Category Archives: IRS Audits

Avoiding Boot Gain in Like Kind Exchanges

I. Introduction Circular 230 disclosure: Any tax advice herein is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code. … Continue reading

Posted in Avoiding Boot, Capital Gains, Federal Income Tax, IRS, IRS Audits, Like Kind Exchanges, Like Kind Exchanges of Real Estate Under IRC Sec. 1031 (2013 Revised Ed.), Like Kind Exchanges of Real Estate Under IRC Section 1031, Tax Planning | Tagged , , , , , , , , , , , , , , ,

IRS Audit Procedures

PDF format:  IRS Audit Procedures.wpd The process used to select returns for audit is not a random one.  The oft-repeated phrase “audit lottery” is in many ways misleading since certain items, such as claiming a loss on the sale of … Continue reading

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Taxpayer Rights During an IRS Audit

Pursuant to the “Taxpayer Bill of Rights,” enacted by Congress as part of the Internal Revenue Code, the IRS is required to disclose to taxpayers their rights, and the obligations of the IRS during the audit, appeals, refund, and collection … Continue reading

Posted in IRS, IRS Audits, Taxpayer Rights During Audit

Administrative Appeals Within the Internal Revenue Service

At the heart of the Internal Revenue Service procedural engine lies the internal appeal process, whose  function is to resolve taxpayer disputes through the use of negotiation and settlement, without the necessity of litigation. The Appeals office has “exclusive and … Continue reading

Posted in Adminisitrative Appeals, IRS Audits, Tax News & Comment

Taxpayer Bill of Rights 2 (May 1996)

New legislation governing the relationship between the IRS and the taxpayer has been approved by the House Ways and Means Committee. Given its wide congressional support, enactment seems likely, perhaps by as early as by next fall. The Taxpayer Bill … Continue reading

Posted in IRS, IRS Audits, Taxpayer Rights During Audit