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“The IRS can audit you for no reason, or any reason, for three years from the date you filed your return,” said Paul Mendelsohn, a CPA in Livingston, New Jersey.
For example, if you don’t report income that you’re required to report, and it exceeds 25% of the income shown on that year’s tax return, the IRS has six years to audit your return.
“The IRS can audit your tax returns for up to three years after the tax filing deadline,” explains Logan Allec, certified public accountant and owner of personal finance blog Money Done Right ...
Once you’ve submitted your tax return to the Internal Revenue Service each year, the last thing you probably want to think about is how to store your tax records. The general rule is to keep ...
In addition to unclaimed refunds, not filing your taxes can give the Internal Revenue Service unlimited time to audit you as well as result in lost Social Security benefits and possible loan denials.
In the United States, an income tax audit is the examination of a business or individual tax return by the Internal Revenue Service (IRS) or state tax authority. The IRS and various state revenue departments use the terms audit, examination, review, and notice to describe various aspects of enforcement and administration of the tax laws. [1]
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The IRS usually can go back and review your returns for the last three years if there's a discrepancy. If you've left out income intentionally, the agency can review your return for the last six ...
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