Deducting Your Trip To India – Detailed Business Expense Guide

Suppose that you have just arrived from a two week trip to Europe, where you were able to close some deals while visiting some old friends. You’re so happy not…

Understanding the Complexities of Capital Gains Tax in India

A few years ago, Aarav inherited a parcel of land from his parents.  Since he lives in the city and has no plans of going back to his hometown, he…

Dealing with IRS and other Tax Audits

It’s one of those fears that bog the minds of rich people and even ordinary taxpayers—getting audited by the IRS. But what are the chances that you’ll be audited by…

What Are The IRS Audit Penalties?

What Are The IRS Audit Penalties?

If your tax return was selected to be reviewed by an audit, it does not mean that you will have higher tax liabilities or IRS penalties. Unfortunately, however, approximately 75%…

The Historic US Indictment of The Swiss Wegelin Bank Lays The Foundation For Additional Cases

The Historic US Indictment of The Swiss Wegelin Bank Lays The Foundation For Additional Cases

Wegelin and Co. was the oldest private bank in Switzerland but they were unable to escape US indictment. They became the first non-US bank to be indicted by the US…

What Is The Audit Appeal Process?

What Is The Audit Appeal Process?

After you are audited by the IRS, they will send you a letter stating their determination. You have a right to appeal their determination. Your reasons that you disagree with…

Various Type Of Audits You Need To Know About

Various Type Of Audits You Need To Know About

What Are The Various Types Of Audits? The thought of an audit by the IRS is enough to make the majority of people break into hives. However, audits are not…

How to prepare for the IRS Audit ?

How to prepare for the IRS Audit ?

Best way to deal with audit is to avoid the audits in the first place but if that is not possible than next best thing is to prepare for the…

How To Avoid An Audit ?

How To Avoid An Audit ?

When the IRS decides to audit you, there is not much you can do to prevent it. However, you can reduce your odds of being audited in the first place…