UrbanBaby

07.08.08, 12:31 PM General Topics
18 replies

being audited by the IRS. Anyone btdt? what is the worst that could happen? [ Reply | Watch | Flag ]
General Topics 07.08.08, 12:31 PM Flag

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Prison, back taxes and fines. Possession of assets. [ Reply | More

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General Topics 07.08.08, 12:32 PM Flag

worst? jail. That's pretty unlikely though. Worst likely outcome is that you would owe some $$. [ Reply | More

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General Topics 07.08.08, 12:32 PM Flag

yes, twice. No big deal really. It's a pita and a bit stressful but as long as you did'nt lie and are not a criminal it should be fine. You will most likely write a check before leaving. But the goal is to make it a small check. Good luck. Who prepared your taxes? [ Reply | More

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General Topics 07.08.08, 12:33 PM Flag

a friend of the family. i don't have a lot of faith in him. [ Reply | More

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General Topics 07.08.08, 12:36 PM Flag

nepotism belongs in the arts, not taxes [ Reply | More

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General Topics 07.08.08, 12:38 PM Flag

I totally agree. Now it will cost us. DH has his own business and i think the accountant hid many things. [ Reply | More

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General Topics 07.08.08, 12:39 PM Flag

I'm sorry for you. Next time hire someone good, or do it yourself if not too complicated (that's what we do, but we dont own a business) [ Reply | More

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General Topics 07.08.08, 12:40 PM Flag

Well then, getting worse and worse. Did dh show a loss on his taxes from the business? BTW, I am the double audited from above and one year we had a business loss too [ Reply | More

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General Topics 07.08.08, 12:44 PM Flag

i'm not sure (it was a while ago) if dh showed a loss. we ended up having to pay that year, even with buying a new apt and having a db. [ Reply | More

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General Topics 07.08.08, 12:45 PM Flag

You will know soon enough! Just start getting ready. If you don't want your relative to go to audit hire someone else. But, get a handle on what you do and do not have receipts for. I'd set aside 2 hours on Sat and 2 hours on Sun until it was done. You have about a month before audit, right? [ Reply | More

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General Topics 07.08.08, 12:49 PM Flag

right. we have all the paperwork from that year. pulled it out and are meeting with our stupid accountant next week. he thinks he might have entered something in our tax information for that year and the next year. [ Reply | More

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General Topics 07.08.08, 12:52 PM Flag

OK, that isn't huge problem a mistake is a mistake and you will pay what you should have paid when you filed. What you don't want to happen is for the IRS to think that you intentionally set out to commit fraud. That opens up a whole new can of worms and you so don't want to go there. [ Reply | More

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General Topics 07.08.08, 12:55 PM Flag

np: My impression is that if you under paid you are going to have to pay some kind of fine plus the back taxes and interest. [ Reply | More

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General Topics 07.08.08, 01:45 PM Flag

eek. Is this friend an accountant? [ Reply | More

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General Topics 07.08.08, 12:40 PM Flag

yes. [ Reply | More

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General Topics 07.08.08, 12:40 PM Flag

Is he going to reprensent you at the audit? [ Reply | More

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General Topics 07.08.08, 12:46 PM Flag

yes. [ Reply | More

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General Topics 07.08.08, 12:47 PM Flag

If I were you, I would take a look at taxes and receipts beforehand. Just so you know how much he exaggerated [ Reply | More