across the nation. Dr. White was awarded the Lifetime Achievement Award by President Barack Obama and she is the California Ambassador for ABTP! She is here to help us manage and/or hopefully avoid being audited by the IRS.  Let's Go! Keep hanging with us - we got you, as we continue to tackle courageous conversations and dynamic dialogue. Thank you all and don't forget to check us out wherever you get your podcast fix!  Follow us @TruthandCoffeetime  and @DiverseLuv on your social media platforms.  Subscribe, Review, Like, Share & Comment - engage with us!  Keep hanging with us - we got you! #taxexpert #drcozettemwhite #irsaudit #taxtips #inspect #taxseason #entrepreneur #financialmatters #financialliteracy Thank you for listening! Show your support and Treat the Truth & Coffee Time Hosts to a cup of coffee In the meantime, check out a few of our resources and mentions below:Connect with Dr. Cozette M. White Website: myfinancialhome.com Social Media: @cozettemwhite Purchase Dr. White's books  on Amazon HERE Purchase the “Giving Yourself Grace Daily” Ebook HERE Podcast Hosts - Brian & Denise of DiverseLuv - Instagram: @DiverseLuv Linktree:  DiverseLuv Subscribe to our Newsletter Sign up here! Check out our latest blogs Sharing our thoughts Be the first to grab some new merch from our platform Shop at our SHOP We would love to hear from you!Emails: truthandcoffeetime@gmail.com hello@diverseluv.com Websites: www.DiverseLuv.com www.TruthandCoffeeTime.com Advertising inquiries: Email us truthandcoffeetime@gmail.comNOTE: I am a Brand Ambassador and affiliate for certain businesses, products and services that I believe in. I may have referenced these and included links in this video, audio, description or someplace else on this site or within these show notes. Keep hanging with us - we got you! Copyright, Liability Waiver and Disclaimers. All rights reserved. ___________ Podcast Credits Engineering & Editing by Brigz Crawford | Instagram:@brigzcrawford Truth & Coffee Time Theme Song by Brigz Crawford |  Spotify:  Brigz Crawford Truth & Coffee Time Tag - Mink Productions Podcast Contributors: ORG5 --- Send in a voice message: https://podcasters.spotify.com/pod/show/truthandcoffeetime/message Support this podcast: https://podcasters.spotify.com/pod/show/truthandcoffeetime/support

Who Does the IRS Audit? www.watchdogonwallstreet.com

Your 60-second money minute. Today's topic: Avoid These IRS Audit Triggers

There have been reports that the IRS has strengthened its enforcement efforts. With this year's tax filing deadline quickly approaching, John Walker, Regional Vice President, Mercer Advisors, is joined by Mercer Advisors' Tim Joseph CERTIFIED FINANCIAL PLANNER ™  professional and CPA. They address several frequently asked questions about IRS audits. Plus, Tim shares a few tax filing tips to keep in mind. Listening Time: 21 minutes Mercer-Cordasco Disclosure Information Visit Our Website Join Our Email List Additional Mercer Advisors Disclosure Cordasco Financial Network is a tradename. All services provided by Cordasco Financial Network investment professionals are provided in their individual capacities as investment adviser representatives of Mercer Global Advisors Inc. (“Mercer Advisors”), an SEC-registered investment adviser principally located in Denver, Colorado, with various branch offices throughout the United States doing business under different tradenames, including Cordasco Financial Network. Mercer Advisors is not a law firm and does not provide legal advice to clients. All estate planning document preparation and other legal advice are provided through Advanced Services Law Group, Inc.

Looking for help with your upcoming tax audit? Ben Neff at Tabletop Taxes (828-552-4668) provides virtual and in-person appointments with expert professional representation and customized advice regarding an IRS tax audit. Visit https://tabletoptaxes.com TableTop Taxes City: Ravensdale Address: 31711 SE 268th ST Website: https://tabletoptaxes.com Email: bneff@tabletoptaxes.com

Ever wonder why some tax returns get the dreaded IRS audit while others glide by? Join us as we share the red flags that you do NOT want to file on your tax return! We've seen several audits happen because of these things and we want to share them with you. We explain the chances of your tax return getting audited and what happens if you DO get audited. If you have a business on your tax return, we share many things we've seen lead to an audit!  Make sure to check out this very crucial episode!Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!Our CPA firm website!Purchase our new business guide!Our Instagram PageOur family page

Nobody wants an IRS Tax Audit. Check out this video as Mike provides some Red Flags that could lead to an audit.Chapters:00:00 Introduction00:41 Contact Us00:56 In this episode01:19 The Tax at Hand03:12 Changes for Tax Year 202319:47 Avoiding an IRS Audit35:40 ClosingMX3 Podcast on Youtubewww.youtube.com/@mx3podcastContact MX3 Podcast Tweet us: @mx3podcast Email us: info@mx3.vip LinkedIn: https://www.linkedin.com/in/michael-w-wright-9397b23a/ Thanks for listening & keep on living your life the Wright way!

