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The IRS looks for red flags that trigger audits

| Mar 4, 2016 | Uncategorized

This is the time of year when most people must sit down with their financial records and all the appropriate forms and start the arduous task of doing taxes. Unless you are expecting a refund, filling out tax forms is typically an unpleasant chore. If you suspect that you will be writing Uncle Sam a check, then you may be feeling stressed and apprehensive about what the total amount will be.

Regardless of how much you figure to owe, it is always important to fill out your forms as accurately as possible. By doing so, you can avoid the ominous prospect of undergoing an audit. There are a number of red flags that the IRS looks for that can trigger an audit.

For instance, if you are living in a situation that appears beyond your means, you will want to clarify how you are managing this to the IRS. The reason being is the agency is always on the lookout for unreported income.

A tax preparer agency advises that you may be able to deter the IRS from moving forward with an audit by providing details that explain how you are able to support yourself. This could include disclosing information about credit cards, loans or savings that you used to cover your bills.

The simple rule to follow is to do whatever you can to make sure that your return is accurate. Should you submit a return that contains errors, you may be forced to endure an audit. If in the course of that audit, the IRS decides that your errors were deliberate, you could be issued charges for tax fraud.

If you are facing allegations of tax fraud, you may find having the representation of an attorney who is familiar with the federal legal system of tremendous service. The attorney could act on your behalf to help minimize the possibility of criminal prosecution.