IRS Audit: Are You In Danger?

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The Motley Fool

Taxes, Saving, Money, Investing, Planning, Retirement, Personalfinance, Finance, Education, Business

4.4 • 823 Ratings

🗓️ 31 March 2015

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

Have you ever received a "clarification letter" from the IRS? Uh oh. Our on-call CPA Megan Brinsfield shows us how to steer clear of the IRS's scrutiny while we fess up to our own audit near-misses. Plus, a review of wacky excuses people use to get out of paying taxes.

Transcript

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0:00.0	Talking about taxes is so much fun.
0:05.8	We're dedicating two, yes, two shows to the topic.
0:09.1	And today we're talking about red flags the IRS looks for when deciding who to audit.
0:13.7	See? Fun!
0:15.4	By the end of the show, you'll have a better idea of your chances of getting audited.
0:19.2	And then we're going to talk about some of the wacky excuses people give to the IRS for not filing their taxes. So we're all happy to
0:26.6	have Megan Brinsfield joining us again today and we're going to talk about audits.
0:31.6	My favorite. Everybody's favorite. So we're going to talk about everybody's nightmare.
0:36.6	Yeah, the basics of an audit.
0:37.9	Is it really a nightmare?
0:39.0	Should you really freak out about it?
0:40.7	And also, what are some of the red flags that would trigger an audit with the IRS?
0:44.8	So, Megan, thanks for joining us.
0:46.3	Thank you for having me.
0:47.3	All right.
0:47.5	Let's start off with an audit.
0:49.8	What is an audit?
0:50.8	What happens?
0:51.7	And seriously, should I be freaked out? First, a big rain cloud descends over your home.
0:56.9	Then you receive a letter in the mail.
0:58.7	Usually an audit starts with just a clarification letter.
1:02.5	The IRS sends you a letter that says, hey, we had some numbers.
	...

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