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
Well, they don't monitor it.
If they see something that seems unusual, they will ask for the information, which they have a right to do, and they will do an analysis of money going in and money going out.
And if you put all the sources of income together that have been reported, like your W-2 or your 1099s from the
investment accounts or something like that, and there's a big gap, they'll say, what's this gap about?
And you might say, it's an inheritance.
And if you have proof of that, that's okay.
But maybe it's from your side hustle you didn't report.
I think so, unless it's a very large amount of money.
The statute is either three years or six years.
However, if you're committing tax fraud, the statute is forever.
And tax fraud is a very serious thing.
And if you've done something very bad and it was intentional and you knew it was bad, then you can't rest easy after just a few years.
If you have a mismatch and the computer catches it, you can be pretty sure you're going to get a letter about that.
But that's not a full-fledged audit.
And audit rates are low.
And with this new funding they have, they're trying to get them up.
And they're particularly trying to get them up for the highest income taxpayers.
But they have very complicated returns.
I think the thing to keep an eye on is also criminal prosecutions.
You may be unnaturally fearful that you're going to go to jail if you made any little mistake.
Showing 241–260 of 5,937 · page 13 of 297
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