How Far Back Can the IRS Audit?

A notice from the IRS that an audit is coming is the last thing anyone wants to see. Contrary to popular belief, those with incomes under $25,000 are five times more likely to be audited than those in the higher income bracket, according to a study by Syracuse...

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Inflation Reduction Act: IRS Funding Explained

On August 19, 2022, President Biden signed the Inflation Reduction Act (IRA) in the summer of 2022. The Act had many objectives, including lower prescription drug pricing, reducing climate change, and reallocating the share of taxes.  Along with its stated primary...

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IRS Announces New R&D Tax Credit Guidelines

The R&D tax credit was implemented in 1981 as a means to encourage businesses to increase innovation investments. However, the IRS recently announced new R&D tax credit guidelines that could have major implications for businesses hoping to claim this valuable...

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How far back can the IRS audit?

Only a few other phrases in the English language can send a shiver of fear down one’s spine. One such phrase is “IRS audit.” The Internal Revenue Service (IRS) is a powerful branch of the government and enforces tax laws enacted by congress. They...

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