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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: goldworldnet who wrote (410849)	2/15/2011 1:29:44 PM
From: Katelew	Read Replies (2) \| Respond to of 793572

More reason to skip over the small fry. All audits are not equal. The all out audit where agents are demanding all the files, all the receipts and bank statements, etc. are relatively few and involve cases where the agents have reason to believe large scale tax fraud has occurred. More common is that one of a person's schedules will trigger a notice from the IRS asking you to come in to their office and bring your supporting documents for that one schedule....not your entire tax return. The whole visit might be over in ten minutes and will be conducted by a junior agent or trainee. Examples of this would be claiming use of a home office or taking a deduction for your IRA contribution even though your income exceeds the limit. Or maybe a mileage or charitable deduction that looks out of order. Unless things have changed, these little mini audits don't generate fines or interest penalties if your deduction is disallowed. One simply writes a check and leaves.