Thursday, April 25, 2013

A Taxing Situation

Hopefully your taxes are filed and perhaps you've even received a refund.  I'm guessing that’s not the case for this poor monkey!

 Many people heave a sigh of relief, when they finally have their taxes filed for another year.  If you’ve ever been audited, however, that relief is probably tempered by the knowledge that all those tax 
forms may come back to haunt you.   That’s true regardless of your financial situation or residence.  Whether you are in a northwest location such as Seattle or  living in the sunny Florida city of Stuart IRS Litigation can cast a huge dark cloud over your life.

I read today that the IRS had released a report summarizing its findings from an audit of tax-exempt colleges and universities.  The study has been going on for five years.  Although it is called a final report, I’m sure it is just the beginning for the affected educational institutions.    I’m guessing that these schools have their own legal staff and will probably supplement it with the services of attorneys who specialize in tax litigation.    Wish I had that kind of support, when I faced my only tax audit.   In the end, I owed the IRS another $200.  It may not sound like much, but fifty years ago, that was a lot of money for a struggling single parent.    

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