The IRS is set to audit many more returns in 2009 and 2010 due to abuses by taxpayers of the first time home buyer tax credit. The first-time homebuyer tax credit is a tax break of up to $8,000 for qualified home sales before December 1, 2009.
Not everyone qualifies for this credit and I’ve also blogged about common misconceptions about the first time homebuyer tax credit.  Knowing the rules and
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Auto dealers across the nation have been benefiting from the “Cash for Clunkers” stimulus program–selling more fuel efficiency cars in exchange for fuel-guzzling “clunkers.”
Not only are average consumers loving the $4,500 non-taxable cash vouchers from trading in their old cars for new ones, auto dealers can also benefit above and beyond the mere increase in sales. In order to auto dealers to save money and avoid serious
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In the current environment of increasing IRS enforcement efforts, it is unwise for taxpayers to evade taxes and think that they can get away with it.
While it may be true that a small percentage of tax evaders could enjoy a few years of “freedom” from the IRS, the ones who do get caught could be served with debilitating bank levies and heavy wage garnishments for life. (And you never know
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Tax-burdened Americans seeking professional help in solving their IRS problems have more options today than ever before. The tax debt relief industry has seen dramatic growth over the past 5 years as many companies have entered the arena to offer help to taxpayers impacted by a sharp increase in IRS tax compliance enforcement.
But lately, many of these so-called tax resolution firms have been making headlines for misleading consumers with deceptive
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Amid the slow economy and increasing federal deficit, a much needed surge in tax revenue means that a growing number of taxpayers can expect to be audited while Americans already burdened by tax debt will find it harder than ever to resolve their IRS tax problems.
In fiscal year 2007, IRS audit rates were up from the previous year for both individuals overall and higher-income taxpayers. Additionally, audits of S Corporations
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