Two Terrifying Tax Audits As a child, your most frightening nightmares were likely filled with monsters, zombies, or larger-than-life spiders. But as adults, the nightmares that cause you to wake up in a cold sweat might feature a much more mundane but equally sinister topic: tax audits. Even though the odds that you will be audited are seriously low, here at the Law Office of Steven A. Leahy, we understand that the mere prospect of a stranger snooping around your accounts — even if your financial house is in order — is still quite scary. With the season of giving thanks upon us, we thought we might provide you with two of the scariest auditing stories so you can be grateful that you’ve never found yourself in a similar situation. Example 2:
After their house burned down the year prior, a freelance writer and her husband claimed a deduction on their taxes. Two agents came to their house, claimed that their calculations were inaccurate, and gave them a bill of $14,000. The auditor tacked on interest to the alleged debt, which was an additional burden on top of the casualty of the burned-down home. After years of fighting, the couple agreed to pay the IRS $4,000. That said, because the case lasted so long, they accrued $2,000 in interest alone. While our team would never wish an audit on any of our clients, we know that they still happen. If you are randomly selected, we want to help calm your fears. If you have any questions or want more information, feel free to give our office a call at (312) 664-6649.
Example 1:
Two married, self-employed writers were audited in 2010, and the experience definitely gave them some recurring nightmares. During the time of their audit, the husband was a wine, food, and travel writer. So when the IRS randomly selected them for audit, the couple wondered if the auditor was curious about their thousands of dollars in write-offs consisting of nice dinners and wine. In the end, it turned out that the couple had made a simple error in reporting their income. The auditor looked over their mileage log and some of their receipts, and fortunately, the audit ended after only 40 minutes!
MEMES Don't forget to listen to the "IRS Radio Hour" every SUNDAY AT 5 P.M. ON AM 560 THE ANSWER
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