Audit

IRS algorithms in determining tax returns to audit, enforcement policy and resource constraints result in significant racial disparity in returns chosen for a tax audit.

The Internal Revenue Service audited fewer taxpayers last year, according to a new report, although audits of millionaires ticked up slightly.

Michael Burry, the investor who foresaw the housing market crash in 2008, is skeptical about today's proof-of-reserve audits.

The agency aims to hire scores of auditors, but there's a nationwide shortage of accountants.

A financial planner can complement the CPA through the stressful process by taking on a number of supporting — yet crucial — roles.

Taxpayers are concerned the extra $80 billion will lead to more tax audits.

The Securities and Exchange Commission charged several investment advisors with combined penalties of $1 million for violating the Investment Advisors Act's Custody Rule.

There were signs of improvement in terms of audit engagements and quality control systems.

Commissioner Rettig is promising not to use the nearly $80 billion his agency will be receiving to increase audits of small businesses or taxpayers who earn less than $400,000.

The agency is continuing its focus on firms that have never been examined, including recently formed ones.

The service is taking steps to increase its audit rates of higher-income taxpayers after coming under sharp criticism in Congress over its lagging audit numbers.

Advisors tend to avoid clients' tax issues when they involve the IRS. It's a missed opportunity to add value.

The service is gearing up for a potentially massive tax-enforcement push if Congress passes a plan including $40 billion to expand audits on the wealthy.

The focus is supposed to be on the wealthy and corporations, since they're the ones who account for the majority of tax misconduct, but what does that mean exactly?

Having a regulator appoint an auditor would deal with the conflicts once and for all, writes Chris Hughes.

Some former IRS officials say it will take several years to produce significant results.

If passed, the package would end the step-up in basis provision, which will mean significantly larger tax bills for wealthy estates.

Employees who move to low-tax states may still be taxed by their former residence, as more states levy taxes on cross-border business.

Fewer than two out of every 100 taxpayers reporting over $1 million in income were audited by the Internal Revenue Service in fiscal year 2020, according to a new report.

The agency recently estimated a gap of $381 billion in unpaid tax from 2011-‘13, which equates to roughly 14.2% never being submitted.