Correcting IRS Forms www.onlinecompliancepanel.com | 510-857-5896 | customersupport@onlinecompliancepanel.com
Ever wonder why some tax returns get intense scrutiny from the Internal Revenue Service while most are ignored? The agency doesn't have enough personnel and resources to examine each and every tax return filed during a year - it audits only slightly more than 1% of all individual returns annually. So the odds are pretty low that your return will be picked for review. And, of course, the only reason filers should worry about an audit is if they are fudging on their taxes. But even if you have nothing to hide, an audit is no picnic. IRS tax forms are used for taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS) of the United States. They are used to report income, calculate taxes to be paid to the federal government of the United States, and disclose other information as required by the Internal Revenue Code (IRC). There are over 800 various forms and schedules. The best-known of these is Form 1040 used by individuals.
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Making Too Much Money Although the overall individual audit rate is about 1.11%, the odds increase dramatically for higher-income filers. IRS statistics show that people with incomes of $200,000 or higher had an audit rate of 3.93%, or one out of slightly more than every 25 returns. Report $1 million or more of income? There's a one-in-eight chance your return will be audited. The audit rate drops significantly for filers making less than $200,000: Only 1.02% of such returns were audited during 2011, and the vast majority of these exams were conducted by mail. We're not saying you should try to make less money -- everyone wants to be a millionaire. Just understand that the more income shown on your return, the more likely it is that you'll be hearing from the IRS.
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Mistakes can be made even by the most efficient and knowledgeable payroll departments. When this happens corrections need to be carried out as soon as possible. But how are these errors handled? In this webinar Vicki M. Lambert will discuss how to correct an error on Form 941 after it has been filed. We will examine when to use Form W-2c to correct the employee's year-end information after Form W-2 has been given to the employee as well as how to amend changes before and after the form has been filed with the Social Security Administration. This presentation will also review how to file an amended return for the Form 940.
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