Retirement expert Denise Appleby shares common pitfalls and real-life examples for IRAs, required minimum distributions, and ...

As tax season unfolds in the United States, the IRS is actively processing returns and issuing refunds. However, taxpayers ...

File photo of tax return forms underneath a calculator and next to a dollar bill. GETTY How To Avoid An Audit. Ahad Ali, CEO of Ahad&Co, gave Newsweek numerous pointers on how to avoid a dreaded ...

The BBA partnership audit rules are complex and sometimes counterintuitive. This article explains and clarifies five ...

3. Don't File a Return. The IRS is certainly going to want a word with you if you don't file a return — the bare minimum you have to do at tax season. If you owe the IRS and don't pay, you'll be ...

For instance, make sure you enter your information from your W-2 income tax form correctly so it's consistent with the income that's stated on official income tax documents like a 1099 or W-2 ...

In 2023, the IRS received just over 271.5 million tax returns and other forms. By contrast, it only audited 582,944 tax returns for an audit rate of about 0.2%.

You may picture a tax audit like a scene in the movies: IRS agents in dark suits show up at your door and sift through boxes of papers. Instead, most tax audits are much less dramatic.

The IRS didn’t respond to a request for comment on the agency’s plans for audits and how any staffing cuts could affect them.

An audit means your return was selected for closer inspection. The IRS says you may be selected randomly or by computer screening searching for returns that are against 'norms' for similar returns.

Tax-filing mistake could trigger IRS audit If something doesn’t add up or match — whether intentionally or by accident — you run the risk of getting audited, experts say.

Everyone dreads the idea of a tax audit. And luckily, almost no one gets one. Only 0.2% of taxpayers who made less than $1 million in 2021 were served an audit notice from the Internal Revenue ...