Lori Ioannou
speaker
179 appearances
3 recordings
1 series
first heard Mar 2022
last heard Feb 2025
Lori Ioannou’s voice in public audio — every appearance, attributed to the second.
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It was great speaking to you today.
WSJ Your Money Briefing · Want to Avoid a Tax Audit by the IRS? Watch These Red Flags. · 11 Mar 2022
podcast
Well, there's a confluence of factors at work, including the pandemic-inspired federal grant, loan, and tax credit programs that makes this very, very complex tax filing season.
It's a pleasure.
Well, the good news is that fewer than 1 million Americans get audited each year.
But individuals who don't file their taxes or under-report their income are top of the list.
And this year, the IRS is making a particular point of upping the ante and doing more auditing on consumers.
The best thing you can do is file a return that is correct and complete.
Well, there's a confluence of factors at work, including the pandemic-inspired federal grant, loan, and tax credit programs that makes this very, very complex tax filing season.
Yes, many people last year qualified for tax credits to help them pay for their premiums on health insurance purchase through the government-run marketplaces.
Now, the process can be very confusing, as you can imagine, and to make it even harder for people to understand, the eligibility requirements changed last year.
Prior to 2021, people who had incomes of up to 400% of the federal poverty level qualified
But that changed.
For 2021 and 22, some people with incomes of more than that also get the credits, depending on the cost of the policy.
So the biggest problems arise with this credit when taxpayers who apply for coverage in the marketplace underestimate their income to get lower premiums.
Then when they file their taxes, they find out they have to pay a portion or the entire credit back to Uncle Sam.
So what are the red flags that the IRS is looking for?
They're really looking to see if married couples who file separately, a category that receives a lot of attention from the IRS because of increased potential for mistakes and fraud.
They're also going to look to see if you supply documentation, if you received unemployment benefits.
They want to make sure you are including the premium tax credit form with your 1040.
Yes, the earned income tax credit.
Showing 101–120 of 179 · page 6 of 9
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