Jarrar & Associates CPA, Inc.
Jarrar CPA is the one-stop destination for all your tax, financial planning, business consultation & accounting services for both individual & businesses.
Very Important Year End Tax Planning Very Important Year End Tax Planning IR-2023-189, Oct. 16, 2023 WASHINGTON — The Internal Revenue Service today further postponed tax deadlines for most California taxpayers to Nov. 16, 2023. In t
September 15th tax deadline September 15th tax deadline We are sending this email as a reminder that September 15th is the final tax deadline to file for S corporations and partnerships. Based on our current schedule and workloa
Each year, the IRS audits over 1 million tax returns. With agency resources shrinking, the IRS is more selective when choosing which tax returns to audit. Knowing what the IRS is looking for can help you understand and reduce your audit risk. Here are five of the biggest reasons the IRS may choose to audit your return:
1. Your income is high or low. The reasoning is simple – higher earnings may lead to bigger errors and lower earnings may mean incorrect deductions. The adjusted gross income (AGI) range with the least audit risk is $25,000 to $200,000. As your income moves toward the extremes in either direction, the chance of an audit increases.
2. You fail to report all your income. The IRS Automated Underreporter Program matches W-2 and 1099 information with the information you report on your tax return. When a mismatch occurs, expect to receive an automated CP2000 notice from the IRS notifying you of the discrepancy and the additional tax amount due.
3. You own a business. Rules regarding business deductions are confusing and constantly changing. The IRS knows this. Incorrectly deducting personal expenses or having your business classified as a hobby, thereby eliminating deductions, can get you in trouble with the IRS. Cash heavy businesses are under increased scrutiny due to higher fraud rates. Solid tracking processes and good records are necessary for income and expense substantiation.
4. You make a math error. The IRS identified over 2.5 million math errors on recent tax returns. The biggest culprits were tax liability and credit calculations. Math errors can create a two-fold problem for you – additional tax owed and more scrutiny applied to other parts of your tax return.
5. You claim the earned income tax credit. According to a report by the U.S. Treasury Department, 21 to 26 percent EITC payments are paid in error. Numbers that large are sure to get the IRS’s attention. Eligibility confusion and calculation errors are mostly to blame.
While some of the risk factors are out of your control, many can be minimized. If you are chosen for an audit, don’t deal with the IRS alone – please call for help.
👉 An accurate payroll system ensures the employees receive their hard-earned money. Hire Jarrar CPA.
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🌐 Visit: https://jarrarcpa.com/
☎ Call: +1 (310) 887-1313
✉ Email: [email protected]
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9440 Santa Monica Boulevard, Suite 301
Beverly Hills, CA
90210
Opening Hours
Monday | 9am - 5pm |
Tuesday | 9am - 5pm |
Wednesday | 9am - 5pm |
Thursday | 9am - 5pm |
Friday | 9am - 5pm |
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