IRS auditing more returns
Internal Revenue Service auditing more returns
Given this is the tax season, we are reminded by a number of news reports that the Internal Revenue Service is stepping up its audits of small businesses and individuals. According to a recent article, one of the areas which gets divorced couples in trouble is the non-reporting of alimony as income as well as those paying child support seeking to deduct those payments from their taxes. As discussed in a previous post, the general rule is recipients of alimony must report it as income and child support payments are neither included as income or as a deduction. However, if you have a question regarding your taxes, consult a tax professional.
Remember, tomorrow is the deadline to either file your return or your request for an extension.