If you're seeking a tax advisor, Tabletop Taxes (530-574-3532) provides preparation services across King County, including IRS audit representation and electronic filing for federal and state returns. Visit https://tabletoptaxes.com for more details. TableTop Taxes City: Ravensdale Address: 31711 SE 268th ST Website https://tabletoptaxes.com Phone +1 530 574 3532 Email bneff@tabletoptaxes.com

Episode 44:  In this episode, Timalyn discusses issues related to tax audits.  The fear people have about being audited is often paralyzing.  It's a serious issue and you need to be prepared to both avoid it and to know what you need to do if it happens.  There are steps you can take to ensure your business is audit-ready. There's No Such Thing as an Audit-Proof Return Regardless of what some tax professionals might claim, there's no way to guarantee you won't be audited.  There are different types of audits and the selection “triggers” vary.  The IRS has the Discrimination Function System that produces a DIF score.  This system rates the potential for change based on past IRS' experiences with similar returns. The IRS can track returns for similar businesses, using categories such as NAICS codes.  This code describes your type of industry.  When they look at a collection of similar returns from the same industry, they can determine averages for specific data points, such as expenses, credits, etc. for your reported income level.  If your DIF score is out of that range, it could trigger an audit.  Irregularities can also raise flags.  For instance, if all of your figures on your tax return are round numbers, that would seem odd and could result in an audit.  The IRS has a whistleblower program.  They pay snitches who were correct about something they alerted the IRS to regarding someone else's tax filings.  It Doesn't Mean You Did Anything Wrong Timalyn emphasizes that just because you're being audited, it doesn't mean you did anything wrong.  She explains that for 2023, there was a 0.4% chance that taxpayers would face an audit.  Lower income individuals actually had a slightly higher chance.  Don't Fear the Boogey Man An audit isn't as scary as it sounds.  It's a review or exam of your tax account and your financial information to ensure proper reporting.  If you keep good records and don't inflate/deflate your income or expenses, is there really anything to fear?  You have the information and it's accurate.  As long as you can prove that information was reported correctly to the IRS, you should be fine.  If your records are extremely unorganized, you had to guess at certain dollar amounts or someone else guessed for you, the audit may become a problem for you.  Correspondence Audits This is where the IRS will contact a taxpayer to request specific information.  If you've received an audit notice, or a field audit where the IRS agent comes to you, Timalyn recommends you don't handle this on your own.  It doesn't matter how good your records are.  Yes, you may be able figure out how to handle the process, but you're going to be at a disadvantage and the opportunity to make a mistake is significant.  This is not something you should simply search for on YouTube.  You need an experienced tax professional who knows how to deal with the IRS and the rights you have, during the audit process.  If you've received an audit notice, you can book a tax relief consultation with Timalyn.  She also has an episode on what you need to look for when hiring a tax professional.  Episode 23 is titled, “Which Type of Tax Professional Do I Need?”  In the show notes for that episode, there's a link to Episode 16, “How to Choose a Tax Professional.”  Both are full of valuable information for your consideration.  When you receive a Correspondence Audit, the IRS may not explain specifically why they are requesting the information.  It can be a significant source of anxiety.  Make sure you respond to the IRS in a timely manner.  Timalyn suggests responding before the deadline, in case something else needs to be addressed.  If you have good records, this will be much easier. Do You Already Have a Tax Power of Attorney? If you already have a tax power of attorney, you've already authorized this person to speak to the IRS on your behalf.  They've filed submitted IRS Form 2848, so they will also receive the correspondence from the IRS.  Don't assume the person who prepared your tax return is receiving the same correspondence you have received from the IRS.  Unless they've submitted Form 2848, the IRS does not have the authorization to speak with that tax preparer and vice versa. Prepare Your Business for an Audit This is the best thing you can do, especially because of the random nature of IRS audits.  Timalyn re-emphasizes the importance of good record keeping.  You have to be able to substantiate everything you entered on your tax return.  This applies to both income, expenses and credits.  There are many ways people have committed fraud by overstating their income when applying for the PPP loans, SBA loans, or a mortgage.  These are reasons the IRS may require you to substantiate your income.  Good financial statements, based on accurate bookkeeping can help you to prove you received the income you claim, even if you don't have a 1099 to back it up.  Your bookkeeper or accountant will reconcile your bank account.  The financial reports should reflect your income.  Make sure the person who prepares your financial statements has access to your bank statements.  If they are doing it without access, you may be setting yourself up for a significant issue or issues. The same record keeping applies for your expenses.  It's why business owners should not co-mingle their business and personal funds.  During an audit, explaining the different purchases will be more complicated if you can't determine whether they were for business or personal reasons.   You Need a Bookkeeper This person is a valuable resource.  It's something Timalyn often recommends you outsource.  A business owner can waste a lot of time trying to do their own bookkeeping.  You should definitely understand your financial records, but the time spent doing all of the record keeping and reporting could be better spent generating more revenue. The 3-H's of Record Keeping Timalyn suggests there are questions to consider related to record keeping.  ●      How long should you keep your records?  ●      How should your store your records? ●      How do you deliver your records? Episode 20 specifically deals with how long you need to retain your tax records.  Don't Create More Problems for Yourself If you're being audited, remember to only provide the IRS what they are asking for.  Make sure the support for those records is readily available.  Timalyn uses the example of someone who was asked to show income for a number of years.  However, because they didn't have good records, they instead decided to turn over all bank statements to the auditor.  This resulted in the auditor finding even more questionable transactions that were flagged.  If you're going through an audit, you typically wouldn't know how to handle the IRS.  Even good intentions can lead to many more problems.  That's why you should work with a tax representation professional who is familiar with the process and can best represent you.  Check out Episode 33, “What Is Tax Representation?”  Just because someone prepared your taxes doesn't mean they're equipped to represent you. As 2023 comes to a close and tax season looms, you need to ask yourself if your business is audit-ready?  Do you have good financial records?  How are we handling the 3-H's of record keeping?  Is our tax preparation professional asking questions about our records?  It's time to get ready. One step you can take is to book a tax relief consultation with Timalyn. If you are a tax professional who would like to help taxpayers with their audits, Timalyn strongly suggests joining her Tax Pro Representation Journey community.    Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either.  As we conclude Episode 44, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.   Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode. For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback, or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact.    Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

