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Alpharetta/Suwanee/Duluth CPA…Top 5 Tax Tips to Avoid IRS Tax Audits

Every year the IRS selects approximately one to two percent of all tax returns filed. The U.S. tax system is a voluntary compliance system where it is a taxpayer’s responsibility to determine and file their accurate and just tax returns. In this process frequently taxpayers will create environments, which make the IRS more apt to review and audit a return. Your intent in filing a return should never be to stay away from or not deduct a valid deduction, however your end result should always be to file a return that is accurate and complete in all respects and for which you have adequate and clear documentation. By following these steps below you will find insight that will help you avoid unnecessary audits, additional time and stress, and additional assessments for interest and penalties.

Top Five Tax Tips to Avoid IRS Tax Audits

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Tags: Audits, Irs Tax, Irs Tax Audits, Tax Audits

Recently, Warren Buffett stated that his “trigger finger is itchy” to make acquisitions, then he pulled the trigger with a US$ 9 billion cash offer for S&P MidCap 400 specialty chemical maker, Lubrizol Corp (LZ), which gained 27.7% for the day. AT&T decided that a quick way to improve its cell lines was through a US$ 39 billion acquisition of T-Mobile from Deutsche Telecom, of which $25 billion is in cash; Deutsche closed up 11% that day (and may end up holding 8% of AT&T in the deal). And eBay just announced a US$ 2.4 billion cash offer for GSI Commerce (the issue closed at $19.38, hasn’t opened yet, and the offer is for $29.25). It would appear to me that S&P 500 companies are equally as ‘itchy’, not just for M&A, but to spend, and spend big, since they’ve been on spending diet for over two-year. Spend on CapX, spend on R&D, spend on buybacks, and even spend on dividends; note I didn’t say spend on hiring. Read more…

There’s some serious competition in the “deal-of-the day” arena with American Express hoping to become a legitimate contender. By offering cardholders incentives to pay with their card on money saving discounts, Groupon and LivingSocial may have a battle. And unlike the competition, the AMEX deals will not require a coupon for discounts from leading national retailers and travel providers, including Dunkin’ Donuts, Sports Authority, Westin, Travelocity and more. In addition, merchants will need no special training to redeem the discounts.

Sign onto Facebook and “like” the Link, Like, Love application, enter your information and begin to receive deals tailored to your interests, social connections and preferences on Facebook. Statement credits will be applied to card member’s accounts as they shop online or in stores without the need to pre-purchase, print or show a coupon at the point of sale.

Although the service isn’t the first of its kind, AMEX has a big advantage with its millions of cardholders, giving them a huge database of potential clients for the program.

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Tags: Contend, Contend W

Ralph Norris, chief executive of Australian banking major CBA says the biggest threat to its payments business could come from Telstra and Facebook, rather than banking rivals.

Mr. Norris made the comments when he introduced the lenders plans to launch a number of consumer applications, whilst unveiling the record $6.84 billion full year profits of the bank.

Whilst chalking up a stellar result Mr. Norris was less than sanguine about the future, warning that the world remains in the midst of a global financial crisis.

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Tags: Cba, Cba Ambitious