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There are few things that strike as much fear in the heart of the U.S. taxpayer as the IRS audit. A taxpayer will want to minimize the financial impact of the audit. In addition, they want to prevent the IRS from finding new items to audit.

When an individual receives notice of an IRS audit, knowledge and planning are the first considerations. Whether the audit is for a person or business, it is important to know the basic steps of an IRS audit. Individuals and businesses should understand why they were selected for an audit. In addition to understanding the myths about IRS audits, individuals must be aware of pitfalls in the audit process. In short, for those audited by the IRS, it is essential to know what to expect.

For U.S. taxpayers faced with unpayable tax debt, an Offer in Compromise may be the best path forward.  Under the Offer in Compromise program, the IRS and taxpayer may agree to settle a tax debt for less than the full amount owed.  This allows the taxpayer to relieve their crushing debt burden, while the IRS is able to collect a portion of the amount owed.

You are probably aware that there is an option to delay filing a tax return. What you may not know, however, is that if you owe taxes and fail to file and pay on time, you will likely incur interest and be assessed penalties on that late tax payment. In fact, two penalties could apply: one for filing late and one for paying late, and interest accrues on top of these penalties.

When many people hear the term “tax shelter,” they automatically think that some type of shady dealing is afoot. But nothing could be further from the truth.