Tax expert Ed Slott explains why following some tax advice on TikTok could lead to an IRS audit. Jack Shannon, Morningstar Research Services' senior manager research analyst, pits the valuation of privately held ByteDance against publicly traded rivals Meta and Snap.How are Companies like ByteDance Valued?Why Valuations MatterByteDance and Tech's 2023 RallyTikTok, Meta, and Snap  TikTok's Business RisksThe “Unicorn of all Unicorns”IRS Releases Memo About TikTok TrendAudit Warning What the TikTok Trust Promoters Are Getting WrongHow to Protect Yourself Read about topics from this episode.  How Mutual Funds Are Valuing TikTok, Twitter, and Other Private Companies https://www.morningstar.com/funds/how-mutual-funds-are-valuing-tiktok-twitter-other-private-companiesThe Best and Worst Mutual Fund Bets of the Past 25 Years https://www.morningstar.com/funds/best-worst-mutual-fund-bets-past-25-yearsIRS Chief Council Memo https://www.irs.gov/pub/lanoa/am-2023-006-508v.pdf  What to watch from Morningstar.Payment Pause Ends: Student Loan Expert Shares Repayment Tipshttps://youtu.be/wVr-_KOM3Qw?si=GtSJQNVoPsbXDHiaUAW Strike Raises Investor Risks https://youtu.be/D-fkLxPeVVI?si=HxF5jUQPju2AJmDt3 of the Best Robo-Advisors, and One of the Worst https://youtu.be/BSoSdJdUFKU?si=4K7BciRIHIq7Run9Stocks to Consider as the U.S. Pushes to Reclassify Cannabis https://youtu.be/fME1Oyit2CY?si=XbvRY1fz-etDjn4o Read what our team is writing:Ivanna Hampton https://www.morningstar.com/authors/2399/ivanna-hamptonJack Shannon https://www.morningstar.com/authors/2372/jack-shannon Follow us on social media.Facebook: https://www.facebook.com/MorningstarInc/Twitter: https://twitter.com/MorningstarIncInstagram: https://www.instagram.com/morningstar... LinkedIn: https://www.linkedin.com/company/5161/

