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Message
re: Which bank transactions must be reported to the Feds?
Posted on 1/8/13 at 11:09 am to LSURussian
Posted on 1/8/13 at 11:09 am to LSURussian
Not gonna start a new thread, and not trying to hijack, but I worry about the IRS every single year I file my taxes. I use TurboTax, the wife and I make a little less than $100k a year, but I still worry. I get the audit protection that Turbo Tax offers. The past few years we have had a rental property, but other than that, nothing out of the ordinary.
My question(s), with the small amount of money we make, are we really "targeted" or are they after bigger fish?
If I was somehow in the wrong, do they give you a chance to pay the difference? Or is it straight to prison?
I know, probably stupid questions but I am a worry wart.
My question(s), with the small amount of money we make, are we really "targeted" or are they after bigger fish?
If I was somehow in the wrong, do they give you a chance to pay the difference? Or is it straight to prison?
I know, probably stupid questions but I am a worry wart.
3
Posted on 1/8/13 at 11:22 am to OnTheBrink
There is definitely bigger fish the IRS is worried about. Although I wouldn't let that information comfort me. With no easing in Gov't spending, we are all targeted. If I didn't have morals and if I didn't have that sense of pride that I get from saying I work for a living, then I would certainly feed off of the unemployment/welfare checks and waste time on useless hobbies.
Posted on 1/8/13 at 11:31 am to OnTheBrink
I've used TurboTax for about 18 years.
One of the features of TurboTax is you can see your IRS "profile" regarding the possibility of an audit after you complete your taxes each year. It gives you an estimate of your chances of being audited based on the income/expenses/personal information you entered for your return.
I would guess if you do that, based on what you've said, you would have a "low" risk of being audited or being "targeted."
It's straight to prison if not the firing squad.
Just kidding...
In my case they wanted an explanation of the income I showed on my return that they didn't have any information for such as a W-2 or 1099. It never got to the fines and penalties status so I can't really answer your question with any authority. Poodlebrain, who posts on this board, is a CPA and he can probably give you a very accurate answer.
However one year the La. State Department of Revenue lost my enclosed W-2's (before I started my own business and became self employed) and they wrote me a letter telling me I showed too much withholding on my state return and I owed them money for penalties and interest.
When I figured out they didn't include my state withholding from my W-2 I sent the "local" copy of the W-2 (which we don't have to use because we don't have a local income tax). I pointed out the "missing" withholding was on the W-2 and about 2 months later I got a letter from them saying "nevermind." I assume the IRS has some similar type procedures in place.
One of the features of TurboTax is you can see your IRS "profile" regarding the possibility of an audit after you complete your taxes each year. It gives you an estimate of your chances of being audited based on the income/expenses/personal information you entered for your return.
I would guess if you do that, based on what you've said, you would have a "low" risk of being audited or being "targeted."
quote:
If I was somehow in the wrong, do they give you a chance to pay the difference? Or is it straight to prison?
It's straight to prison if not the firing squad.
Just kidding...
In my case they wanted an explanation of the income I showed on my return that they didn't have any information for such as a W-2 or 1099. It never got to the fines and penalties status so I can't really answer your question with any authority. Poodlebrain, who posts on this board, is a CPA and he can probably give you a very accurate answer.
However one year the La. State Department of Revenue lost my enclosed W-2's (before I started my own business and became self employed) and they wrote me a letter telling me I showed too much withholding on my state return and I owed them money for penalties and interest.
When I figured out they didn't include my state withholding from my W-2 I sent the "local" copy of the W-2 (which we don't have to use because we don't have a local income tax). I pointed out the "missing" withholding was on the W-2 and about 2 months later I got a letter from them saying "nevermind." I assume the IRS has some similar type procedures in place.
Posted on 1/8/13 at 12:04 pm to OnTheBrink
quote:
Not gonna start a new thread, and not trying to hijack, but I worry about the IRS every single year I file my taxes. I use TurboTax, the wife and I make a little less than $100k a year, but I still worry. I get the audit protection that Turbo Tax offers. The past few years we have had a rental property, but other than that, nothing out of the ordinary.
My question(s), with the small amount of money we make, are we really "targeted" or are they after bigger fish?
If I was somehow in the wrong, do they give you a chance to pay the difference? Or is it straight to prison?
I know, probably stupid questions but I am a worry wart.
If you're wrong, they'll send you a bill. If you owe less than $25,000.00, than you can set up an installment agreement without having to go through a financial statement (trust me, I've had to do it, it's excruciating). However, the worst thing you can do is ignore them, even if you don't owe much or can't pay. If you ignore them, they can proceed with wage garnishments, liens, levies, and in some cases, yes prison.
Yes there are "bigger fish", but they do enjoy making examples of people, so don't risk it.
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