Alessandra Malito is a personal finance reporter based in New York. Economic Calendar Tax Withholding Calculator. Retirement Planner. Sign Up Log In. The changes include a new, responsive design featuring extended-hours data and more news. Learn More. Beware, the IRS is looking for these red flags when it decides who to audit this tax season.
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Also see: The tipping point: When to use tax software instead of seeing a professional The IRS can audit returns up to three years old. Here are red flags tax experts say you should avoid: Turning into the most generous person in America One of the most common reasons for an audit is when the taxpayer is taking higher-than-average deductions in relation to his income.
This story was republished on Jan. More from MarketWatch 5 tricks you can use to improve your credit score My secret tax weapon costs 99 cents New tax law is stressing out and confusing Americans. Now, depending on the client, there were different partners for different clients, and managers had to know the nuances of what each partner wanted. So, this partner over here might want to know more about A.
Learn how income tax is calculated, what it applies to, and when you'll need to pay.
But then this partner over here likes to see more stuff about B and C. So, you had to know ahead of time who was on an audit. And then, it also was hard for the staffers, the Staff 1 and 2, because you had the different managers, and the different managers had their different management styles.
So, this manager might like you to reference something with just an A in front of a number and then have the explanation down below. This other auditor, instead of using alphanumeric, they want numeric up here. So that adds to the stress. You had to learn and adapt quickly to what your supervisors wanted. Obviously that means the staff person has got a note down below. So, I would say that was one of the harder things because, yes, you have the technical knowledge, because obviously you went to school.
You pass a CPA exam. Something so small becomes a big deal when you have deadlines. Say for instance, every big company out there has an accounts payable department, right? This is how you run an accounts payable department.
Once you went the partner track, you had to get into sales and marketing and all this other stuff. So, I figured internal audit would be the best avenue. You get a taste of everything. Eventually I ended up at Ryder Trucks where I went on to become a supervisor overseeing approximately a dozen internal auditors. I headed up the audits that occurred in Europe, Asia, and Canada. I would go to Europe and at one time I was in charge of four or five external auditors there, in addition to about six internal auditors on my own team.
Typically you would not see this, but it was a special project, as it was the first time they were subjected to a Sarbanes-Oxley audit.
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Because external auditors will sometimes come in and just give that feel to people. The travel took a toll. I came home from Europe one day, and I was supposed to be home for two weeks. Two to three days later, I was packing a bag because I had to go to Canada to help out the financial reporting team on something. When I returned from Canada, I met with the senior vice president of corporate tax and I had a new job as tax supervisor at the end of the meeting. But at the end of the day, I looked at it as how marketable it would make me. I was fortunate.
At Ryder Trucks during the recession around , we had three major layoffs.
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Thankfully, I survived them all. I reported to the senior vice president of corporate tax and we had a great relationship. That was better than a raise. The only thing I had to do was to agree to stay for two years after I was done. To do it over again, I would have done it closer to the start of my career. It would have been a lot easier. The position was a senior accounting manager position and it got me back into financial reporting. I had to start from the bottom again.
My mom and dad actually run an accounting business, and when I worked there way back, my dad gave me a broom, which meant you were going to learn from the bottom up. I started out sweeping. When my boss was in the process of training me to be his secondhand person, he passed away from a massive heart attack while he and I were attending a government accounting seminar in Tampa. They gave me his job—I was promoted to director. I was suddenly overseeing 60 people. I worked in the tax area for about six or seven years.
We look at what topics to include, what to adjust to create the most useful study guide. You go out and research it and try to put it down in the simplest terms. And then from there you create the questions to help people learn and practice the material.
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I like that I get to work across several products at Gleim. I was also recently working on the CIA exam prep materials for the latest version. But I was in a bad car accident where I was hit by a drunk driver, and I was left with a disability. School had not been my thing. I had gone to a private school and graduated with around a 2.
And I think my parents wanted to do something to me! But when life threw it that way, I went to Florida Atlantic University and graduated cum laude. So, I chose the four and then sat for the CPA. I took the CPA exam in May My wife—my fiance at the time—bought me the four Gleim books.