Tax Compliance Matters

Corporate Income Tax - Lecture 7.5

This week we will address tax compliance matters associated with late filing, audits, and the judicial review process. In addition you will learn about the innocent spouse rule. Even when taxpayers rely on professionals to help prepare their returns, the taxpayer is always ultimately responsible for the accuracy of the tax due, and any associated penalties and fines. We will discuss the filing date and extended filing date for income tax returns, in addition, we will learn how to compute a late-filing and late payment penalty. Moreover, we will describe the statute of limitations of a tax return and identify the three types of IRS audits. Also, we will discuss the reasons why the IRS imposes negligence or a civil fraud penalty, and identify the three judicial levels in the tax litigation process. Finally, you will learn the purpose of the innocent spouse rule This week your lecture will revolve around IRS audits, please reference the following YouTube Video. To make the YouTube video larger, click on the [ ] in the lower right corner.
Examination Overview - IRS Audits, from the Taxpayer Advocate Service