Trump trials begin, Alarm-gate puts dem in trouble, Mike Lindell gets IRS audit, Marjorie Taylor Greene's boyfriend says democrats are ugly, PLUS 50 other topics! If you enjoy my work, please consider supporting it by becoming a Patreon! Every little bit really helps. http://www.patreon.com/codcast We now have a P.O. Box so you can send us anything you want and we will unbox it live on the show. Send whatever you want to see me unbox to: Dusty Smith 1231 SUNSET DR STE 302 GRENADA, MS 38901-4025 https://www.amazon.com/hz/wishlist/ls/2RZVIUQ36Y1BD/ref=nav_wishlist_lists_1 Personal Amazon Wishlist in the unlikely case someone wants to send me something personally. All gifts unboxed during the show! https://www.amazon.com/hz/wishlist/ls/W3KCEZIXWNE6/ref=nav_wishlist_lists_3 CODcast Discord server! https://t.co/SG3cuZ77Fi Direct tips: http://www.streamlabs.com/dustysmith or directly via paypal @ cultofdusty2@gmail.com Follow me for exclusive content on Twitch! http://www.twitch.tv/dustysmith Join this channel to get access to perks: https://www.youtube.com/channel/UCtlfyd1Xs9CtxfBNP9_IgAw/join Join this channel to get access to perks: https://www.youtube.com/channel/UCtlfyd1Xs9CtxfBNP9_IgAw/join

In this episode Ben and Steven compare their approaches to the speed limit (they recently took a road trip with their families) and how that is different from how they look at filing their taxes. They are serious when they say "pay every dollar you owe", tax planning is not trying to see what you can get away with. Our hosts go through an entire list of potential ways to increase your risk of audit and share similar wisdom for most of these areas: do the right thing and keep great records. https://bit.ly/452LfB0

Attorney Ali Oromchian joins to discuss the 21 Red Flags that can increase your chance for an IRS Audit. As business owners compliance is very important, and that includes an awareness of tax code. Ali Oromchian JD, LL.M., is a world renowned employment attorney and one of the nation's leading legal authorities on medical, optometric and dental practice law. Owner of the Medical Counsel PC Law Firm and HR for Health, Ali's devotion to compliance and health care is one of a kind. To connect wtih Ali email him: ao@dmcounsel.com 

*ALL TOPICS DISCUSSED ARE FOR INFORMATIONAL AND EDUCATIONAL PURPOSES ONLY AND NOT TO BE CONSIDERED OR CONSTRUED AS LEGAL ADVICE*   Welcome to the FOUNDATION!   [The] Foundation - 4 Ways to Avoid and IRS Audit This May Be A Very Controversial Show...   "Sot, what happened to the show from last week?l" We Are Living In Crazy Times, May Be Best To Listen Live...       Some Ideas are based in 'reality". Most Ideas are Simply Dynamite With Very Short Fuses. Most Do Not Understand That It Takes Specific knowledge In Order To Do Everything And Anything. ...   Once You Have "Gone Private" It Is All About What You KNOW. Think About That For A Minute.   The System Is Set Up To Allow Us To BARELY Get By? Let's Talk About Banks, Trust, The Monetary System and What YOU Can Do About It!   As Always, Make Sure To Call In With Any Questions!   Join Host Sot El as we Discuss this and other Topics.   As We Lay the FOUNDATION...

What is your biggest fear? Heights? Bugs? Public Speaking? IRS Audit? How (or what) is the biggest and baddest collection agency in the country (at least by perception)? What if you owe money to the that collection agency (i.e. the IRS)? On this week's episode, Shawn & George talk to Claudia Moncarz, owner of Moncarz Law, helping people to negotiate and settle debts with the IRS and avoid or resolve audit issues. George, Shawn & Claudia talk about How to avoid being audited by the IRS What to do if you owe the IRS money How to keep track of your IRS Account and the IRS's next move How the IRS views and treats cryptocurrency Claudia also created My Tax Alarm (www.mytaxalarm) which is a similar service to a credit reporting service, but monitors your IRS Account! You can contact Claudia at: www.moncarzlaw.com  https://www.linkedIn.com/in/claudiamoncarz/ Youtube: https://www.youtube.com/askthetaxattorney  Let us know if you enjoy this episode and, if so, please share it with your friends! Or, you can support the show by visiting our Patreon page: https://www.patreon.com/crushingDebt  To contact George Curbelo, you can email him at GCFinancialCoach21@gmail.com or follow his Tiktok channel - https://www.tiktok.com/@curbelofinancialcoach  To contact Shawn Yesner, you can email him at Shawn@Yesnerlaw.com or visit www.YesnerLaw.com. 

In this episode: Inherited IRAs - Different rules on distribution requirements. New IRS targets for LLCs and LLPs.  Mortgage interest limitations on personal residence and secondary homes. New IRS scam arriving in the mail.  IRS says they will no longer be conducting surprise on-site visits.  We are also joined in the studio by Keith Adams, owner and operator of Vivids Video Productions in Seaford, DE. He talks to us about following your passions, the importance of overcoming things that cause discomfort in order to enhance your business, and how video can be used to impact a business's bottom line.  

Ashish from investorfriendlycpa.com talks about a simple strategy to avoid getting audited.We also talk about a strategy to legally pay no taxes on rental income, and how a little planning can save you thousands of dollars in taxes.

Black Mississippians are one of the most likely groups to be audited in the nation.Then, a recent poll finds 80 percent of Mississippi residents want legislation that could reduce costs of prescriptions.Plus, emergency responders from across Mississippi are coordinating plans for future disasters. Hosted on Acast. See acast.com/privacy for more information.

How do you avoid an IRS audit? In this episode of the Small Business Tax Savings Podcast, Mike discusses how to prevent an IRS audit, from co-mingling personal and business expenses to having separate bank accounts and credit banks, ditching cash payments, and taking bookkeeping seriously.Mike provides tips on what's needed for business purposes and how to prove payment. He explains the details behind documenting automobile expenses like mileage logs and receipts to support the business purpose.Tune in now as Mike shares his advice on being aggressive in taking advantage of laws that are advantageous to you, so you can ensure you have all the documentation you need for your expenses in case of an audit![00:25] The Best Practices To Avoid An IRS AuditToday's episode is all about avoiding an IRS auditWhat are the best ways to avoid an IRS audit?[05:00] How To Avoid An IRS Audit As A Small Business OwnerThe documentation needed for business expenses:Receipt/invoice with a dollar amountProof of paymentItemized receipts are recommended to have as much detail as possibleWho, what, where, when, and why should be written directly on the receipt for any business expense?[07:16] Understanding What Documentation Is Needed For Business Expenses And Automobile ExpensesProof of payment is required to ensure that a payment was made for the itemDocumentation should be kept in a digital fileA mileage log is required for automobile expensesDocumentation should include details of the business purpose of the trip  [15: 55] Closing SegmentMike shares his advice on being aggressive in taking advantage of laws that are advantageous to you!Final WordsKey Quotes“As a business owner, you have a huge advantage… You have nothing to worry about because you have all the documentation to back it up. Be aggressive. We always say be aggressive, but don't get greedy.” – Mike Jesowshek--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

This episode is jam-packed with topics surrounding IRS AI bots, whether cash investments in a recession are an avenue for you, and those looming repayments on student loans. But first, did you know that $600 billion in taxes will go uncollected each year because the IRS needs more people and technology? The guys give their take on all of this and conduct a 5-month practice checklist to analyze your business financials and identify room for improvement. LINKS: Orthodontic Comparison Report Pediatric Comparison Report cainwatters.com Submit a Question Facebook | YouTube

My guest says that solving IRS problems has been his life's work. And, after decades and thousands of successful tax cases he can safely say, “I know the IRS Business like the back of my hand.” How would you like to never worry about the IRS again? My guest's past knowledge and experience will work for you.He is a Houston IRS Tax Professional, a CERTIFIED PUBLIC ACCOUNTANT, TAX RESOLUTION PROFESSIONAL, protecting Businesses and Individuals for over 40 Years. You can receive Joe's 4-part tax return audit proofing checklist by clicking the following link. https://www.taxproblem.org/http://www.yourlotandparcel.org

In the latest episode of Hancock Talks, Todd Steinberg, partner at Loeb & Loeb, joins Carly Brooks, Head of Advanced Markets at John Hancock, to share his deep expertise in the areas of fiduciary litigation and high-net-worth estate- and income-tax planning. Todd walks us through the typical IRS examination process and highlights some of the most common triggers for an estate-tax audit. This episode also covers:How to help your clients avoid an estate-tax auditWhether the Inflation Reduction Act could impact estate and gift auditsTips for financial professionals to use when discussing intergenerational planning with high-net-worth clientsWays to help clients feel comfortable with flexible planningFor financial professional use only. Not intended for use with the general public.Insurance products are issued by: John Hancock Life Insurance Company (U.S.A.), Boston, MA 02116 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595. MLINY041123381-2

In today's episode of Adam Talks, Adam Bergman, Esq. discusses the newly released IRS audit data regarding retirement plans.

As an S-Corp owner, determining a reasonable salary is crucial to avoiding IRS audit risk. Learn how to determine a reasonable salary as an owner in your S-Corp.

*ALL TOPICS DISCUSSED ARE FOR INFORMATIONAL AND EDUCATIONAL PURPOSES ONLY AND NOT TO BE CONSIDERED OR CONSTRUED AS LEGAL ADVICE*   Welcome to the FOUNDATION!   [The] FOUNDATION - Surviving an IRS Audit... This May Be A Very Controversial Show...   "Sot, what happened to the show from last week?l" We Are Living In Crazy Times, May Be Best To Listen Live...       Some Ideas are based in 'reality". Most Ideas are Simply Dynamite With Very Short Fuses. Most Do Not Understand That It Takes Specific knowledge In Order To Do Everything And Anything. ...   Once You Have "Gone Private" It Is All About What You KNOW. Think About That For A Minute.   The System Is Set Up To Allow Us To BARELY Get By? Let's Talk About Banks, Trust, The Monetary System and What YOU Can Do About It!   As Always, Make Sure To Call In With Any Questions!   Join Host Sot El as we Discuss this and other Topics.   As We Lay the FOUNDATION...

*Sigh*   Really, that's the only way I know to start this episode. Many of you know I've been under audit for 2 ½ years and it was a very eye opening experience.   I also learned a lot of things … some confirmation that what I am doing is right (you need a system!) and others that I needed to do differently.   I'm breaking all of that down for you today on Empowering Women in Real Estate® - The Podcast. Listen in on your favorite podcast app, or by clicking the link below.   Have you ever been audited?   Click subscribe to be notified every Wednesday when our latest episode is released, and be sure to check out our group on Facebook. https://www.facebook.com/groups/empoweringwomeninrealestate We are 31,000 members strong and we want you to join us!

Tax season is upon us! One of the biggest worries we often hear from our clients is that they may be audited, and while that is unlikely to happen if you properly file your taxes, it's important to have some information to feel prepared. Today, Julie is joined by Ben Golden of IRS Trouble Solvers to talk about who may be audited, what to do if you are audited, and that audit's don't have to be scary!Ben learned the value of hard work on his family's farm in rural Alabama feeding and milking the cows and driving a tractor cutting hay, amongst many other duties, after school at the young and tender age of eight. These hard-earned farm family values were instilled in him very early on and have carried through with him, always.  Tax resolution is not just a profession to him.  It is, indeed, personal as he has had his own experiences dealing with the IRS fighting to right issues which arise from Identity Theft and an IRS Agent failing to follow proper protocol.  These issues brought him into repeated interactions with various IRS agents, officers, and multiple units within the IRS.   These experiences only reaffirmed what Ben already knew: Individuals and professionals untrained in tax resolution are at a tremendous disadvantage dealing with the IRS.  Having fought his own battles with the IRS, Ben's clients can count on him to fight for the best resolution possible with compassion, integrity and the utmost professionalism garnered over his career and practice.EPISODE HIGHLIGHTSWhy would someone be audited?Very simply, it could just be your turn. There isn't always a specific reason.Most of the time, you will be audited from leaving something off of your return and their taxes are underreported.Being audited doesn't always mean you're in trouble!It's very important that you respond to any IRS correspondence you receiveAlways consult with a professional, like the experts at IRS Trouble Solvers, if you're unsure how to proceedHow do you prepare for an audit?It really depends on what the IRS is asking forThey may just need you to submit a specific document, or they may require an agent to come into your office in order to look through your booksLINKS & RESOURCESGreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comwww.IRSTroubleSolvers.comContact Ben - Ben@IRSTroubleSolvers.com

