IRS AUDITS AND THE LAW

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IRS AUDITS AND THE LAW
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• If youve ever wondered how far back the IRS can
  go to audit you Ill be discussing this below.
  Some people take their chances in filing
  questionable returns with the IRS and then
  later become scared after doing so. As unpleasant
  as an audit might be, the real question you
  should be asking yourself is Do I lawfully owe
  the tax at all?
• Many Americans put themselves through unneeded
  fear, anxiety and sleepless nights because of
  fear of the IRS. This happens because they have
  been conditioned into believing they actually owe
  income taxes when they do not. Now lets discuss
  t-he statute of limitations for those who do owe
  the tax.

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• Internal Revenue Code, Section 6501 provides a
  three-year statute of limitations on tax audits.
  Its important to note if you request a tax
  return on extension it has the downside of also
  extending the time your return is subject to an
  audit. So, if you filed your 2017 tax return on
  April 17, 2018, the IRS had until April 17, 2021,
  to audit it.
• Also, if you had requested an automatic extension
  this gives the IRS a three year window to audit
  your return and assess any additional tax and
  penalties due. Section 6501 also sets forth a
  second level of the statute of limitations.

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• The three-year limitation can double to six years
  if the IRS determines that you willfully left out
  an amount from your gross income an amount that
  exceeds 25 percent of the stated gross income.
• In that case, the IRS could audit your 2017 as
  late as 2023. It often happens that people
  underreport their income due to a wide variety of
  legitimate reasons, which can unwittingly lead to
  complications. Its worth noting that the IRS
  doesnt consider any amount as omitted from gross
  income as long as you disclose it in the tax
  return, or in a statement attached to it, and you
  do it in a manner thats sufficient for the IRS
  to become aware of the nature and amount of the
  item.

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• So, if for example you used an estimated cost
  basis to reduce the capital gains income on the
  sale of property, but you disclosed this and the
  possible lower cost basis on a written statement,
  the three year statute of limitations would
  apply, not the six. Finally, there is a third
  level to the statute of limitations in section
  6501 The IRS has no time limit when an audit
  pertains to assessment of tax if they determine a
  return is false or fraudulent, reflects a willful
  attempt to evade taxation or when no tax return
  at all is filed.

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• At the core of this are the real questions, which
  very few Americans ask themselves Do I
  legitimately owe the tax in the first place?
  What is the basis to discover the answer to
  this? If were honest with ourselves No one
  feels good about paying income taxes even
  though the federal government portrays the paying
  of taxes as our civil duty.
• Here is the bottom line, According to several
  U.S. Supreme Court decisions, if you work in
  private enterprise, (i.e. not for the federal
  government) you owe no taxes on the money you
  earn from your employment. Weve proven this over
  and over again by getting clients refunds. Would
  you like to learn more, then visit
  http//endtaxes4ever.com/

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• End Taxes 4 Ever offer professional tax service
  to our clients to ensure they are only paying the
  amount of taxes owed and remaining in full
  compliance with both State and Federal income tax
  laws. Our tax experts have discovered that nearly
  all Americans are not just overpaying on income
  taxes, but in the vast majority of cases they
  lawfully required to very little if anything at
  all. We guide individuals in how to legally stop
  paying taxes, remain in full compliance with the
  income tax law and get the biggest tax refund
  that the law allows. Do you want to know how to
  reduce taxes owed to IRS, contact us now by
  visiting our website.