Close
Login to Your Account
No Account?
+ Reply To This
Results 1 to 4 of 4
  1. #1

    IRS Has 6 Years to Audit - Up from 3

    Thanks to some changes by Congress, the IRS now has 6 years to audit you if you understate your income by 25% or more. This is up from 3 years.

    Examples of understating income include not just omitting side hustle income. They also include overstating cost basis on asset sales.

    Also, after an assessment is made, the IRS has 10 years to collect. And they can garnish wages and file leans.



    Add to that a nearly unlimited audit life f you forget to file certain forms. And small employers should know that the IRS can go back 30 years to audit payroll taxes.

    So better to be safe than sorry. And better not to try to cheat the tax man.

  2. IRS Has 6 Years to Audit - Up from 3
  3. #2
    Registered User Semi Pro Member
    Posts
    298
    What happens if you make an innocent mistake?

  4. #3
    Registered User Semi Pro Member
    Posts
    270
    The taxman always wins.

    Tina - if you make even an innocent mistake, you will owe the taxes and interest. But the IRS will set you up with a payment plan.

  5. #4
    Registered User Senior Member
    Posts
    116
    You can't avoid death or taxes.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •