Equifax

Finance Blog

Stay financially savvy with the Equifax Advisor.

Sign up for our FREE Monthly Email Newsletter

 

Thank you for signing up for the FREE Equifax monthly newsletter

In addition to keeping in the financial know, you may be interested in checking your credit score and report.

Understand your credit. Help protect your identity.

Equifax Complete™ Premier Plan

  • Know What May Influence Your Credit Score and Be Alerted of Changes
    Credit score monitoring with custom alerts
    Important Disclosure: The Equifax credit score and 3-Bureau credit scores are based on an Equifax credit score model and are not the same scores used by 3rd parties to assess your creditworthiness.¹
  • Help Protect Your Identity
    Automatic fraud alerts encourages lenders to take extra steps to verify your identity²
  • Lock Your Credit
    The ability to lock and unlock your Equifax Credit Report³
Save 75% your first 30 days with the purchase of Equifax Complete™ Premier

$4.95 for the first 30 days, then $19.95 per month thereafter. You may cancel at any time; however, we do not provide partial month refunds.4

¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.

³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.

4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.

Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.

I Received an IRS Audit Notice! Now What?

Written by Eva Rosenberg on September 19, 2012 in Tax  |   1 comment

One of the scariest letters you can get is an IRS audit notice. It may be tempting to just not deal with it—but what happens if you ignore it, praying it will go away? It won’t. If you ignore the notice, the IRS could disallow…

One of the scariest letters you can get is an IRS audit notice. It may be tempting to just not deal with it—but what happens if you ignore it, praying it will go away?

It won’t. If you ignore the notice, the IRS could disallow all your tax deductions—and perhaps your dependents. You’ll end up with a great big balance due.

So how are you supposed to respond to an audit notice? Simply follow these three steps:

1. Read the audit notice, slowly. The notice will tell you which year is under audit (generally the IRS only audits one year at a time) and what forms or schedules the IRS wants to examine (for example, Schedule A – Itemized Deductions or Schedule C – Business Profit and Loss). It will also provide a list of records or documents the IRS wants to see, as well as the audit date and the contact information (mail or phone) for the person or group in charge of your audit.

2. Figure out where the audit is taking place—and if you should change the location.

  • Will it be a mail-in audit (a correspondence audit)?
  • Must you go to an IRS office (an office audit)?
  • Is someone coming out to your home or place of business (a field audit)?

The IRS’s intention is for correspondence audits to be quick and easy. You should only have to send copies of a few documents or records, not an entire box of information, and the idea is that you will be able to handle this type of audit yourself. Or, at least, that is the fantasy.

The reality? Correspondence audits demand reams of documents—which the IRS promptly loses. Since mountains of papers are received, it can take three months to scan the docs and associate them with a taxpayer’s file. (Never send original information.)

Remember, you have the right to request a meeting in a local IRS office instead.

If you use tax professional that is located in another city or state, you’ll want him or her to handle the audit in his or her location. Send your tax pro all the records so a request can be made for the IRS to hold the audit where the records are located.

3. Determine if you can do this alone or if you need help.

When there are just a few issues under examination, you should be able to pull the records, copy them, and send them off to the IRS.

However, if this is an office or a field audit, you definitely need a tax pro to help you prepare and to be by your side when visiting with the IRS.

When the IRS is looking at certain concepts, you need expert guidance. It can be in the form of advice and handholding, or you may just want your tax pro to answer questions for you, such as:

  • Is your business really a hobby (losses for too many years)?
  • Did you report all your income (living beyond your means)?
  • Do you really have an office in your home (there’s another business or job location)?
  • Are those really your children (someone else claimed them)?
  • Are the business expenses really personal expenses (they’re over $20,000)?

Still feeling nervous? Read about your rights and check out this ten-part video series about a small business audit that was put together by the IRS. Perhaps seeing how it all works will make it easier.

Eva Rosenberg, EA is the publisher of TaxMama.com , where your tax questions are answered. Eva is the author of several books and ebooks, including the new edition of Small Business Taxes Made Easy. Eva teaches a tax pro course at IRSExams.com and tax courses you might enjoy at http://www.cpelink.com/teamtaxmama.

1 comment

  1. Boca Raton CPA says:

    You need a CPA, a good CPA at that. Dont mess with the IRS

    Try Caruso and Company


Leave a Comment


Name :


Commenting guidelines

We welcome your interest and participation on this forum, but be aware that comments will be published at Equifax's sole discretion. Please don't use this blog to submit questions or concerns about your Equifax credit report or raise customer service issues. Instead, you should contact Equifax directly for all such matters and any attempts to do so in this forum will be promptly re-directed.

Some other factors to consider when commenting:
  1. Registration and privacy. While no registration is required to visit our forum, participants wishing to post a message must register by creating an account. All personal information provided by forum members incident to registration is governed by our Terms of Use and Privacy Policy.
  2. All comments are anonymous. We'll delete your name, e-mail address, and any other identifying information, including details about your investments.
  3. We can't post or respond to every comment - As much as we'd like to, we can't post every comment, nor can we guarantee that we will respond to each individual message. All questions or comments about your Equifax credit report or similar customer service issues should be handled by contacting Equifax directly.
  4. Don't offer specific legal, tax or financial advice. All of the materials on this Site are for information, education, and noncommercial purposes only and this forum is not intended as a means of expressing views or ideas regarding any specific legal, tax, or investment advice. While offering general rules of thumb is both permitted and encouraged, recommending specific ideas or strategies regarding investments, taxes, and related matters is prohibited.
  5. Credit Repair. This blog is not intended as a venue for the discussion or exchange of ideas regarding credit repair or other strategies intended to assist visitors and community members improve or otherwise modify their credit histories, ratings or scores.
  6. Stay on topic. Your comment should be concise and pertain to the specific post in question.
  7. Be respectful of the community. The use of profanity, offensive language, spam, and personal attacks will not be tolerated and egregious or repeat offenders will be banned from future participation. We encourage disagreement and healthy debate, but please refrain from personal attacks on our WordPresss and contributors.
  8. Finally: Participation in this forum may be terminated by Equifax immediately and without notice for failure to comply with any guidelines or Terms of Use. As such, you should familiarize yourself with all pertinent requirements prior to submitting any response through the blog or otherwise. All opinions expressed in this forum are solely those of the individual submitting the comment, and don't necessarily represent the views of Equifax or its management.

Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.


Tax Archive