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IRS Tax Audit Help

Help with Your IRS Tax Audit. First, let’s understand the different types of audits: The IRS CP2000 letter, also known as a “Matching” letter. It is a letter that proposes changes, based on information reported to the IRS that is not included with your return. Correspondence Audit.  May be more frustrating that office audits.  Each time… Continue reading

CT DRS Sales Tax Audits

What Does it Take to be Successful? #1 Have good Records! The number one MUST. #2 Think and have a strategy. Issues commonly overlooked in sales tax audits: •Does gross receipts for your Federal return differ from sales on your sales tax returns? •How does your business handle return items? •Do you have out-of-state customers?… Continue reading

Municipal Bond Interest, CT Fresh Start Letter

CT Department of Revenue Services (DRS), CT Fresh Start, recently sent out audit letters on municipal bond interest. DRS identified possible audit candidates. It is urgent that you figure your municipal bond interest correctly on prior year returns. Municipal bond interest from obligations issued by states other than Connecticut is subject to CT tax and… Continue reading