by KNSS | Oct 14, 2019 | 2019 Fall Newsletter
Continuing a downward trend from the prior year, the IRS audited 7% fewer tax returns in 2018 than they audited in 2017. Of the 150 million personal tax returns filed for the 2017 tax year, only 892,000 were audited ? a meager 0.59% of all personal tax returns being...
by KNSS | Oct 14, 2019 | 2019 Fall Newsletter
2018 was the first year that incorporated the majority of the tax law changes resulting from the Tax Cuts and Jobs Act of 2017 (TCJA) enacted just prior to the end of 2017. While many taxpayers were very concerned with the loss of certain tax deductions that had...
by KNSS | Oct 14, 2019 | 2019 Fall Newsletter
Why Did You Get Audited? The IRS uses random selection as one method to choose which tax returns to audit. They may also flag tax returns because: 1 You?re in a higher income tax bracket 2 You have math errors on your tax return 3 You report no income or not all of...
by KNSS | Oct 14, 2019 | 2019 Fall Newsletter
One of the most interesting wrinkles of the Tax Cuts and Jobs Act was the creation of Opportunity Zones. According to the IRS, Opportunity Zones are particular distressed communities throughout the country in need of economic revitalization. Under a nomination process...
