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Who's been audited by the IRS?

Discussion in 'General' started by notbostrom, Jan 18, 2020.

  1. notbostrom

    notbostrom DaveK broke the interwebs

    Wife says letter came from IRS. This ought to be lovely...
     
  2. eggfooyoung

    eggfooyoung You no eat more!

    Not yet...
     
  3. Dave K

    Dave K DaveK über alles!

    Christ, how many years do they want to see? Blood sucking extortionists!
     
  4. 418

    418 Expert #59

    Ugh...
     
  5. Razr

    Razr Well-Known Member

    Maybe it's a check :Poke:
     
    K51000 likes this.
  6. cyclenut

    cyclenut Well-Known Member

    I was researching audits awhile back. While on the IRS website I stumbled some guidance. I found #6 interesting.


    1. Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.
    2. Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
    3. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
    4. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.
    5. Keep records indefinitely if you do not file a return.
    6. Keep records indefinitely if you file a fraudulent return.
    7. Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
     
    K51000 likes this.
  7. sdg

    sdg *

    Got something to worry about? I know a lady.
     
  8. eggfooyoung

    eggfooyoung You no eat more!

    IRS
    BBB
    Mob

    I'm seeing a trend...
     
  9. Dave K

    Dave K DaveK über alles!

    They sent my mom a letter wanting to review some of her taxes from outside of the "normal" 7 years. She showed up with all the paperwork for the year they were requesting and (from what her attorney said) they about dropped a brick when she produced it. They then tried asking about some returns from an even older year and she had that, with all receipts, in a box with her.
    Nice when you break it off in the IRS and they have to admit defeat live and in person.
     
    Jedb, YamahaRick, K51000 and 5 others like this.
  10. Newsshooter

    Newsshooter Well-Known Member

    A friend I used to work with had a small apartment building, she got audited a few times, always got more money back after the audit. :)
     
    track wagon likes this.
  11. notbostrom

    notbostrom DaveK broke the interwebs

    Won't be home to open the letter till this afternoon.
     
  12. Banditracer

    Banditracer Dogs - because people suck

    Do you use a accountant or tax guy ? He / she should be your first line of defense, that's their job. We had a few issues this year with both state and federal, accountant made a couple calls got it all cleared up.
     
    Boman Forklift, tony 340 and R1M370 like this.
  13. GixxerJohn011

    GixxerJohn011 Well-Known Member

    Y’all notice that the IRS spells THEIRS...uhm, that’s the spelling for ownership.
     
  14. Mblashfield

    Mblashfield Well-Known Member

    Several times, both by state and federal. 35 yr old business.
    There’s absolutely nothing you can do unless you’ve knowingly done something wrong. Then you’ll have an attorney, unless you’re really stupid.
    I was picked at random every time and nothing ever came of the audits.
     
  15. joec

    joec brace yourself

    Actually..... Most of my friends who have been fall into that category as well.. But most of them had withholding but never filed. So.... Lol
     
  16. ChemGuy

    ChemGuy Harden The F%@# Up!

    I hope your tax guy isnt Denis Celery.
    :D


    Good luck.
     
  17. Kev59

    Kev59 Well-Known Member

    Depends on what they're looking for. I got hit in the late 90's over writing off racing expenses. I was advised to write off as a business intending to make a profit, but of course never did... Had my tax guy with me (and 3 years of records) and it worked out fine. Stressful but fine.
     
  18. SPL170db

    SPL170db Trackday winner

    They sent me a letter about 10 years back claiming I didn't pay the proper taxes on some company stock options I exercised. I forwarded them all the tax withholding documentation that I filled out at the time of exercising them and that was the last I heard of it. Granted I think I might have left it out the first time around when I initially filed my taxes that year.
     
  19. Wingnut

    Wingnut Well-Known Member

    Personal twice
    Business twice
     
  20. dsapsis

    dsapsis El Jefe de los Monos

    He gets a letter and presumes it's an audit prior to opening. Hmmmmmm.
    I'm sure he has nothing to worry about.
    Audits are not selected randomly.
     
    Razr likes this.

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