Laura Saunders
speaker
5,937 appearances
109 recordings
1 series
first heard Jul 2017
last heard Nov 2024
Laura Saunders’s voice in public audio — every appearance, attributed to the second.
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Appearances
Or it could be from other issues like you took a lot of charitable deductions, more than most people, and we want to know more about those.
But generally, the IRS has three years to find and ask about those kinds of mistakes.
And if you don't hear from them in three years, then I don't think you need to do anything about it.
Well, they have computers and algorithms, and they've had them for decades, and now I think they're more sophisticated.
But they often look at what's on the return compared to the norms for other returns.
And two favorite places are charitable deductions, but another one would be business losses on Schedule C or Schedule E. If those are a lot bigger than most people claim, then you might hear from them about it.
Well, it's usually three years for ordinary mistakes.
Now, there's an exception to that.
It's six years if you have omitted more than 25% of your income.
Let's say you have a capital asset, like a piece of land, and the IRS doesn't know about it because there's no reporting from a brokerage company or something.
And you sell it and you don't tell them about it or pay capital gains on it.
And it's more than 25% of your income.
They have six years to find you about that.
Oh, in different ways.
There might be a stray information report from somebody that says that you had a side hustle and you haven't been reporting it.
And they might say, we'd like to know more about that.
The other thing is if they're really focused on you, the agent may come in and do an analysis of bank deposits and withdrawals.
And if there's a lot of money coming in from somewhere and it's not clear where it's coming from, they'll start asking about that.
Or in other cases, banks have so-called suspicious activity reports they have to file about cash.
And the IRS frequently uses those to find people who are not reporting cash transactions.
Showing 221–240 of 5,937 · page 12 of 297
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