The Plotaholics wind down on our month of the biggest films of 2022 with, what is probably according to the Academy, the hottest of the hot movies of the year. Everything Everywhere All At Once Evelyn Quan (played by the amazing Michelle Yeoh) is a married, middle-aged Chinese-American immigrant with a failing business, a strained relationship with her daughter Joy (Stephanie Hsu), a failing marriage with her fun-loving husband Waymond (played by the LEGENDARY Ke Huy Quan). While on their way to an IRS Audit with an "unsympathetic" agent (Jamie Lee Curtis), Evelyn is suddenly informed that she is just a small part of a multiversal war between a shadow organization and the ruthless Jobu Tupak. Listen to this episode at your own risk as there will be spoilers!Support the show

There's a lot of talk online about audit red flags and how to avoid them. I've heard every form, deduction, and strategy thrown out there as something to avoid. My best advice is to cancel out the noise and file your tax turn as accurately and honestly as possible to avoid an audit. However, there are some things that may cause the IRS to flag you for an audit. Some of these include deducting more than other people in your profession, deducting different items than others in your profession, or lumping multiple businesses that have different purposes under one tax return. Ultimately, if you have justification and documentation, you're good to go!   * Find everything you need at www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/ * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so * Related episodes: 161. Should I Wait Till I Make Money Before Starting a Business? 171. Taking Your Business from Side Hustle to Main Stream 178. How I Crank Out Content * Hire us: https://www.fitnancialsolutions.com/accounting * Find me on IG @shannonweinstein * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Are you in the early stages of business and losing money?  Are you worried that you might get audited for not showing a profit soon enough?  Did you know there is a way to fight off an IRS audit and actually WIN?  In today's episode I discuss how to prove your business is legitimate and share details of case studies where business owners went up against the IRS and came out on top!  This is a must-listen episode if you're in the early stages of business and are interested in doing things the right way! Enjoy! Tiffany   Next Steps:

#060 - On this episode, we have Tax Attorney Claudia Moncarz again on the show. She provides steps to take if we ever get audited by the IRS.  Connect with Claudia at www.moncarzlaw.com Connect with Mayra at https://DebtFreeLatina.com  Follow Mayra on Instagram at @mayra.alejandra.garcia and @debtfree.latina

#060 - On this episode, we have Tax Attorney Claudia Moncarz again on the show.  She provides steps to take if we ever get audited by the IRS.  Connect with Claudia at www.moncarzlaw.com Connect with Mayra at https://DebtFreeLatina.com  Follow Mayra on Instagram at @mayra.alejandra.garcia and @debtfree.latina

As a fitness professional, you likely have many questions about what you can do to reduce your risk of being audited by the IRS. While there is no guaranteed way to avoid an audit, there are some steps you can take to minimize your risk. Tune in to know more! Episode Highlights: Audit rates for different income levels IRS statute of limitations to audit you 5 ways to reduce audit risks Links: Map How Your Money Flows: Map My Money Save Taxes in your business: Free Consultation Follow me: https://www.instagram.com/thepatdarby Help Your Peers: FitPro Business Benchmark Study

The King calls in an audible from the Claremont Institute's Lincoln Fellowship somewhere in SoCal. Jon talks about the FBI's raid recession kinetic investigative foray into Donald Trump's home in Mar-a-Lago, the insanity of the political gamble, and the precedent for investigations into every ex-president going forward. Also, who's ready for 87,000 new IRS agents?! Subscribe to the King of Stuff... Source

The King calls in an audible from the Claremont Institute’s Lincoln Fellowship somewhere in SoCal. Jon talks about the FBI’s raid recession kinetic investigative foray into Donald Trump’s home in Mar-a-Lago, the insanity of the political gamble, and the precedent for investigations into every ex-president going forward. Also, who’s ready for 87,000 new IRS agents?! Subscribe to the King of Stuff... Source

The King calls in an audible from the Claremont Institute’s Lincoln Fellowship somewhere in SoCal. Jon talks about the FBI’s raid recession kinetic investigative foray into Donald Trump’s home in Mar-a-Lago, the insanity of the political gamble, and the precedent for investigations into every ex-president going forward. Also, who’s ready for 87,000 new IRS agents?! […]