Quote:
Originally Posted by Exhibitman
Now that is a textbook case of catastrophizing. The IRS audits roughly 0.3% of returns (3 of every 1000). The IRS initiates criminal investigations against fewer than 2 percent of all American taxpayers. Of that number, only about 20 percent face criminal tax charges or fines. Yet 1099s go out by the hundreds of millions. Getting a 1099 and reporting your income and expenses based on it does not trigger an audit. Not reporting anything is more likely to trigger one. All the 1099 does is give the iRS computer a baseline to test the return against. if an anomaly comes up, the IRS asks questions. It may be as little as a letter informing you that there is a discrepancy that you need to address. I've gotten a few of those and have cleared them up pretty quickly with the help of my CPA or my firm payroll processor.
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Don’t forget all the new funding for the IRS to help catch tax cheats.
https://www.cnbc.com/amp/2022/08/31/...happening.html
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Trying to wrap up my master mays set, with just a few left:
1968 American Oil left side
1971 Bazooka numbered complete panel
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12-10-2022, 10:35 PM
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