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February 2015 Archives

What is a Revenue Ruling?

With apologies to the character Shrek from the eponymously named movie, tax law is very much like an onion. Although many would suggest that the Internal Revenue Service (IRS) is very much like an ogre, the determination of an answer to many tax questions is akin peeling back the layers of an onion.

Have you asked for an IRS audit?

No one wants to receive a notice from the Internal Revenue Service (IRS) of a tax audit. The prospect of IRS agents going over your financial records with a fine tooth-comb, looking for any discrepancy or mistake, is certainly an unpleasant prospect. And if they do find something that is incorrect, it could trigger an immediate need to pay the missing taxes and any penalties and interest that has likely accrued.

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