What does it mean to be audited?

What does it mean to be audited?

How can I avoid being audited?

How can I avoid being audited?

What should I do if I am audited?

What should I do if I am audited?

Who can help me if I am audited?

Who can help me if I am audited?

Tax Return

Tax Return

What different tax return filing statuses are there?

What different tax return filing statuses are there?

What are dependents and how do I claim them on my tax return?

What are dependents and how do I claim them on my tax return?

How and When to Use a W-2 Form

How and When to Use a W-2 Form

How and When to Use a 1099 Form

How and When to Use a 1099 Form

What makes me self-employed?

What makes me self-employed?

What is capital gain?

What is capital gain?

What deduction options do I have when filing a tax return?

What deduction options do I have when filing a tax return?

Do I have any credits against my tax?

Do I have any credits against my tax?

What does it mean to be audited?

What does it mean to be audited?

Top Audit Survival Tips

Top Audit Survival Tips

Investment For Beginners

Investment For Beginners

Investment Planning

Investment Planning

Best Investment Options

Best Investment Options

Investment Strategies

Investment Strategies

Investment Management

Investment Management

Federal Estate Tax And You

Federal Estate Tax And You

Estate Planning Basics

Estate Planning Basics

Estate Planning Basics - Probate

Estate Planning Basics - Probate

Estate Planning Basics - Taxes

Estate Planning Basics - Taxes

Estate Planning Basics - Family Circumstances

Estate Planning Basics - Family Circumstances

Estate Planning Basics - Revocable Living Trust

Estate Planning Basics - Revocable Living Trust

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Art Auerbach

Tax Director, Goodman & Company, LLP

http://www.goodmanco.com/  

Serving clients since 1932, Goodman & Company brings 75 years of knowledge and experience to the demands of today's ever-changing business environment. Throughout the past 75 years, we've never strayed from our mission-to provide each client with personal, high-quality service using the most up-to-date technology and resources.

What does it mean to be audited?

Goodman & Company Tax Director Art Auerbach discusses the audit process.

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Art Auerbach: My name is Art Auerbach. I am Tax Director with Goodman & Company and the next year is basically what happens to your return after I send it to the government.

Host: What does it mean to be audited?

Art Auerbach: To be audited it means that the government is questioning what you have put on your tax return. It does not mean that you have done anything wrong. You could be randomly selected for an exam that is of all of the people filed, they pick you out and you are going to be part of the statistical base that's going to determine who else gets ordered and is basically what it amounts to. So, what happens when your return gets filed? It goes to an IRS campus, the return is processed through the system and when it is processed your return is compared to an IRS model based on the area where you live. The income that you have reported and the deductions that you have taken. Your return is the sign of score. The higher the score determines whether or not you are going to be picked for exam. The lower you score means, you are closer to the model that they were expecting to see from where you live. Now, if you get picked for audit then you have to substantiate whatever it is that the government is asking you to do. So, it substantiate your income, substantiate your deductions and that means have a piece of paper that proves what you wrote on the return. So we will go back to what I did. All the away back at the introductory model. Remember your tax return is non fiction.

Resolving Tax Problems - Taxes in Bankruptcy

Resolving Tax Problems - Taxes in Bankruptcy

How do estate taxes work?

How do estate taxes work?

Can a married couple avoid the taxes of four million dollars?

Can a married couple avoid the taxes of four million dollars?

What do I need to do in terms of taxes?

What do I need to do in terms of taxes?

Do I need to have my taxes completed before submitting my FAFSA?

Do I need to have my taxes completed before submitting my FAFSA?

What should I do first to start filing my taxes?

What should I do first to start filing my taxes?

Estate Planning - Paying Death Taxes

Estate Planning - Paying Death Taxes

Estate Planning Basics - Taxes

Estate Planning Basics - Taxes

What taxes did you pay?

What taxes did you pay?

What are the problems with relying on beneficiary designations?

What are the problems with relying on beneficiary designations?