Consider Filing for an Audit Reconsideration

Simply hearing the word “audit” can often make taxpayers shudder. But these situations are not hopeless. If you were surprised by an unexpected audit and were unprepared, you may be able to file for reconsideration. There is usually no form required. Simply mail your request to the office which issued your examination report. The IRS generally responds with a decision within 30 days

Before you submit a request for reconsideration you should carefully review the previous examination report and identify which items you believe are incorrect. You can file a reconsideration request if you meet any of the following criteria.

  • You did not appear for your audit.
  • You moved and did not receive correspondence from the IRS.
  • You have additional information to present that you did not provide during your original audit.
  • You disagree with the assessment from the original audit.

If you meet one of the listed requirements, you should … Read More

Financial Planning for All of Life

Financial planning is extremely important, whether you are in high school or are approaching retirement.  However, many people appear lost when it comes to setting financial goals for their future and achieving them.

There are three steps to successful financial planning, no matter your current situation.  First, according to financial coach Ross Riskin, it is crucial to split your monetary objectives into short, intermediate and long term goals.  This step is relatively simple.  Goals such as getting rid of student debt, purchasing property or building a retirement nest egg can easily be categorized based on their timeframes.

Step two of financial planning is to carefully calculate what you need to do to meet your objectives from step one.  Know how much your end goal will cost and assign it a timeframe.  If you are successful in this step, you will likely be able to see yourself moving closer to achieving your … Read More