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THIS MONTH'S FEATURED ARTICLE: Increased Tax Gap Equals Increased Enforcement Measures

On January 6, 2012 the IRS released a brand new set of tax gap estimates for TY2006. This is the first update since the one for TY2001. All told, the gross tax gap has increased from $345 billion dollars to $450 billion and the IRS has singled out underreporting of income amongst businesses and corporations as among the primary reason for this gap. So, what does this mean for you?  

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TAX TIP OF THE WEEK: IRS Audits Ramped Up on Large Corporations

According to the IRS audits were up significantly last year among corporations with assets of $250 million or more. All told, last fiscal year the IRS audited nearly 30% of such corporations. What does this mean for you, and what should you watch out for? Quite simply...
 

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