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Tax Tip of the Week | No. 293 | How Long Are You at Risk for an IRS Audit? March 11, 2015

Posted by bradstreetblogger in : General, Tax Deadlines, Tax Tip, Taxes , trackback

Tax Tip of the Week | March 11, 2015 | No. 293 | How Long Are You at Risk for an IRS Audit?

IRS can audit for three years, six …. or forever.

In most cases, the IRS has three years to audit after you file your tax return.  If the IRS shows up after that, they may be too late. There are special rules, however, that can extend your audit purgatory.

The three years is doubled to six if you omitted more than 25% of your income.  It’s also doubled if you omitted more than $5,000 of foreign income.  Even worse, the IRS has no time limit if you have never filed a tax return.  There is also no time limit to audit your return if fraud is suspected.

So be safe, file your tax returns on-time to get the clock ticking in your favor.

 

You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504.  Or visit our website.
Rick Prewitt – the guy behind TTW

…until next week.

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