DAE have experience with getting audited by the IRS?

I'm paranoid as fuck. It seems like the IRS wouldn't bother coming after my ass, but after doing some research I've realized I've been extremely sloppy about this.

I do/did have a legitimate job and tax-wise I'm not worried about that.

However, there are grands of unaccounted-for money sitting around in a savings account that will, without a doubt, accrue enough interest for the bank to report it to the IRS.

Furthermore, I've made some amounts of money from selling things online. Sure I have the transactions for these, but where did the money come from originally? I can't prove anything. I pay all my groceries and rent in cash, which undoubtedly will raise additional questions if considered. This hasn't been a short term thing. I've also sent near the supposed limits through money order services.

I've read that, to some extent, the IRS mines data on emails and credit card statements. Their statute of limitation is 3-6 years. I'm not a demographic that's typically sought after by the IRS, but my god, my naivety has left me in an apprehensive state.

Anyone got any tips? The worst they could do is fuck me over in fines a few years down the line?


Comments


[9 Points] samwhiskey:

You should hire a competent cpa that is discreet and get this shit straightened out. I wouldn't take my chances with the IRS at all.


[2 Points] cashadava:

Ok, first off don't panic about the IRS. Second don't underestimate what charges could be brought against you. If the money you have hasn't had taxes paid on it, then they will certainly come after you for tax evasion. Much worse than a fine in some cases.

That being said, the amount of personal IRS audits is actually very low and many people lie on their tax forms often enough and skate by. So, first off I'd not only contact a CPA, but a tax attorney as well. The CPA is not necessarily bound by attorney client privilege, although part of the code of ethics, they can still be subpoenaed and forced to tell what they know. Therefore a tax attorney is necessary and more apt for the situation.

However, before going out and doing all that, which can be costly, consider how many years you've gotten away with it. If this is the first year, then you better find a good documented reason to have that money in the bank. If not, and this has been a multiple year endavor, then you should report normal income based on your area, spending habits, cost of living, etc. Many of these factors are used by the IRS to identify people who may be committing tax fraud, the DIF score (read up on that).

Now, also consider the amount that you have. Is it below or above 100k? Below, better odds to play with, above now we're starting to get serious. Below 50k, even less worrisome. Put it into perspective, if it's large enough that you can justify hiring a tax attorney then you should hire one immediately. If not then just pray and carry on with life.


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[1 Points] DooshNozzzle:

lol "grands".

how many grands are we talking?