Tax News

December 2, 2016 1:40 pm

Your 2015 and 2016 income tax returns have been filed, but you now discover an error. You forgot to take a write-off you were entitled to, made a math mistake, omitted an item of income, or failed to ...

June 3, 2011 12:00 am

Usually, the IRS has only 3 years from the due date of a return to commence an audit. However, if there is an omission of gross income of more than 25%, than the IRS has 6 years to act. A question tha...

April 13, 2011 12:00 am

Tax scams can cost taxpayers penalties, criminal prosecution, and other serious consequences. Tax scams abound, and the IRS commissioner warns taxpayers to avoid them. In an effort to help, the IRS ha...

March 21, 2011 12:00 am

According to the latest IRS Data Book covering the government's fiscal year ending September 30, 2010, the overall audit rate on individuals increased slightly to 1.1%; it had been 1% in the 2009 fisc...

May 2, 2010 12:00 am

Taxpayers have a duty to file an accurate tax return. But errors occur nonetheless. There can be mathematical errors or omissions of income and overstatements of deductions. When the errors are the re...

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Tax Glossary

Gross receipts

Total business receipts reported on Schedule C or Schedule C-EZ before deducting adjustments for returns and allowances and cost of goods sold.

More terms