IRS Tax Audit
If the Internal Revenue Service suspects that your tax returns, either for personal or business tax, are not reflecting the reality of your income and expenses, it may audit your tax filings. The Internal Revenue Service's audit selection procedures and audit notification procedures require the agency to send taxpayer notification letters after they are selected for a tax audit. Contrary to popular belief, an audit is not a belief by the Internal Revenue Service that you are suspected of wrongdoing.
Public acceptance of the e-file program of the Internal Revenue Service has continued to grow. Federal law gives the Internal Revenue Service broad latitude to enforce the federal tax code. In certain limited circumstances, the Internal Revenue Code of the United States allows the Internal Revenue Service to abate or completely dismiss penalties it has assessed to both individual and. According to its website, the Internal Revenue Service requires individuals who meet certain age and income requirements to file a tax return each year.
In the United States, the Internal Revenue Code limits the period of time for which the Internal Revenue Service may take action on individual income tax returns. The Internal Revenue Service defines an audit as an examination of business or personal income tax returns to ensure accuracy. Over the years, the Internal Revenue Service has been a source of anxiety for many taxpayers facing an audit. Even though the Internal Revenue Service does not require that you maintain copies of tax records, there are a few things you should keep in mind when considering whether to shred your tax.
